Heritage Bank is delighted to announce that we will be launching the new Heritage Bank Charitable Foundation in 2018/19.

Chairman Mr Kerry Betros made the announcement at Heritage Bank’s Annual General Meeting in Toowoomba on 17 October 2018. The new Charitable Foundation will add to Heritage’s legacy via regular grants to worthy charitable organisations that are working to improve wellbeing and life outcomes for communities across Australia. 

Heritage Bank will allocate $2 million in seed funding to establish the Charitable Foundation in the 2018/19 financial year and will make regular contributions to the Foundation in subsequent years.

How it works

  • The Foundation will be established as a Public Ancillary Trust, with its own Board, initially with five directors. 
  • The Chairman will be Heritage Company Secretary Bill Armagnacq, and the Board will also include Heritage’s Chief Financial Officer Paul Williams and current Heritage Board member Steve Davis. The other two Board members are yet to be appointed.
  • The Foundation will provide funding to not-for profit organisations and community groups for projects aimed at building and improving community wellbeing and life outcomes for people, including disadvantaged and at-risk families, elderly persons and young people, particularly in relation to education, cultural, health, social and financial wellbeing. 
  • When the Foundation is fully operational, it is expected to call for submissions and announce grant recipients twice a year. 
  • There will be no limit on the size of the grants that can be made, but they are expected to be in the range of $5,000 to $50,000. The exact amount available for grants will depend on the sustainability of the Foundation’s holdings.
  • The grants will be open to organisations across Australia to reflect Heritage’s national presence.
  • The Foundation will also be able to accept tax-deductible donations from members of the public and from other benefactors. Heritage is currently investigating simplified ways for staff, customers and the public to make donations to the Foundation. 
What's next

The logistical and legal arrangements to establish the Foundation are still being finalised, so no date has yet been set for it to be fully operational or for the first grants to be made. As a result, organisations are not yet able to submit applications for grants. 

The Heritage Bank Charitable Foundation will soon establish its own website, where people will be able to access all the information they need to know about its operations.

FAQ's

Heritage has contributed $2 million into the Foundation this financial year. The intention is for Heritage to make regular contributions from pre-tax earnings, but no set amount has been determined at this stage.

The Foundation has been established as a Public Ancillary Trust, so it will be able to accept tax-deductible donations from external parties. This means members of the general public will be able to make donations, or any other benefactors. We are also investigating ways that staff and customers can set up regulator contributions to the Foundation.

The fund will be open to donations from the public and all donations are welcome.

Yes. We are investigating ways to make it easy for customers to set up regulator contributions to the Foundation.
The Foundation will conduct regular fund raising activities and also receive periodic contributions from Heritage.
To promote the mutual and people first philosophies of Heritage Bank by contributing funding to not-for profit organisations and community groups which support initiatives designed to build positive community outcomes. 
The Foundation will funds projects aimed at building and improving community wellbeing and life outcomes for people, including disadvantaged and at-risk families, elderly persons and young people, in regard to education, cultural, health, social and financial wellbeing.
There is a Board that will initially comprise three directors which oversees the activities of the Foundation. The Directors are appointed by the Heritage Board. We aim to add another two directors to the Board to make a total of five directors.

It is anticipated that twice a year the Foundation will call for submissions from interested parties.

The Directors will assess the applications and determine what initiatives will be awarded grants.

The assessment will be based on predetermined criteria. The quantum of grants will vary each year based on the submissions received. 

We have not yet decided when the first grants will be given out. We are still finalising the legal and logistical details of setting the Foundation up. 
Applications will be available from the Foundation website (which can also be accessed via the Heritage website). The Foundation website is still under construction.
  • Geographic proximity to Heritage members/customers.
  • Community input in the project and the benefits the project will create for the community.
  • Reach and impact of the project.
  • Project sustainability.
  • The project's alignment to Heritage's strategic goal to be passionate about helping people.
  • Innovation in relation to the project itself or its “new to your community” features.
  • Sophistication of plans and the ability to properly evaluate the degree of success for your project.

Grants will be open to organisations nationwide, but extra weight will be given to applications for causes that will benefit greater numbers of Heritage members.

To be eligible for funding you must be an Eligible Entity meaning a fund, authority or institution:

  • which is Charitable or would be a ‘charity’ within the meaning of the Charities Act 2013 (Cth) if it were not a ‘government entity’ as defined in that Act; and
  • gifts to which are deductible under item 1 of the table in section 30-15 of the Income Tax Assessment Act 1997. 
No – but Directors will balance the individual requests received against the sustainability of the Trust over the long term. The Charitable Foundation has been established to support communities into the future. The intention at this stage is to distribute grants roughly between $5,000 and $50,000.

More information will be provided when the Foundation website is launched. Watch this space!

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