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