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Frequently Asked Questions and Answers
Why establish a charitable fund account?
People often establish charitable fund accounts to honour a family member or to keep memories of a loved one alive. The knowledge that your gift can grow and contribute to the health and wellbeing of those in need for years to come is immensely satisfying.
Is establishing a charitable fund account complicated?
At the Lord Mayor's Charitable Foundation, we ensure that it is a very simple process. We prepare a Deed of Gift which requires the following information:
• The title you wish to call the charitable fund account(or it can be anonymous)
• The names you wish to be included on the Deed of Gift
• Your address for mailing purposes
• The charities you wish to support if known at the time (this can be changed by you at any stage or you may wish it to the Lord Mayor's Charitable Foundation to choose the beneficiaries)
• You will be invited to make a tax-deductible contribution by whichever method you prefer.
How much do I need to establish my charitable fund account?
Our charitable fund accounts range from $2,000 to many millions of dollars. All donations, whether from you, or your family and friends are fully tax deductible.
How are the beneficiaries of the charitable fund accounts decided?
There are three ways you can handle your beneficiary preferences;
• You can nominate your preferred charities either by a dollar or percentage amount;
• Nominate causes to support (eg. Homelessness); or
• Leave all or part to the Foundation to distribute through the Grants Advisory Panels.
How will my charitable fund account be managed?
All funds are pooled and managed by us with guidance and regular advice from our expert Investment Sub-Committee, comprising senior representatives from Melbourne's leading broking firms. Your donations are carefully invested to generate income for distribution to charities.
We provide an annual statement which details all contributions made, income generated by your charitable fund account, disbursements available for distributions to charities, and the balance of the fund. Fund holders will also be invited to information sessions during the year and receive bi-annual newsletters and Annual Report.
What are the fees and charges?
There are no establishment fees and our administration fee is just 1.25 per cent per annum.