The Foundation
It is vital that the TLC is able to protect the conservation values of its permanent reserves by appropriate and adequately resourced reserve management. The principle objective of the Foundation Fund is to invest the income into the fund so that the interest on that income covers the necessary cost of the TLC owning and managing permanent reserves.
The Foundation's Funds are currently being contributed to from several sources including:
- Bequests,
- Gifts to the Foundation (including money, shares, artwork and land) and
- Gifts made on behalf of another person in memorial.
There are further flexible options available that you may like to consider when making a financial contribution to the TLC. Please feel free to contact us if you would like to discuss these gifting options.
Current Progress
We are well on the way to achieving financial sustainability for our permanent reserve management. Our target is to have $5,000,000 in the Foundation by 2015 with every donation to the Foundation bringing us closer to achieving that goal.
After a year-long due dilligence process with Perpetual, one of Australia's leading not-for-profit wealth managers, the TLC Board recently approved a comprehensive Investment Strategy which sets out the conservative investment objectives and general parameters for the management of the Foundation fund.
Governance
The governance of the Foundation is of vital importance to the TLC and its supporters. To that end, the administration of the Foundation is overseen by a sub-committee of the TLC Board, the Foundation Sub-committee, which in turn acts in accordance with Terms of Reference approved by the Board.
The inaugural Foundation committee members are:
- Susan Gough (as chair)
- Peter Bosworth
- Roderic O'Connor
- Sam McCullough
- Stuart Barry.
The formalised governance arrangements and operational guidelines for the Foundation ensures that contributions made to the Foundation are honoured, preserved and generate as much interest income as possible with the lowest possible risk.
As of the 30th June 2012, The Foundation is comprised of the following named funds:
| Cathy Gibbons Fund | $50,000 |
| Dorothy Reeves Fund | $30,000 |
| Miriam Obendorf Fund | $95,000 |
| Brown Mountain Fund | $16,700 |
| Michael Buxton Fund | $20,000 |
| Tom Hay Bequest | $141,929 |
| Carolyn Parsons Bequest | $16,155 |
| Elizabeth Ann James Bequest | $166,867 |
| Joseph Bedford Bequest | $310,031 |
| TLC Foundation Fund* | $1,428,134 |
| Susan Gough Fund | $10,000 |
| Samantha Jane Hignett Fund | $39,120 |
| Jupe Family Fund | $60,000 |
| Potts Family Fund | $15,000 |
| Bosworth Family Fund | $10,000 |
| Barry Family Fund | $30,000 |
| Endemic Crustacean Fund | $59,233 |
| Thomas and Grace Couser Fund | $10,000 |
| Twin Gums Fund | $10,000 |
| Market value movement | $16,227 |
| Total | $2,534,395 |
* A special thank you to a supporter who wishes to remain anonymous who has donated and pledged a multi-year gift to the TLC Foundation Fund and from the estate of Josephine Upcher.
The TLC is enormously grateful to the wonderful supporters, their families and friends who have contributed to the Foundation so far.
