Following are relevant details for your assistance and consideration –
Donations to the fund are tax deductible in the year the gift is made. All income derived by the Fund will be tax free.
The BHC Foundation is an endorsed Deductible Gift Recipient and distributes funds to other Deductible Gift Recipients (DGRs). The Bordertown Memorial Hospital is a DGR and is named as a beneficiary of the BHC Foundation.
Other DGR categories include a range of eligible organisations involved in
Public benevolent activities
Environment, and many other categories
Once a donation is made to the Foundation, the Board of Trustees has full legal responsibility for any decisions made in relation to the management or administration of the funds and related earnings.
The composition of the Board of Directors of the Trustee must comprise a majority of members who are Responsible Persons as required by the ATO. The Trustee Board meets these requirements.
Under legislation covering the operations of DGRs, the trustee may appoint advisory committees to assist with the various activities of the Foundation.
An investment advisory committee will be established for the purpose of developing a long term investment strategy for consideration and approval of the Trustee.
The Trustee will maintain accounting records and provide annual audited financial reports to the community.
There are over 19,000 registered DGRs in Australia.
Costs: It is not expected that the Foundation will incur significant operational expenses apart from statutory compliance costs.
"To provide a simple effective and long lasting way for individuals and families to leave legacies to our local hospital, aged care services and community health services"