Foundation reaches $30 million milestone

THE Geelong Community Foundation has reached an impressive milestone of $30 million in assets after 21 years dedicated to improving lives in the region.

The foundation was established in 2000 with a vision to build a substantial fund for philanthropic purposes to make a lasting difference to people in the local community.

Foundation chair Hayden Torney said the foundation’s assets had increased from $26 million last financial year to more than $30 million so far this year.

Mr Torney said the achievement meant more grants could be made to local charities in the region.

“We are also pleased to announce that over $1 million in grants will be provided to organisations in the Geelong region before the end of this financial year,” Mr Torney said.

“Despite the recession and income reduction caused by the pandemic, our strong growth has meant we can continue to meet the needs of our community today.

“This has been achieved by donations, gifts in wills and our investment performance.

“The foundation makes grants effectively from the income of its corpus.”

 

Mr Torney said the more the foundation grew, the more grants it would be able to distribute each year.

Last year it gave out grants totalling $1,032,500 to almost 50 recipients in the areas of youth support, aged care, community wellbeing, family support, research and innovation, health support, heritage and arts.

“It’s a wonderful asset for our community – a true foundation that we continue to build on to meet the growing needs of the broader Geelong area,” Mr Torney said.

“I urge anyone who can – companies, individuals or families – to start their own named fund and join with us in making a real difference in our region.”

For more information about Geelong Community Foundation go to geelongfoundation.org.