John Watson and Michael Tymensen spoke to the club about the establishment of a charitable foundation, registered as a not for profit charity with Australian Charity and Not for Profit Commission (ACNC) and ATO.
To be an incorporated entity, structured as a company or trust in accordance with articles.
Requirement to audit statements and forward to ACNC and ATO every year
Significant liabilities and responsibilities on directors.
Require legal advice in establishing foundation.
As a registered charity can take donations with the donor able to gain tax exemption, Funds distributed in activities according to adopted articles.