REFERENCES
Some useful information sources
Precribed Private Foundations are a new creation in Australia. Under tax changes introduced by the Australian Government, they are generally established as prescribed private funds that provide for families and businesses to make fully tax-deductible contributions to approved causes. The Government’s purpose was to encourage greater corporate and individual philanthropy and it is estimated there are now about 700 ppf’s with a combined asset value of $1.5 billion.
In America, foundations have been a dynamo for social change and other initiatives since the beginning of the last century. Today these foundations pour around $40 billion a year into the American economy, in what has become known as its third sector.
The Thomas Foundation’s consideration of its strategic objectives and corporate governance processes have been influenced by two excellent writings on foundations.
They are not recipes, but give good reasons and practical advice on how foundations might operate and, even though focussed on America, have relevance in Australia.
They also provide useful warnings for what foundations might expect if attitudes towards tax deductibility, a privilege that produces benefits not fully appreciated by some, were to change.
These are:
- “The Foundation – A Great American Secret” by Joel Fleishman, professor of law and public policy at Duke University, who details how privately endowed foundations were established, how they operate, and how this private wealth is changing the world; and
- “Philanthropy’s New Agenda: Creating Value” by Professors Michael Porter and Mark Kramer, who articulate their views about how foundations could modify their grant-making to create more value for society (published in the Harvard Business Review, Nov-Dec 1999).
There are many other sources of useful information, including:
- The Queensland University of Technology has established an Australian Centre for Philanthropy and Non-profit Studies that runs research and teaching programs for people interested in the third sector. (www.bus.qut.au/research/cpns/)
- Commissioned by the Business Council of Australia, The Centre for Corporate Affairs in 2007 published a report Corporate Community Investment in Australia that urged business and government to explore the possibility of developing innovative, business-based means to stimulate and facilitate corporate community investment learning and dialogue.
|
