Philanthropic Sector Expands Sharply
Friday, 26th March 2010 at 4:51 pm
The latest Private Ancillary Fund statistics from the Australian Tax Office show strong growth in donations and assets in the philanthropic sector.
The statistics for the 2007-08 financial year show donations to Private Ancillary Funds (PAFs) increased by $178 million, with full-year donations increasing from $533 million in 2006-07 to $728 million in 2007-08. The ATO data also showed PAF assets increased from $1.48 to $1.89 billion over the same period.
The number of registered PAFs increased by 28% during 2007-08, bringing the total number of PAFs to 769.
The largest recipient of fund distributions in 2007-08 was the welfare sector, making up 31 percent of total distributions. Educational, environmental and cultural organisations also received a large proportion of donations.
Highlighting the statistics, The Assistant Treasurer, Senator Nick Sherry says support for the welfare sector is the core business sector of philanthropic funds and it makes a real difference to the lives of many disadvantaged members of the community.
Senator Sherry says publicly available statistics are important for accountability – they improve both the transparency of these funds and boost confidence in the charitable sector more generally.
PAFs are philanthropic trust funds that can be set up as a vehicle for private giving. Donations to PAFs are tax-deductible and must be distributed to organisations with DGR status.
The full statistics are available on the ATO website at www.ato.gov.au