Westpac Foundation Gets Funding Boost
Thursday, 21st October 2010 at 3:01 pm
The Westpac Foundation has been given a $20 million capital boost from the Westpac Group.
Westpac says the additional cash amount will be invested and income generated will be used to extend the work of the Foundation when it will be re-launched early in 2011.
The Westpac Group Chief Executive Officer Gail Kelly says the Westpac Foundation has built a strong reputation and profile as one of Australia’s leading and innovative foundations.
Kelly says the Foundation's approach to funding projects provides not just dollars, but builds ongoing relationships to enhance the longer-term sustainability and effectiveness of the many organisations the Foundation supports.
She says before this new investment is put to work Westpac will be reviewing the work of the Foundation so that it is able to further extend its support for the community by expanding into other social causes, where disadvantage exists.
The Westpac Foundation is a charitable trust, originally established as the Buckland Fund in 1879, which invests in creating and sustaining social enterprise in disadvantaged communities across Australia as well as assisting the families of deceased or retired Westpac staff in financial hardship.
The Westpac Foundation responds to the needs of disadvantaged communities through programs directed toward early intervention.
Westpac says priority is given to proposals that are innovative and focus on addressing the causes of problems.
Since 1999, the Foundation says over $20m has been awarded in grants to more than 130 organisations which have also benefited from training workshops around project design and evaluation, financial management, planning and accounting.
The main focus has been to ensure that projects supported by the Foundation continue well beyond funding provided.
The Westpac Group also contributes to the work of two other charitable foundations: The St.George Bank Foundation and the BankSA Staff & Charitable Trust Fund.
The additional investment in The Westpac Foundation has been expensed in Westpac’s Full Year 2010 Results.