Tuesday, 24th January 2012 at 11:02 am
Perpetual’s philanthropy funding round was oversubscribed by a factor of 10 this year with some $90 million being requested by Australian Not for Profits, with only $9 million available for distribution.
New figures show that applications to Perpetual’s funding rounds have grown sharply in recent years, with the amount of funds requested rising 118 per cent since 2008 – from $41.5 million to $90.6 million – and the number of applications growing 63 per cent over the same time, from 745 to 1,214.
According to Andrew Thomas, Perpetual’s general manager, Philanthropy, the increase in applications and funds requested reflects Not for Profits becoming more professional in how they secure funding in a volatile market.
“Post-GFC economic conditions have been volatile and there has been a tightening of purse strings since 2008. In order to counter this funding uncertainty, NFPs are exploring all avenues to support their causes.”
Perpetual’s funding round allocates money from philanthropists’ charitable trusts.
“The application process is rigorous. To be successful, applicants must be able to articulate the achievements of their organisation through strategy, outcomes, capability and leadership,” Thomas said.
“The establishment of the Australian Charities and Not-for-Profits Commission (ACNC) will lead to reform and more stringent reporting in the sector this year,” he said.
“Governance and accountability are growing issues for NFPs, and our funding round applications and selection process has emphasised these aspects for a long time now. It’s a positive step for the sector to have the ACNC focus on it too.”
The recipients of grants from Perpetual’s annual funding round will be announced on 30 June, 2012. Last year, Perpetual’s funding round delivered $9.1 million in funding to 166 organisations across Australia, in areas such as arts and culture, health, conservation and environment, social welfare, education and medical research.
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