$50 million Up For Grabs to Help NFPs Drive Change
17 September 2018 at 4:21 pm
Not for profits have the chance to win one of five $10 million grants, with an Australian banking group making a $50 million philanthropic pledge hoping to kickstart social change.
The Macquarie Group announced its 50th Anniversary Award on Monday, and said $50 million would be distributed among five NFPs globally, over a five-year period.
Macquarie Group CEO, Nicholas Moore, said supporting communities had always been important to the group, and he was “delighted” to announce the new award.
“Our people have devoted thousands of hours to work with non-profit organisations around the world and contributed over $330 million to drive social change at the local community level,” Moore said.
“We are delighted to mark our 50th anniversary by extending this tradition with a further $50 million commitment to initiate or build on bold ideas which address areas of social need.”
The grant will be awarded to groups who present a project that showed lasting community benefit “with a defined approach to measuring its social impact”.
“The project should either be deliverable within a five-year period, with funding to be released according to an agreed project timeline, or demonstrate a strong sustainability model post funding period,” the Macquarie Group said.
Applicants must be a registered NFP in their applicable country, have a minimum annual revenue of $4 million, a board of directors, and audited financial statements.
Global head of the Macquarie Foundation, Lisa George, told Pro Bono News they would be very diligent in ensuring there was not a conflict of interest with any of the groups applying for the funds.
“We are very clear about wanting people to declare if they have any existing relationship with Macquarie, as a funder or if they’ve got staff involved, so that we can be very transparent to the judges whether there’s a link or not,” George said.
Macquarie Group Foundation chair Shemara Wikramanayake added it was important NFPs were creative when they applied for the funding.
“We encourage non-profits to be imaginative in their thinking about the enduring outcomes they can achieve with this funding,” Wikramanayake said.
Applications opened on Monday, and close in mid-November, with winners announced in May 2019.