Macquarie Group Launches $50M Award to Mark 50th Anniversary
Tuesday, 2nd October 2018 at 7:00 am
Macquarie Group has announced the Macquarie 50th Anniversary Award, a $50 million philanthropic commitment, to initiate or build on bold ideas to address social need.
It is expected to be awarded to five not-for-profit organisations ($10 million each) over a five-year period to fund projects globally that will have a lasting community benefit. The winners will be selected by the Macquarie Group Foundation who will also manage the program.
Macquarie Group chief executive officer Nicholas Moore said supporting the communities in which they live and work has been an important part of Macquarie’s activities since its inception in 1969.
“In that time, our people have devoted thousands of hours to work with not-for-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.”
Macquarie Group chief executive officer designate and Macquarie Group Foundation chair Shemara Wikramanayake said: “The Macquarie Group Foundation’s activities have always been driven by our people whose involvement in their communities is an important part of the work we have done over the last five decades. We encourage not for profits to be imaginative in their thinking about the enduring outcomes they can achieve with this funding.”
To be eligible for the award, applicants must be a registered not for profit within the applicable country, must have a current minimum annual revenue of $4 million, and have audited financial statements and a board of directors.
They should propose a project that promises lasting community benefit and 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.
Applications for the award will close on Friday 16 November 2018. Finalists and winners will be announced from May 2019.
The award application and detailed eligibility criteria can be found on www.macquarie.com/50award.
About the Macquarie Group Foundation
In the year to 31 March 2018, the Macquarie Group Foundation, together with Macquarie Group staff efforts, contributed more than $28.3 million to over 1,500 community organisations around the world, while more than 60,000 hours of voluntary community, including pro bono work and community board positions, was contributed.
Since it was established in 1985, the Macquarie Group Foundation and Macquarie staff have contributed more than $330 million globally.