Australian NFPs fight for $50 million birthday giveaway
Wednesday, 8th May 2019 at 5:29 pm
Finalists for the Macquarie Group’s $50 million grant have been announced, with five Australian not for profits part of the final 12 vying for the prize.
The finalists were selected from close to 1,000 applicants globally, and address issues across the education, healthcare, accessibility, human rights, impact investing and environment sectors.
Australian NFPs include Melbourne University’s FREO2 Foundation, Royal Far West, the Cerebral Palsy Alliance, Monash University’s The World Mosquito Program, and the Murdoch Children’s Research Institute.
Projects based in the United Kingdom, America, India, and The Netherlands made up the other finalists.
Lisa George, the global head of the Macquarie Group Foundation, told Pro Bono News the geographical diversity wasn’t intentional but demonstrated the ingenuity around the globe.
“It shows that there is enormous capacity for lasting projects that will create lasting change all over the world,” George said.
She said giving away such a large figure was important to the foundation, given its history of philanthropic contributions over the years.
“The $50 million prize was a way to extend our tradition of philanthropic giving in a significant way,” George said.
The successful projects, which had to have a minimum operating budget of $4 million, have been in operation for a minimum of three years and have audited financial statements and a board of directors, were picked for their potential for lasting community benefit.
Projects will have to be delivered over the next five years, with funding delivered according to an agreed project timeline. The recipients also need to demonstrate how sustainable the project will be after the funding period has ended.
The five winners are expected to be announced by the foundation in August this year, with each receiving around $10 million.