This issue of Christian Media Law notes includes a case study on generous donations for a specific purpose; the Federal Budget’s impact on not-for-profits; a reminder for trustees of Public Ancillary Funds; and two new measures to boost philanthropy in Australia.
CM Law Notes June 2015
Got a generous gift … but can you use it?
Two very generous donors gave $250,000 and $861,217.50 to the Mulgrave School Foundation in 2008 to create an endowment supporting scholarships at Mulgrave School, a co-educational, independent, non-denominational school in West Vancouver. The Foundation, with the consent of the donors, decided that it would instead apply these gifts towards the construction of the School’s Senior School Building project. Applying the money in this way was going to save the School about $200,000 in interest. However, there was a catch … Read more …
Public Ancillary Funds – A reminder for Trustees
Boosting Philanthropy in Australia
Two new measures to increase philanthropy in Australia have been put in place by the Prime Minister’s Community Business Partnership.
Read more …
Federal Budget 2015 – How does it affect Not-for-Profits?
Changes to Meal Entertainment benefits
The 2015 Federal Budget had little to say of any significant impact on the not-for-profit sector. The main change for some in the sector has been to limit to $5,000 the “meal entertainment” benefits that can be included in a salary package. This in turn will reduce from 1 April 2016 the fringe benefits tax exemptions available to such employees. Read more …
Funding until 2018-2019 for ACNC
The Social Services Minister has made statements that abolishing the ACNC is not an immediate priority. The 2015 Budget allows for the ACNC to be funded until 2018-2019. The ACNC’s allocated funding does, however, reduce from $14.98 million in 2014-2015 to $14.81 million this financial year, continuing to drop over the forward estimates to a low of $13.23 million in 2018-2019.