Acorn Foundation celebrates milestone $10m in funding distributions

Acorn Foundation chairwoman Lesley Jensen and chief executive Lori Luke. Photo / Supplied

Another record funding distribution has pushed the Acorn Foundation's total amount gifted to Western Bay charities past $10 million.

This is the first year Acorn's community grants have surpassed $2m, which the foundation says has been driven by a nearly 50 per cent boost to its coffers.

It marks a milestone for Acorn, since the foundation started in 2003.

The foundation's funds under management also reached $53.6m at the end of June 2021, compared with $36.4m at the end of the financial year in June 2020.

Acorn Foundation chief executive Lori Luke said gifts in wills had driven most of the growth in 2021, with funds also coming in from community trust resettlements and corporate giving.

"The recipients selected by the Acorn Distributions Committee are so important to our region, and we are delighted that we can help our donors contribute to their hard work."

September also marks Wills Month, when the Acorn Foundation partners with participating laws firms to allow people to change an existing will to include a gift to the community through Acorn at no charge.

"Endowment funds – whether donations come via living giving or an estate bequest – are invested in perpetuity, and the investment income is used to support local causes every year."

Acorn donor and community engagement manager Margot McCool said their endowment donors were "wonderfully generous people" who have recognised the benefits of a perpetual fund that will keep supporting their chosen causes "forever".

With last year's investment returns of 13.9 per cent thanks to Craigs Investment Partners with oversight from Acorn's Investment Advisory Committee, McCool said Acorn was on track to continue making a "huge impact" in the region for years to come.

KPMG Tauranga firm office managing partner Glenn Keaney said the company made its original capital contribution to the endowment fund in January 2020 and launched the 'workplace giving' concept to staff in March 2020.

"We think this a such a good way of encouraging philanthropy in the workplace and will hopefully encourage other businesses and their teams to get on board."

Keaney said the partnership was building up an endowment fund, which they hoped will grow over time and the income generated will be used to make annual grants.

"We also have encourage workplace giving, with funds from employees being matched by KPMG up to a maximum of $120 per employee per annum."

All of the funds are passed to charities on an annual basis, he said.

"We have a 'Giving Committee', which determines which charities will receive funding each year."

In year one, Keaney said more than $4200 has been donated to the Te Aranui Youth Trust and Blue Light Western Bay.

Acorn Foundation chief executive Lori Luke. Photo / Supplied

St John first received donations from Acorn in 2008, and has collectively received more than $150,000 from nine donor funds.

Bay of Plenty district operations manager Jeremy Gooders said the funding had allowed them to purchase "vital and lifesaving" medical equipment, and provide health-related services to support the Western Bay community.

Blind Low Vision NZ legacy administrator Tony Robson said thanks to the generosity of Acorn's donors it was now supporting 115 individuals, and has 12 guide dogs matched in the Western Bay.

This year, more than $345,000 would be paid out via scholarship and award programmes.

These awards range from the Jann Medlicott Acorn Prize for Fiction at the Ockham NZ Book Awards, Page/Acorn Engineering Scholarships, the Outward Bound programme, the Dale Carnegie Youth Programme, arts and sports awards, and a variety of educational scholarships for tertiary study.

Acorn Foundation chairwoman Lesley Jensen said they appreciated the support many donors provided to the community through Acorn.

"We are honoured to represent our donors, modest, thoughtful New Zealanders who have such a tremendous love for the place where they live."