New endowment fund for Gisborne’s Sunrise Foundation

Janine McDiarmid (left) and Glenda Stokes (right) of the Sunrise Foundation with Michelle Duley, the chief executive of YMCA Gisborne – one of the many community groups Sunrise works alongside. Photo / Sunrise Foundation

Anonymous Gisborne donors have seeded a new endowment fund dedicated to supporting the operating expenses of the Sunrise Foundation charity.

In a statement, the Gisborne-based community foundation said the establishment of the fund would ensure it could continue delivering “long-term impact across the region” through its annual funding round.

Sunrise invests all donations in perpetuity, with only the surplus investment income distributed each year to support local charities and initiatives.

“This model ensures funding is available forever, but also means the foundation can retain just 1% of its endowments annually to contribute towards operating costs,” the statement said.

“To bridge the gap between its limited operational funding and growing workload, Sunrise has relied on the support of key funders and sponsors.

“The organisation acknowledges the longstanding contribution of Trust Tairāwhiti, which has supported Sunrise since its inception and has now stepped aside as a funder.”

The foundation said new funding from Eastland & Central Community Trust (ECCT) and “the commitment of valued sponsors” played a crucial role for the organisation.

The foundation said its endowments had grown to about $13 million since it started in 2014 and it had supported local causes and organisations with $2.3m in grants.

New funding secured from ECCT and the commitment of valued sponsors continue to play a crucial role.

Sunrise chair Rob Dymock said the new fund was significant and deeply appreciated.

“We are incredibly grateful to the local donors who have seeded this fund. It’s a meaningful show of confidence in what we do.

“As a community foundation, we are careful stewards of every dollar. This support strengthens our ability to operate effectively while staying focused on our core purpose of supporting and granting to worthy causes across our region.”

Dymock said there was also hope the wider community would recognise the importance of this work.

“We hope others will see the value of what Sunrise does for Tairāwhiti and consider actively supporting this fund. Growing it over time will help ensure we can continue backing our community well into the future.”

By bolstering operational sustainability, the fund ensures Sunrise will “continue growing endowments and increasing the level of support available to local organisations now and for generations to come”.