Geyser foundation donations double again

Joe La Grouw said one of the ways community foundations measured their success was by the number of new endowment funds set up. Photo / Ben Fraser

Donations to the community through the Geyser Community Foundation have more than doubled for the second year in a row.

In presenting his report at the foundation's annual general meeting last week, chairman Joe La Grouw said donors' generosity had resulted in the foundation having more than doubled its funds under management for the second consecutive financial year.

Funds under management totalled $2,636,795 as at March 31 compared with $1,143,304 at the same time last year.

"It's very satisfying to report that the number of local people embracing the community foundation vision and turning it into a reality has continued to grow," Mr La Grouw said.

He said one of the ways community foundations measured their success was by the number of new endowment funds set up.

"Geyser managed 16 named endowment funds as at March 31, 2013, compared to 12 at the same time last year.

"Thirteen have been established thanks to the generosity of local people and the yield is distributed annually according to their wishes.

"Last year trustees established three community funds: the Geyser Arts Fund, the Rotorua Fund and the Taupo Fund.

"Community funds will appeal to people who want to support their community but who are happy to leave the selection of the grant recipients to Geyser trustees and community representatives."

Mr La Grouw said anyone could contribute to those funds as donations, gifts, endowments and bequests were encouraged and welcomed saying endowments and bequests played a vital role in the development of all community foundations.

"By leaving an endowment to Geyser in their will, donors' gifts keep on giving forever and the total amount of the gift will, over time, far exceed the original capital donation.

"This is a major point of difference between community foundations and other charitable trusts and is a very powerful way for individuals, families or organisations to provide long term benefits to their community.

"Through legacies and gifts from people throughout the Rotorua and Taupo communities, we now have a pool of invested funds. These funds will continue to grow and provide an income for a range of community needs in perpetuity," he said.