The Governor-General, Sir Peter Cosgrove, approved 891 awards in the Queen’s Birthday Honours this year, many among them were philanthropists and individuals involved in the charity sector. One appointment made was to Chris Cuffe, for distinguished service to the community as an advocate for philanthropy, as a supporter of improved financial efficiencies in charitable organisations, and to the funds management industry.
Private ancillary funds (or PAFs as they are known) are structures for strategic long-term giving that can offer donors tax deductibility, flexibility, and more meaning with their charitable giving. Since being introduced in 2001, there are now over 1,400 PAFs in Australia and collectively they have more than $4b in funds.
Chris Cuffe established a private ancillary fund himself and found the experience frustrating due to the lack of awareness of these structures. While he believed in the model, he quickly learned it was not that well known amongst wealthy Australians and their advisers. So, to inspire and support more individuals and families to use this structure to manage their giving, Chris founded Australian Philanthropic Services, a non-profit organisation helping increase the impact of giving and build the sustainability of those within the sector.
“The difference between a merely prosperous society and a truly great one lies in the strength of its non-profit sector.”
Chris also founded the Third Link Growth Fund, an equities investment fund that also donates to a number of charities that provides an opportunity for investors to participate in a professionally managed investment fund, but all fees received from managing the Fund’s investments, go to support the non-profit sector. They currently have about $140m of investors’ funds in it and in less than ten years the Third Link Growth Fund has distributed about $5.7m of donations.
Both of these organisations that Chris founded are supporting the philanthropic sector and inspiring people to be more planned in their giving and support of charities.
So, this Thank You Thursday, we send a big thanks to Chris Cuffe for his work in promoting philanthropy in Australia, and congratulations on your recent Officer of the Order of Australia award.
See you in the pond,
The Fish Chick.
Photo courtesy of The Australian