Balingup Community Web

 

In order to survive and thrive, small rural communities such as Balingup need to be innovative and well resourced in terms of not only people skills but also funding.  The 'Balingup Futures Account' is a project that will help us save for the future as a community, and enable Balingup residents to leave a lasting gift to the community if they wish to do so.

An account has been opened with the Western Australian Community Foundation, using the $10,000 won in the “Can Do” Community Awards in 2003 as an initial deposit.  The aim is to grow this deposit in order to support community development activities in the future; activities which will benefit the communities of the town and district of Balingup.

Community Foundations are one of the fastest growing and most dynamic networks dedicated to building and strengthening communities in the world.  In 2001 in Canada, 117 community foundations held combined assets of more than $1.6 billion and in 2001 they received almost $78 million in grants to support local communities.  The basic idea behind a Community Foundation is to build up a capital base and use the interest to fund projects.  The capital base is not touched and continues to grow. 

Community Foundations have some special advantages:
~ They are supported by philanthropic corporations/businesses.
~ Communities pooling their funds results in increased income earning potential.
~ WACF operates two trusts – a Tax Deductible Trust and a NonTax Deductible Trust.  The Tax Deductible Trust enables the donor to receive a tax deduction for his or her gift.

With the help of the community, the capital base will grow.  Donations may be from individuals, corporate donations, or they may be bequests.  You can also specify that you want your money used for a particular project.

Who is managing the money?  The WA Community Foundation Board comprises a group of people who are highly respected in their fields.  They include accountants, lawyers, financiers, marketing and communications managers etc.  They also have access to specialised accountants, audit services, taxation advice and legal opinion, most of which are provided to WACF on a pro bono basis. The Patron of the WA Community Foundation is the Governor of Western Australia.

A local group of Balingup residents will make recommendations to the Board about projects of benefit to the Balingup District, and decisions will be made based on local recommendations.

Please contact Wendy Trow on 9764 1887 or email brookview@wn.com.au if you wish to find out any further information.