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Private Ancillary Funds Trustee Handbook
Download the handbook nowAuthor: David Ward, Treasurer, Philanthropy Australia
Published: November 2009
ISBN: 978-0-9750639-8-9
From 1 October 2009 philanthropic trusts previously called Prescribed Private Funds (PPFs) became Private Ancillary Funds (PAFs). The legislative changes included the introduction of detailed Guidelines (Guidelines for Private Ancillary Funds, 2009).
This PAF Trustee Handbook comments on what is required of the trustee, and directors thereof, of PAFs under the Guidelines and at law. It is not a legal document but a "plain English" introductory guide to the role and duties of the trustee(s) and all directors thereof. Created in consultation with Philanthropy Australia's Members, this Trustee Handbook is an essential document for PAFs / PPFs, Family Foundations, Private Charitable Funds and Ancillary Funds.
It draws on general information on charitable trust governance contained in the Trustee Handbook: Roles and Duties of Trustees of Charitable Trusts and Foundations, also published by Philanthropy Australia; detail about other charitable trust structures can be found in that document.
Workshops in conjunction with both handbooks are held around Australia. See our Workshops & Seminars page for more information.
Who will find it useful?
- PAFs / PPFs
- Family Foundations
- Private Charitable Funds
- Ancillary Funds
Contents
Background
Legislation Relating to Private Ancillary Funds
The Trustee
The Responsibilities of the Trustee
The Duties of the Trustee
Administration
Investment
Distribution/Grantmaking
Issues for Further Consideration
Governance Failure
Annual Checklist
Trustee Dossier
Transition Arrangements
Administrative Penalties
Glossary of Terms
Attachments
1: 2001 PPF Press Release
2: 2009 PAF Press Release
Key References
External site (opens in new window)