November 10th, 2016
The Australian Sports Foundation is gearing up to help Olympic sports replace dwindling government funding dollars through philanthropic donations.
The Australian Sports Commission confirmed this week most Olympic sports had had their funding cut by between 1.1 and 5 per cent for this year due to the 2.5 per cent efficiency dividend demanded by the federal government. If the efficiency dividend remains in place, then the national sports organisations can expect further cuts on the way to the Tokyo Olympics, leaving them with shortfalls that will inevitably affect their international results. However, ASF chief executive Patrick Walker believes his organisation can offer those sports a new revenue stream. The ASF is the one organisation that the Australian Taxation Office allows to offer tax deductions for donations to sports projects, but Walker said the philanthropic sector had been largely ignored by the national federations in the past.
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