Public Ancillary Funds - guidelines available
The final guidelines for Public Ancillary Funds (PuAFs) were released in late December and can be accessed on ComLaw here: http://www.comlaw.gov.au/Details/F2011L02758
There are some changes from the draft guidelines, all of which were proposed in Philanthropy Australia’s submission in response to the draft Guidelines.
- The minimum distribution is 4% of the fund’s assets or $8,800 (previously $11,000) if the 4% is less than $8,800.
- The requirement for all PuAFs to be audited annually has been altered. PuAFs with revenue and assets of less than $1 million in relation to a particular financial year may instead have its financial statements and compliance with the guidelines reviewed rather than audited.
- Item 42, relating to benefits to founders/donors, has been altered. A PuAF may now provide benefits to associates of the donor or founder which are Deductible Gift Recipients. This means that (for example) fundraising foundations which have been established by a hospital will be able to distribute to that hospital even though it is technically the PuAF’s founder.
- If a fund’s governing rules prevent compliance with a requirement of Part 2 to the Guidelines, it is now exempt from that requirement until 1 July 2015 (previously 1 January 2015)
Jan. 09, 2012