Trust sets $l0,000 as minimum gift

Press, 14 February 1986, Page 4

Trust sets $l0,000 as minimum gift

The first public charitable trust in New Zealand was launched in Christchurch yesterday. The Charitable Foundation is aimed at affluent people and companies and has a minimum donation of $lO,OOO. The Inland Revenue Department has approved the foundation as a charity for tax purposes.

The foundation’s founder, Mr Jack Hindin, a Christchurch businessman, said donors would be provided with a “professionally managed public trust which administers donations to worthwhile charities.” “This is a no-hassle, flexible, professionally managed public facility to bring together those who want to give and those

who are to receive,” said Mr Hindin. Charities would be selected by a board of advisers comprising the Mayor of Christchurch, the Anglican and Catholic Bishops of Christchurch, a member of the Canterbury District Law Society, and Sir Lawrence Govan. Mr Hindln said the idea of the foundation developed during the years he gave advice on business affairs.

“There are many people, and companies, who would like to put something back into the community by way of donation.

"Once they look at the complexities and administration involved in setting up and runping a trust, they don’t want the has-

sle. The foundation will overcome these problems by doing the work for them,” he said. The foundation could also take over the running of existing trusts. A trust rcould still keep its identity ’ within the foundation v while removing the work 4 of running it, he said. In its early stages, the * foundation would support ' mainly traditional chart- • ties based in Canterbury. ’ Donors of sums larger than $50,000 would be able to say which chart- ■ ties they wanted to sup- - port ? It was intended that the foundation would everitu- 4 ally ‘ support charities - throughout New Zealand, said Mr Hindin. Regional ' advisers would be appointed where appropriate.