Push for tax break
Wednesday, 23rd February, 2011
By John Casey
The Broken Hill Community Foundation is building momentum toward its ultimate goal of raising a $2 million capital fund by continuing its push to be registered as a deductible gift recipient.
Should the foundation win government approval for DGR status, donors to the fund would be eligible for a tax deduction.
"It's continually an issue raised when we talk to people about raising funds," foundation chairman, Mr Vince Gauci, said yesterday.
"There's no doubt people would be more interested in supporting us if they could get a tax deduction.
"It is much more difficult for us when we are competing for funds with other organisations who have DGR status," Mr Gauci continued.
Established in 1999-2000, the Broken Hill Community Foundation (BHCF) is designed to support the city by creating employment opportunities and encourage social development.
"Gaining DGR status is something that we have been working on for some time, including making approaches to Federal Treasurer Wayne Swan," Mr Gauci said.
"A number of other community foundations have struggled (in the past) to gain approval because they are not a charity as such, but we believe that as a city Broken Hill has made a huge contribution to Australia and our case needs to be looked at accordingly.
"We have been working hard for 10 years now and will be putting the argument that we are a self-help entity that deserves this recognition," he continued.
As reported in Monday's BDT, the foundation recently welcomed its fourth 'Gold Friend' with the Lynch family joining the cause in memory of their parents, Mick and Eileen.
Unfortunately our report failed to mention Mick and Eileen's only daughter - Mrs Margaret Price, who lives in Broken Hill - and the BDT would like to aplogise for the omission.
Mr Gauci said the donation from the Lynch family was very much appreciated.
"I think this is a wonderful gesture from the Lynch family and we would be happy to talk to other families with similar thoughts - at any level," he said.
"The foundation is also in the process of developing a Bequest Fund which will make it easier for people to leave a lasting investment in Broken Hill's future while providing a memorial to the donor."
The Lynch family joins John and Barbara Ralph, Vince and Leonie Gauci and Gary and Kay Radford as Gold Friends of the foundation.
The BH Community Credit Union and Shannon Electrics are Gold Broken Hill Business Supporters and the BH City Council is a Gold foundation supporter.
People who would like more information about the BHCF should contact the Blende Street office by phoning 8087-9985 Tuesday to Thursday.