Australia’s first listed philanthropic wealth creation vehicles, Future Generation Global Investment Company Limited (ASX: FGG) and Future Generation Investment Company Limited (ASX: FGX) today announce donations of $4.71 million to Australian charities for financial year end 30 June 2016.
FGG will deliver its inaugural annual donation of $2.42 million to Australian charities focused on children and youth mental health, with FGX providing $2.29 million to Australian charities focused on children and youth at risk following an inaugural donation of $1.64 million in 2015.
Future Generation founder and director Geoff Wilson said that the donations would provide a significant source of funding for the nominated FGG and FGX charities.
“We are delighted that we are able to donate $4.71 million to these 22 charities who are all dedicated to improving the lives of children at risk and young people affected by mental health issues” Mr Wilson said.
“All of the charities are working closely with Louise Walsh, our FGG and FGX Chief Executive Officer to ensure the donations are making a real contribution to agreed programs.”
Louise Walsh said “Following an increase from FGX’s donation for 2015, we aim to continually grow the funding for both FGX and FGG charities with each passing year.
“Our big vision is to become the second biggest private sector funder in the Australian non profit sector after the Paul Ramsay Foundation.” Ms Walsh said.
Mr Wilson said “By talking about these donations we hope it may encourage other people to think more about strategic giving in the corporate sector, particularly relating to youth mental health. Youth mental health is chronically underfunded by the private sector and governments and needs all our efforts.”
“Future Generation provides both financial and social returns. We can make the donations because the companies charge no management and performance fees, enabling 1.0% of their assets to be donated to our charities each year.”
“We are grateful to the fund managers and service providers for their incredible generosity – if it wasn’t for them, we wouldn’t have these innovative investment products.” he said.
On behalf of the 22 recipient charities, David Murray, former Chairman of the Future Fund and Chairman of FGG charity, Butterfly Foundation for Eating Disorders, expressed his gratitude:
“The Future Generation model is incredibly exciting for Butterfly in our quest, like all non profits, to become financially sustainable. This unique opportunity to secure ongoing funding from FGG, assuming we meet our agreed outcomes, enables Butterfly to introduce an intensive outpatient program for young people with eating disorders. Until now, this program was only available to wealthy Australians who could afford to travel to the United States for the treatment.’’
The objectives of the Companies are to provide shareholders with an attractive investment and an ongoing source of funding for Australian charities, with a focus on youth mental health (FGG) and children at risk (FGX).
FGG has partnered with 8 designated charities focussed on children and youth mental health. These charities are: beyondblue, Black Dog Institute, Brain and Mind Centre, Butterfly Foundation for Eating Disorders, headspace, Orygen – National Centre of Excellence in Youth Mental Health, ReachOut Australia and SANE Australia.
FGX has partnered with 14 designated charities that provide a significant benefit to children and youth at risk. These charities are: Act for Kids, Australian Children’s Music Foundation, Australian Indigenous Education Foundation, DEBRA Australia, Giant Steps, Kids Helpline, Lighthouse Foundation, Mirabel Foundation, Raise Foundation, Variety, United Way, Youth Focus and Youth Off The Streets.