Q: Why did the Public Trustee and Guardian launch GreaterGood?
Public Trustee and Guardian staff have extensive experience in establishing and maintaining charitable foundations. In 2003, the Public Trustee and Guardian recognised that Canberra was ready for a public foundation of its own, that the Public Trustee and Guardian was the ideal trustee and could provide the most appropriate structure for an ACT community foundation.
Q: How does a GreaterGood account compare with a Private Ancillary Fund (PAF)?
A GreaterGood account not only provides all that a PAF/PPF account can offer and at a lower cost, but also delivers the long term security of a professional corporate trustee, a board of persons of responsibility in the community, annual audit at the highest level, investment of funds, reporting and accountability.
Q: Why a GreaterGood account?
GreaterGood encourages prospective philanthropists to give more, not limited to a regular donation, but a settlement of capital, to enjoy the immediate taxation deduction and watch the settled capital benefit recommended charities into perpetuity.
Q: How easy is it to create a GreaterGood charitable account?
A GreaterGood account can be established immediately upon the same day of receipt of application and settlement of funds. The title or name given to the account is flexible and can be varied at a later date.
Q: What types of assets can be committed?
In addition to cash settlements, GreaterGood has accepted real estate and shares and is happy to come to arrangements regarding retention and management of non-cash assets. Tax deductions are available at valuations approved by the Australian Taxation Office.
Q: Are there any administrative charges?
There are no establishment or administrative fees or charges. The capital remains intact as the Trustee charges only a Trustee's income commission of 6.6% on income generated. This commission is purely a cost recovery fee and does not generate any profit and primarily covers the cost of external fund managers/assets consultants.