The Public Trustee and Guardian is appointed as Trustee for GreaterGood by the:
The Public Trustee and Guardian is the legal entity underpinning GreaterGood. The Trustee's responsibilities are established under Common Law, as well as the Trustee Act 1925 and the GreaterGood Deeds. The Trustee is not a member of the Board, but is represented on the Board. The Trustee has traditional statutory powers and has overall responsibility for the legal, accounting and financial framework and governance of the Gift Fund and Open Fund including:
- appointing the Board;
- day to day administration of the Funds;
- investing Trust moneys;
- notifying the Board of the List of Eligible Recipients and Designated Charities;
- making payments and distributions;
- amending the Trust Deeds; and
- appointing an auditor.
Investment management is undertaken by the Public Trustee and Guardian through its five Common Funds into which all investment funds are pooled.
The Board is comprised of persons with a degree of responsibility in the community who contribute their time and expertise on an honorary basis.
The formal role of the Board under the Deeds is limited to:
- considering the needs of eligible recipients and designated charities;
- considering applications for grant or allocation on income;
- recommending to the Trustee, the yearly allocation of income and capital of the Funds to eligible recipients and designated charities; and
- undertaking responsibility to the community.
Other non-governance roles of Board members include:
- promoting GreaterGood in the community;
- acting as ambassadors for GreaterGood;
- participating in the development of strategies for GreaterGood;
- assisting the Trustee as required in the distribution of income to eligible recipients and designated charities.
The Deeds appoint the ACT Auditor-General to undertake annual audits of the financial statements of the Funds.
We have established two distinct funds under which your named charitable account is administered, to deliver your chosen benefit:
- Gift Fund: ABN 33 180 890 151
- Open Fund: ABN 66 967 359 885
Both funds have been endorsed as Income Tax Exempt Charities under division 50-5 of the Income Tax Assessment Act 1997 and all earnings are exempt from tax.
- Gift Fund: The Gift Fund holds tax deductible status. Your gift through this fund is 100% tax deductible under division 30-15 of the Income Tax Assessment Act 1997. The income from the Gift Fund can only be applied to projects with Deductible Gift Recipient status.
- Open Fund: The Open Fund does not have tax deductible status. Tax deductible receipts cannot be issued. However, your gift through the Open Fund can generate income to benefit a wider range of causes, as long as they are charitable. There is no restriction because there is no tax deductibility.