Frequently Asked Questions

What happens to the money that is donated?
Donations are held in perpetuity in the Fund corpus (capital) unless otherwise specified by a donor.

What does perpetuity mean?
Perpetuity means lifelong. Money that is donated today will stay in the Frankston Community Fund corpus forever earning income in the form of interest and dividends. In this sense, the fund provides an enduring way in which donors can give back to their local community.

What happens to the Frankston Community Fund corpus?
The Fund capital is preserved, invested and professionally managed by the Lord Mayor's Charitable Foundation which is a partner in the Frankston Community Fund with Frankston City Council. The income (interest earned) is available to be distributed as a grant to charitable organisations that have Deductible Gift Recipient (DGR) status.

Who identifies the grant recipients?
The Frankston Community Fund Committee of Management comprising Council and community representatives oversee grant applications and allocations.

When will the first grants be made?
It is expected that the first round of Frankston Community Fund grants will commence in 2012, when the fund has received interest and dividends after an initial year of investment.

Do grant recipients need to have DGR status?
Yes, all organisations applying for a Frankston Community Fund grant must have DGR status. This is a requirement of the Lord Mayor's Charitable Foundation and enables Fund donors to receive a tax deduction.

Is it possible for a non DGR status organisation to receive a grant?
Not through the Frankston Community Fund grants process as all organisations applying to the fund grants committee must have DGR status. However, separate to the fund grants program it is possible for a donor to specify at the time of the donation that they would like some, or all, of their donation to go to an approved recipient. In this case the donor would not receive a tax deduction.

Are the fund grants the same as Frankston City Council's Community Grants?
No, the Frankston Community Fund Grants program and Frankston City Council's annual Community Grants program are completely separate programs.

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