The Westpac Group invests $20 million in Westpac Foundation
The Westpac Group today announced that it has provided a $20 million capital boost to The Westpac Foundation. The additional cash amount will be invested and income generated will be used to extend the work of the Foundation.
The Westpac Foundation is a charitable trust, originally established as the Buckland Fund in 1879, which invests in creating and sustaining social enterprise in disadvantaged communities across Australia as well as assisting the families of deceased or retired Westpac staff in financial hardship.
“The Westpac Foundation has built a strong reputation and profile as one of Australia’s leading and innovative foundations. Our approach to funding projects provides not just dollars, but builds ongoing relationships to enhance the longer-term sustainability and effectiveness of the many organisations the Foundation supports,” The Westpac Group Chief Executive Officer Gail Kelly said.
“Before we put this new investment to work we will be reviewing the work of the Foundation so that it is able to further extend its support for the community by expanding into other social causes, where disadvantage exists. We then plan to re-launch the Foundation early next year.”
The Westpac Foundation responds to the needs of disadvantaged communities through programs directed toward early intervention. Priority is given to proposals that are innovative and focus on addressing the causes of problems.
Since 1999, over $20m has been awarded in grants from the Foundation to more than 130 organisations which have also benefited from training workshops around project design and evaluation, financial management, planning and accounting. The main focus has been to ensure that projects supported by the Foundation continue well beyond funding provided.
The Westpac Group also contributes to the important work of two other charitable foundations: The St.George Bank Foundation and the BankSA Staff & Charitable Trust Fund.
The additional investment in The Westpac Foundation has been expensed in Westpac’s Full Year 2010 Results.