08 May 2006
The Macquarie Bank Foundation announced today that it planned to introduce a new category of funding designed to help build capacity in community organisations, thus facilitating their development, growth and sustainability.
The Macquarie Bank Foundation and Macquarie staff currently contribute about $11 million a year to more than 250 community organisations across Australia and internationally.
Foundation Chairman David Clarke said the funding would enable well-planned start-up community organisations to get off the ground and help established enterprises with their next phase of growth.
Mr Clarke said the initiative was in response to concerns raised by community organisations about the difficulty of sourcing the funding required for strategic growth.
"The Macquarie Bank Foundation and Mission Australia have just hosted a three-day Social Innovation Dialogue, bringing together the key decision makers from the government, business and community sectors," he said.
"Community representatives repeatedly made the point that while they can source program funding, they have trouble obtaining funds for the infrastructure and administration associated with day-to-day operations.
"There is also little in the current funding avenues offered by government and business to facilitate the growth of community organisations or allow new enterprises to be established."
"This means many worthy enterprises are delayed in their establishment or stalled as they approach the next stage of growth.
"This initiative will enable the good intentions of these organisations to be put into practice."
Mr Clarke said the Macquarie Bank Foundation had previously provided capacity-building funding for new enterprises such as OzHarvest, as well as growth funding for organisations such as Inspire Foundation.
In addition, the Foundation had been a strong supporter of Social Ventures Australia and Nonprofit Australia, whose work is aimed at building a strong and sustainable community sector.
"Over its 35-year history, the Macquarie Bank Foundation has provided a leadership role in community engagement and this initiative will encourage other corporate foundations to incorporate capacity building funding into their activities."
For further information, please contact:
Macquarie Bank Foundation
Tel: (612) 8232 7339