Local support for Gisborne’s newest charity The Sunrise Foundation continues to grow with the announcement that Gisborne people have donated over $1,100,000. In addition, there are also $5,500,000 in promised funds and will bequests.
Glenda Stokes, Executive Officer, has been overwhelmed with the generosity of Gisborne people. “The substantial donations and bequests that have been promised to the Sunrise Foundation have far exceeded our expectations. We are delighted we have received over $1.1 million in donated funds within our first two years.”
The Sunrise Foundation, a community endowment foundation, was launched by Sir Stephen Tindall in October 2014. Although new to New Zealand, community foundations are the fastest growing form of philanthropy worldwide and have been operating for over 100 years in North America. The Tindall Foundation has initiated and supported the development of community foundations throughout New Zealand.
The strength of the endowment model is that all donations and bequests are held as permanent endowments. Funds are invested and each year enough is retained to ensure that endowments grow in line with inflation, the surplus investment income is available as grants to charities and organisations in the local community.
Glenda added that “At the Sunrise Foundation we are all about capital preservation, meaning that any donations we receive will keep on supporting our local charities and organisations forever. This has appealed to our supporters and donors, who like the idea that their donation will keep benefitting our community for generations to come.”
In Sunrise’s first funding round last year eight grants were awarded to social, environmental, educational, arts, heritage, health and sports causes. The second funding round will open in July.
Mr John Clarke, Sunrise Foundation Chairman, believes that the community foundation endowment model is poised to make a real difference in the Gisborne District. “The Sunrise Foundation is an organisation for local people to give for local needs, to help build a strong future for the Gisborne District forever.”