how to raise money from pafs - askright · it can be about more than the money. high level...
TRANSCRIPT
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HOW TO RAISE
MONEY FROM PAFS
PRESENTED BY: JACQUELINE CAMERON
CONSULTANT AND RESEARCH MANAGER
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© AskRIGHT 2015
We are recording
this webinar.
No need to write everything:
you will be able to download
the recording and the PDF of
the presentation to review it.
Ask & Answer
questions
Use the chat box on the left
anytime to ask and answer
questions.
We will also run a Q&A session
at the end of the webinar.
Make the most of today’s webinar
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Follow our updates: AskRIGHT.com
OPTIMAL FUNDRAISING STRATEGIES
IDENTIFICATIONOF DONORS
TRAINING
RECRUITMENT
WE CAN HELP YOUR ORGANISATION RAISE MORE MONEY
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Today’s Webinar
What are PAFs?
History, key features, why have them
Where does the money go?
Raising money from PAFs
Q&A
Optional demonstration of The Complete
Guide to Australia’s Private Ancillary Funds™
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POLL
Have you ever attended
a webinar before?
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WHAT ARE PRIVATE
ANCILLARY FUNDS?
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A brief history
Introduced in 2001 as part of Howard government
reforms designed to grow philanthropy in Australia
Originally known as Prescribed Private Funds (PPFs)
This measure will open up a new vehicle for private
philanthropy, similar to that existing in the United
States, so that families and individuals can donate
to a trust of their own, which then disburses funds
to a range of other gift-deductible recipients”.
“
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A brief history
Various
problems
with PPFs
2008: Discussion paper on
improving the integrity of
PPFs (Rudd government)
New legislation and
guidelines 2009
PPFs become
Private
Ancillary
Funds (PAFs).
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Key Features of PAFs
PAF Trustees must be a corporation
(existing Individual trustees of PPFs can continue)
• i.e. Trustees must be proprietary company, an
incorporated association, or a statutory trustee company.
Each PAF must have one director who has a
responsibility to the community
• The ‘Responsible Person’ cannot be the founder, family
member, donor of more than $10,000, associate of the
founder, or employee of the PAF founder (Jan 2012).
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Other directors can be family members
or business associates
PAFs generally have a 5% minimum
distribution requirement.
PAFs are required to have a formal Investment
Plan and conduct an annual audit
Key Features of PAFs
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Donations to a PAF are tax deductible
PAFs generally exempt from on-going income tax
No public fundraising is permitted
PAFs are Type 2 DGRs so they are operate more like a ‘giving’
body than a ‘receiving’ body
• so not competing with your fundraising.
Key Features of PAFs
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• distributions can be made to a
relatively wide group of DGR
organisations (varies re state set up)
Income Tax
Exempt
Funds
• distributions must go to recipients
who have both TCC and DGR
status.
Charitable
Funds
Key Features of PAFs
Since 2005, there have been two main types of PAFs:
As of 1 January 2014, no newly established PAFs are to be ITEFs.
TCC – tax concession charity
DGR – deductible gift recipient
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Check the PAF you are interested in
✓ Visit www.abr.business.gov.au to search ABN
lookup to determine what kind of PAF it is.
✓ Your non-profit organisation must be a DGR
but you may also be limited if you are not a tax
concession charity
Does your status align with their requirements?
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Check the PAF you are interested in
And it can be a bit more complicated for some…
Visit the
Philanthropy
Australia
website
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Different Types of PAFs
Individual or
family
established
PAFs
• The Forrest Family
Foundation, the
Balnaves
Foundation, or the
Kinghorn
Foundation
Corporate
PAFs
• Vodafone
Foundation, Coca-
Cola Australia
Foundation
PAFs created
by a wealthy
individual for
a single
purpose
• Scholarship or
Bursary Funds
• Local Clubs and
Community
Groups, etc.
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2016 Guideline Amendments
Commissioner discretion to lower minimum distribution rate
Can provide non-cash benefits i.e. loan guarantees, direct loans,
social bonds, gifts of land, and subsidised office space etc.
Portability for Private Ancillary Funds
Reporting Requirements
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2016 Guideline Amendments
Investment strategy rules
Reduced audit requirements for small PAFs
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WHERE DOES THE
MONEY GO?
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PAFs must distribute funds
The rules mean that funds must be distributed
$500,000 recommended initial capital of PAFs
5% minimum distribution requirement
(excluding the establishment year)
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PAFs must distribute funds
The rules mean that funds must be distributed
At least 5% of net capital
value of the fund as at end of
previous financial year – or a
minimum distribution of $11,000,
whichever is the greater
If 5% of the net capital value of the
PAF is less than $11,000 then
the PAF is required to distribute the
remainder of the fund.
Interestingly,
average annual
distributions have
exceeded the
minimum 5%
requirement
(averaging around 8-9%)
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How many PAFs are they?
Number of PAFs is growing
>1,627PAFs as of June 2017
(1,464 active PAFs from 1,627 that have been established)
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Breakdown of PAF numbers by state
0
100
200
300
400
500
600
700
800
NSW VIC QLD WA SA ACT TAS NT Internationally
No of active PAFs registered in State No of active PAFs that provide funding
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PAFs have a long way to go
Chris Cuffe
PAF holder, former executive
director of Social Ventures Australia
and founder of Australian
Philanthropic Services (APS)
www.youtube.com/watch?v=q8ohiWbG63E
✓ easily the potential to establish
30 or 40,000 PAFs in Australia.
✓ large possibilities for
growth in the market
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Understanding WHY …. matters
Why do people create PAFs?
key motivations behind structured giving*3
*study by QUT
Reaching a life turning point
Acting on an obligation to give
Reaching a stage of ‘having enough’
1
2
3
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Understanding WHY …. matters
Why do people create PAFs?
key motivations behind structured giving*3
*study by QUT
Reaching a life turning point
Acting on an obligation to give
Reaching a stage of ‘having enough’
1
2
3
The tax benefits are important
but they are not the primary
motivational factor
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A quote from the Forrest family
It was your logic, intuition, focus, foresight, good fortune, relentless
determination and work capacity that produced the wealth you now
ponder the future of. Yet it is also these same powerful talents that
cause you to ask yourself, could I become a major philanthropist and
responsibly use my wealth to improve communities and the lives of
those less fortunate, potentially touching millions of people?
We shared the fundamental understanding as a family that to do your
best in life, to achieve, to make a real and positive difference, and as
most importantly to enjoy our few days on this earth, then considerable
inherited wealth could get in the road.”
“
- Andrew and Nicola Forrest
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Sometimes – other issues matter
Anonymity is a
factor …
Where children
and families fit in,
inheritance issues
Views about the future, perpetuity
and spending down
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Sometimes – other issues matter
✓ PAFs aren’t only perpetual vehicles for philanthropy,
there are a number that adhere to the ‘give while you
live’ model.
✓ Often the PAF will start out undecided and then
change the model according to how the family fits in
with the PAF. AskRIGHT is aware of one PAF that aims
to spend 20% per year and close in 2018.
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Sometimes – other issues matter
I originally had – and am still uncertain
whether the PAF environment was to be
perpetual in its nature or whether I’ll give while
I live type model [sic]. That will depend on how
the kids go with this going forward and I’ll
make the decision a little bit later. At the
moment, its set up as being a perpetual
model”
Source: http://eprints.qut.edu.au/48801/1/48801.pdf
“
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It can be about MORE than the money
high level
volunteering
provision of pro
bono expertise
networking with
like minds
collaboration
and information
exchange
For some it is about more than the money - many
have firm views about also giving time, experience
and advocacy through:
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It can be about MORE than the money
✓ PAF holders can become very strong advocates
for causes they become close to.
✓ Expect more to join the Boards of organisations
they develop a particular affinity with.
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How much went in …and what went out?So
urce: A
TO
statis
tic
s
‘06 – ’07 ‘07 – ‘08 ‘08 – ‘09 ‘09 – ‘10 ‘10 – ‘11 ‘11 – ‘12 ‘12 – ‘13 ‘13 – ‘14 ‘14 – ‘15
($ M) ($ M) ($ M) ($ M) ($ M) ($ M) ($ M) ($ M) ($ M)
PAF DONATION INCOME 533 779 272 321 304 354 293 517 1847
DISTRIBUTIONS MADE
Welfare & Rights 37 44 50 49 42 70 72 na na
Cultural 40 11 19 26 28 23 41 na na
Research 2 12 3 25 5 33 9 na na
International Affairs 6 11 10 16 18 18 20 na na
Education 10 16 15 20 10 25 36 na na
Health 8 10 14 18 14 33 28 na na
Environment 8 14 13 13 13 8 9 na na
Other 17 14 22 24 23 33 21 na na
Ancillary Fund DGRs 6 7 7 5 12 6 4 na na
Not a DGR 1 1 2 0.5 na na
Sport & Recreation 0.5 na na
Not a DGR but a TCC 1 1 2 na na
Insufficient info 1 na na
TOTAL 133 141 155 197 165 252 244 300 390
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PAF Distributions - by year
Sources: ATO Tax Statistics
0
50
100
150
200
250
300
350
400
450
$M
Year
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PAF Assets – by year
Source: ATO Tax Statistics
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
$M
Year
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Total PAF Corpus VS Avg. PAF size
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Number of new PAFs - by year
Sources: ATO Taxation Statistics
0
20
40
60
80
100
120
140
160
180
Ne
w P
AFS
Year
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Total number of PAFs - by year
Sources: ATO Taxation Statistics
0
200
400
600
800
1,000
1,200
1,400
Tota
l N
um
be
r P
AFS
Year
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AVERAGE vs REQUIRED DISTRIBUTIONS
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Tax deductible giving, PAFs and ASX
$ M
illio
ns
Financial Years
N = Negative ASX share market year
© AskRIGHT
Sources: compiled from ATO statistics, The Australian Centre for Philanthropy
and Nonprofit Studies (QUT) data AskRIGHT’s The Complete Guide to
Australia’s Private Ancillary Funds™.
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The Paul Ramsay Foundation
$3.3 BILLION added to
the PAF pool
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RAISING MONEY
FROM PAFS
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POLL
Have you attempted to raise
money from PAFs before?
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• Less than 10% of PAFs with formal procedures
• Utilise grant-writing skills
• Follow guidelines
• Use same headings and language as the fund
• Write clearly, no errors
Formal
Applications
• Large majority of PAFs - no formal application process
• Identify those with a specific area of interest that relates
to your cause
Non-Formal
Application
Process
• Develop an understanding of the PAF’s current interests
• Submit a tailored proposal
• Unsolicited applications discouraged
Opportunity
for Contact
Applying to PAFs - Process
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Applying to PAFs - Alignment
Mission & Values
• What are the PAF’s mission and values?
• Does your cause align with those of the PAF?
Founder/Trustee/Staff biographies
• What is background of those who are involved in the PAF?
• Are there backgrounds that would have a particular affinity
with your cause?
Philanthropic interests
• Does the PAF state it has particular philanthropic interest/s?
(keywords useful here)
• What causes have they previously given to?
• Is there a pattern in their giving?
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Raising Money From PAFs
Identify PAFs you believe are good prospects
✓ Research the listing of 775 that were originally gazetted
✓ Philanthropy Australia have a small number of public PAFs
✓ ACNC Register
✓Australian Business Register (ABR)
✓ Research your donor base and see if you have PAFs giving to you
✓ The Complete Guide to
Australia’s Private Ancillary FundsTM
Important things to consider
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POLL
Do you use a rating system
for your prospects?
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Quantify the situation
Linkage (rate from 1-5)
How strong is the link of the PAF to you?
Ability (rate from 1-5)
What can you determine about the financial
capacity of the PAF?
Interest (rate from 1-5)
How would you rate the level of interest from the
PAF in your cause/project?
Use LINKAGE + ABILITY + INTEREST
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Ratings can reveal the right strategy
Use your ratings to identify the next step…
Prospect
name
Linkage
(1-5)
Ability
(1-5)
Interest
(1-5)
TOTAL
Rating
Strategy
for next step
Jones Family
Trust2 2 4 8
Willy Wonka
Foundation4 3 1 8
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Ratings can reveal the right strategy
Prospect
name
Linkage
(1-5)
Ability
(1-5)
Interest
(1-5)
TOTAL
Rating
Strategy
for next step
Jones Family
Trust2 2 4 8
- Strengthen the
connection, ask for a
moderate gift
Willy Wonka
Foundation4 3 1 8
- Research interests,
inform, make the
case
Use your ratings to identify the next step…
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A checklist for best alignment
Ask the PAF for a gift
Usually a person or small committee
Some have formal processes but majority rely on personal contact
For what
purpose are
we asking?
How much
will we ask the
PAF for?
Who should
ask?
Who should
we be
asking?
What’s the
timing?
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Strong relationships matter
If necessary and possible, ensure your leadership takes
the time to cultivate a productive long term relationship
with key PAF directors
✓ Professional network links?
✓ Lunch and dinner?
✓Other ways to experience your impact/service?
Be prepared to be patient
Develop a ‘high quality’ relationship
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Your approach to Proposal Writing
✓ Be honest
✓ Assume nothing
✓ Take time to reach out and connect well
✓ Then follow process and submit…or not
✓ Write in a way that describes the benefits, difference
and/or impact their support can make, NOT reams of
text about how impressive your organisation is
✓ Follow up appropriately
Best practice….
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Successful solicitation is …
The right person asking
the right PAF
for the right gift
for the right program
at the right time
in the right way.
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Successful solicitation is …
It takes
professional
effort, time and
resources to
line up each
element well
The right person asking
the right PAF
for the right gift
for the right program
at the right time
in the right way.
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And when it all works out well …
Express your THANKS constructively
Next step to the
next gift
Best achieved in a
way the donor
enjoys
Something that needs
to be planned
Something you need to
manage carefully ...
especially for
anonymous donors
Part of the credibility test you
pass – you will likely be
compared to other
beneficiaries (keep this in mind
for securing further support)
A policy
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And when it all works out well …
Express your THANKS constructively
Account for how the gift is used and the difference it made
Invite them back to
see the difference
their gift has made
Send them
regular reports
Send them a letter or
expression of
appreciation from
the end user or
your clients
Get creative
– e.g. record a short video message
from an end user/client on
smartphone for the funder (if
appropriate)
Report impact,
impact, impact
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?Questions?
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The Complete Guide
to Australia’s Private
Ancillary Funds™
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POLL
Do you have a Prospect
Research Officer in your
organisation?
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www.pafguide.com.au
An online
database
containing
all of PAFs
Prospect researcher
working on compiling
and updating the
database.
DGROnly available to
eligible non-profit
organisations
(only entities with DGR status)
Researched and
compiled from
information
available from
public and pay-for-
content sources.
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www.pafguide.com.au
The Guide is an industry-insider resource for
organisations looking to generate new revenue streams
and identify new major gift prospects.
The information is not available
from any other source.
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www.pafguide.com.au
THE COMPLETE GUIDE TO
AUSTRALIA’S PRIVATE ANCILLARY FUNDS™
1,627
PAFs
125+
Trustee Profiles
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www.pafguide.com.au
Subscription Details (12 months):
State or national
subscription
interstate PAFs who have
a history of giving to
other states are included
PAF Director
profiles
Licence
Agreement
New PAFs added
monthly; existing
entries updated
Can be renewed
each year
25% of then current price
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www.pafguide.com.au
What is included?
PAF address and
contact details
Director details including
biographical details
where available
Philanthropic
interests
Past distributionsGeographic
priorities
Application
guidelines /
procedures
where relevant
Note: the scope of information varies according to Fund
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www.pafguide.com.au
✓ State
✓ Postcode
✓ Sectors including Health, Education, Research, Welfare,
Defence, Environment, Industry, Trade and Design, International
Affairs, Sports and Recreation, Cultural Organisations, Fire and
Emergency Organisations, Animal Welfare and Religion
✓ Free text searches (name of individual, organisation, etc.).
How can it be used?
The Guide allows you to search by:
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www.pafguide.com.au
61Subscribers/NFPs with
access to this information
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www.pafguide.com.au
• 270 PAFs
• 40 PAF
Trustee
profiles
QLD
• 783 PAFs
• 56 PAF
Trustee
profiles
NSW
• 626 PAFs
• 50 PAF
Trustee
profiles
VIC
• 168 PAFs
• 24 PAF
Trustee
profiles
SA
• 240 PAFs
• 38 PAF
Trustee
profiles
WA
• 129 PAFs
• 22 PAF
Trustee
profiles
ACT
• 109 PAFs
• 21 PAF
Trustee
profiles
NT
• 125 PAFs
• 23 PAF
Trustee
profiles.
TAS
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Number of Active PAFs with distributions in PAF Guide
of PAFs65%
have distributions
listed in The Guide5
32
34
43
53
80
70
123
234
288
296
379
468
Defence
Fire and Emergency Organisations
Industry, Trade, and Design
Sports and Recreation
Animal Welfare
International Affairs
Religion
Environment
Cultural Organisations
Education
Research
Health
Welfare
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www.pafguide.com.au
✓ We have a full-time researcher dedicated to the
Guide
✓ Mail out to PAFs
✓ Google Alerts
✓ A check each month for new or cancelled PAFs
Research
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www.pafguide.com.au
Valuable resource if your organisation
does not have a Prospect Research Officer
Donor acquisition – major gift profiling
and prospecting tool
Resource development tool for your Trust &
Foundations and/or Partnerships program.
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Please fill out the evaluation form so we can continue to improve.
Follow our updates: AskRIGHT.com
QUESTIONS??
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Thank Youfor attending our webinar
Need further assistance?
If you would like to have a discussion about your PAF
strategy or have any questions, please contact us and we
will be happy to provide further guidance.
t 1300 758 812
PAF Guide enquiries: [email protected]