The NORTH Foundation has a strong commitment to transparency and the communities we support, our clinicians, researchers, donors and other stakeholders can trust us to act ethically and wisely while maximising funds for our beneficiaries. On this page, we want to highlight some recent changes to our budget model, our Deductible Gift Recipient status and our ABN.
The NORTH Foundation is committed to:
- Being transparent, informative and professional when soliciting gifts from donors;
- Respecting donors’ privacy (including not selling or exchanging the personal details of donors) and having protocols for dealing with donor requests for anonymity and confidentiality;
- Using gifts effectively, ethically and where possible in line with donor wishes; and
- Acknowledging and recognising donors’ contributions by celebrating philanthropy.
New DGR status
Australian charities can be registered as Deductible Gift Recipient (DGR) entities that are further endorsed with DGR1 or DGR2 status. The DGR status of charities determines the various tax rules applicable to them including from which entities they can accept donations.
The NORTH Foundation was initially endorsed as a DGR2 entity and we are pleased to inform our donors that from July 2021, the NORTH Foundation’s registration as a charitable entity has been upgraded to DGR1 status. From July 2021, we registered to attribute donations received from other DGR1 entities against our financial statements.
New ABN and CFN
As part of the transition to the DGR 1 status entity, the NORTH Foundation has a new ABN – 15 652 292 423. Our new NSW Charitable Fundraising Number (CFN) is 26241 and this signifies that the NORTH Foundation holds an authority to fundraise.
New budget model
After a thorough review of our existing budget model by both the Northern Sydney Local Health District Board and NORTH Foundation Board, it was recognised that the existing model did not allow for adequate growth of our services.
To rectify this, a new budget model was established which changes the way the NORTH Foundation is funded.
Under the new budget model, the NLSHD, which previously fully funded the NORTH Foundation operating costs with a fixed value, now provides an annual contribution towards the NORTH Foundation costs with the balance of expenses funded through an allocation drawn from certain donations.
The existing foundation allocation of 20% applied to all untied and semi-tied philanthropic funding will continue as is. In addition to this, effective 1 July 2022 a foundation allocation of 7% will be applied to all tied donations.
Despite the NORTH Foundation being a relatively small charitable organisation, we are responsible for multiple beneficiaries across the NSLHD. We are also proud to say that we strive to maintain industry best practices. As we are unique in our remit and operations, it is difficult to make like-for-like comparisons. To address this, we have benchmarked ourselves against three types of similar organisations:
- NSW hospital foundations
- NSW research institute foundations
- NSW-based charities focused on a single medical/health issue (e.g. cancer, mental health, cardiology, etc)
To help you better understand how we perform against industry standards we have compared our performance against similar organisations using relevant fundraising metrics like Cost Revenue Ratio and Fundraising Efficiency Ratio.
As can be seen from the snapshot, the NORTH Foundation compares favourably in industry benchmarks when measuring both metrics. For more information about how we have approached this, read our Annual Report.