The concept of the Warringah Rugby Foundation has grown out of the recognition of the need to establish a capital fund to support the Warringah Rugby Club Limited (“the Club”) in the pursuit of its objectives indefinitely into the future.
The provisions of its constituent Trust Deed enshrine the purposes of the Foundation, which is to provide the means to assist and support the Club in the encouragement, promotion and development of rugby talent, primarily on the Northern beaches peninsular of Sydney.
The Foundation has been established to provide a means for this purpose and to assist in the acquisition and development of the infrastructure necessary for the Club to remain a force in Sydney Rugby.
The Foundation is registered with and conducted under the charter of the Australian Sports Ltd (ASF) Registration with the ASF allows donations to the ASF in support of the Warringah Rugby Foundation project to attract tax deduction. All grants received by the Foundation from the ASF will be applied to the capital fund project.
The Goal of the Foundation
The Warringah Rugby Club has no regulalr source of income apart from sponsorship revenue and grants from the Australian Rugby Union and New South Wales Rugby. What income is derived by the Club is fully expended in putting teams on to the park and running the Club and as a consequence little remains for the development of rugby talent, upgrading of amenities and purchasing equipment for players and coaches.
The primary purpose for the establishment of the Warringah rugby Foundation is to establish and accumulate a capital fund of at least $1million, which will generate sufficient annual income to address this deficiency.
Contributions to and the income of the Foundation will never be used to address shortfalls in the operating revenue of the Club, but the application of the income from the Foundation in accordance with its objectives will provide an ongoing indirect financial benefit to the Club.
Contributions to the Foundation will remain intact and be invested by the TRUSTEE in secure income producing assets of a type authorised by law for the investment of trust funds in the Commonwealth of Australia, unless it is determined by the TRUSTEE that special circumstances warrant the application of part of the capital fund.
How Can The Income Of The Foundation Be Spent?
Generally contributions to the Foundation will remain intact to build a capital fund, which will be invested in secure income producing assets.
The income generated from the investment of the capital fund can be applied for the following expenditure:
- Facility development including change rooms, meeting rooms, gymnasium.
- Equipment for training, performance enhancement, video analysis.
- Hosting of major events including venue hire and use of equipment.
- Sports development initiatives including;
- training camps,coaching clinics
- contract specialist coaches
- training resources
- sporting scholarship programmes for individual players including sports clothing and equipment: sports science/sports medicine services.
Tax Deductability On Contributions
For contributions to the Foundation to attract a tax deduction, donors must contribute unconditionally to the ASF. Under the structure of the ASF, which was established to assist organisations to raise funds to develop sport in Australia through public and corporate donations, it is possible for donors to nominate a registered project as the preferred beneficiary of their gift.
All claims for tax deductibility are subject to being accepted by the Commissioner of Taxation and donors who are uncertain of their position should seek professional advice.
Donors supporting the Foundation who do not seek a tax deduction should contribute directly to the Foundation. Non tax deductible contributions and the income generated there from are not subject to restrictions on expenditure imposed by the ASF but will, nonetheless, be applied by the Trustees in accordance with the provisions of its constituent Trust Deed.
Your Support Of The Foundation
Your financial contributions to support the Foundation will help to ensure that the Club remains a strong force in the Sydney Rugby Union first division competition for the foreseeable future. All donors will be acknowledged on an honour board and will receive a certificate of appreciation.
Intending donors seeking a tax deduction should complete the official ASF donation form attached.
For your donation to be tax deductible, please complete the donation form attached to this brochure and make your cheque or credit card details payable to the Australian Sports Foundation.