Demand for philanthropic funds continue to rise
The growing demand for philanthropic funds sees another major Trust fund reporting a significant increase in the amount of grant dollars sought from Australian Not for Profit organisations.
Equity Trustees say the 2011 grant applications made to their discretionary trusts totalled $21.5 million with $3,396,720 being distributed through these grants.
Equity Trustees says this equates to a 75% increase in demand between 2009 and 2011.
Last month, Pro BonoAustralia News reported that another fund, Perpetual, revealing its philanthropy funding round was oversubscribed by a factor of 10 with some $90 million being requested by Australian Not for Profits, with only $9 million available for distribution.
Perpetual’s said the amount of funds requested has risen 118% since 2008 - from $41.5 million to $90.6 million - and the number of applications growing 63 per cent over the same time, from 745 to 1,214.
Head of Philanthropy at Equity Trustees, Tabitha Lovett, says Australia has weathered the global financial crisis well, compared to other western economies; however, government “belt-tightening” has resulted in decreased funding for the Not for Profit sector.