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CFA & Brigades Donation Fund report
The Trust was established to receipt donations to CFA brigades, to ensure and maintain deductible gift recipient status.
The current trustees of the fund are: Chair Quentin Turner (VFBV), trust members – Mick Bourke (CFA), Michael Wootten (CFA), Ron Schultz (VFBV), Tom Brodie (VFBV), Nev Jones (VFBV), Hans van Hammond (VFBV), Executive Officer Nigel McCormick (CFA).
Trustees’ Report for the year ended 30 June 2014
Interest income $45,888
Other income $3,300
Donations distributed $3,201,598
Interest due for distribution $40,323
Bank balance as at 30 June 2014 $504,645
Term deposit as at 30 June 2014 $1,000,000
Each year the auditor’s report to the trustees highlights that as donations are freely given by the community, it is not possible to verify that all transactions are complete and accurate. The trustees would like to advise brigades to exercise due care and diligence when receiving donations from the community.
Interest rates applicable for deposits held
Balance at call
From 14 August 2013 2.20%
$1,000,000.00 (term deposit)
4 July 2013 – 8 August 2013 3.10%
8 August 2013 – 4 December 2013 3.80%
4 December 2013 – 7 March 2014 3.60%
7 March 2014 – 6 June 2014 3.60%
17 June 2014 – 17 Sep 2014 3.45%
Current Interest rate – from 6 August 2014
Balance (at call) 2.20%
$1,000,000 (92-day NAB term deposit) 3.45%
How interest is calculated
Interest is paid on deposits held for a minimum of 30 days. Interest is calculated from the date of the deposit at the average daily rate of interest and continues to accrue on any residual amount of the deposit until it has been fully redistributed to the brigade/group. For brigades to earn this interest rate they must leave their funds in the trust for a minimum of 30 days. Funds are available for withdrawal from the trust at any time.
401 brigades/groups received an interest distribution for the 2013-14 financial year. Brigades/groups should contact their region Finance and Administration Manager (FAM) for more information if required.
The trustees appreciate the continued support that CFA provides free of charge to the administration and audit of the trust operations. The value of these services is estimated at $85,000 a year.