Launch of Philanthropy 500 – Collective giving for Geelong
A new collective giving group within the Geelong Community Foundation is set to deliver a high-impact gift to our local community. One hundred members of Philanthropy 500 (P500) will each donate $500 or more, a gift of over $50,000.
Collective giving is the coming together of individuals to jointly fund social change. The ability to scale up the impact of each individual’s contribution is incredibly powerful.
Philanthropy 500 is one of a growing number of collective giving circles across Australia working to support the needs and challenges of local communities.
Bridgette Kelly, Chair of the P500 Support Group, is excited by what Philanthropy 500 members can achieve: “By giving $500, and having it become part of a $50,000 gift, I feel like a major donor. The impact we can make as a group is inspiring.”
Philanthropy 500 aims to highlight unmet needs in our community, to increase involvement in philanthropy across Geelong and support life-changing community programs.
Gail Rodgers, Chief Executive Officer of the Geelong Community Foundation, believes more people would be philanthropic if inspired to be so.
“Philanthropy 500 was established to engage new donors who are keen to contribute to supporting our community and to experience first-hand the high impact of collective giving. This circle of giving engages younger generations, families and other new donors to understand the importance and benefits of philanthropy.”
In 2017, gifts to Philanthropy 500 will be pooled to make a $25,000 grant to a local charity and to establish a $25,000 endowment in the group’s name to provide a lasting gift to our community. The endowment will be added to the Foundation’s existing corpus of over $20 million from which income is derived for annual distribution as grants. Since 2001, the Geelong Community Foundation has gifted $6 million in grants to community organisations. Administration of the fund is just 1% of corpus.
The inaugural $25,000 grant will focus on making a valuable impact on community wellbeing in the Geelong region. Members of Philanthropy 500 and the Foundation Grants Committee will collectively assess grant applications and gather at a special event to hear finalist presentations and vote on which local charity will receive a transformative grant of $25,000.