FAQS - Frequently Asked Questions
Is my donation tax deductible?
Yes. If you donate $1000, your taxable income is reduced by $1000. You’ll get a receipt via email when you donate online. You can donate the full $1000 online via the donation page.
Who receives my donation?
Your donation goes into a special sub-fund of the Australian Communities Foundation - http://www.communityfoundation.org.au/. The money is held in trust until the end of the year when the grants are awarded. The Impact 100 Tasmanian committee members do not handle donated money or have any access to it. When our donors collectively decide which organisations should receive grants, it will be paid directly to that organisation.
What does it mean to be a donor?
Your $1000 donation will be pooled with that of the other donors and used to make a grant of $100,000 or more to a Tasmanian based organisation. Grant recipients will be collectively chosen by the donors through a voting process and every $1000 donor will have a single vote in the selection process.
What if I can't afford $1000?
In order to get a vote, you need to contribute $1000. If you can’t afford that on your own, you can team up with others to form a mini-group or syndicate. Some people may choose to donate as a group of friends, a family unit or group of colleagues. In order to sign up as a group donation, each of you should make your donation individually, so that everybody gets the benefit of the tax deduction – but please contact us and let us know who is in your group. That way we can make sure you’ll get your collective single vote. We will take 2 payments of $500 but the full $1000 must be paid in full prior to the end of year dinner in order to be eligible to vote. If you really can’t make up $1000 but would like to help, we will gratefully accept any donations. However, only a $1000 donation is eligible for a vote.
Do I have to sign up for more than a year?
Whilst we encourage you to make a long-term commitment to support Impact100 Tasmania on an annual basis, each person’s participation is dependent upon their personal situation and can change from year to year.
What do I have to do to get involved?
The only requirement is a minimum donation of $1000. Of course, we hope you’ll take the time to make an informed decision when you join us in choosing a grant recipient. In addition, you may want to apply to be on our committee as we are always looking for people with a passion to make a difference in our community, However, it is not a requirement. Our Grant’s Sub-Committee and Focus Area Committees evaluate grant applications and conduct site visits.
Will Impact100 Tasmania keep in touch with its donors?
Impact100 Tasmania will keep our donors up to date via our website, our facebook page and email. We want to stay in touch with our donors. We will also hold events throughout the year for donors so please refer to our events calendar for upcoming events. We would love to meet you!
What are our administrative expenses?
The ACF charge us an administration fee for holding the monies on our behalf, ensure our governance and provide philanthropic support as well as tax deductibility for our donors. The fee that they charge depends on how the money is invested, how much we have invested and the time period they hold the monies for. As a general rule monies invested in cash are maintained until they are distributed and attempt to minimise these fees where possible. We base our approach on that which has been adopted by the other IMPACT100 chapters throughout Australia. We rely on the generous time and effort of volunteers and we also utilise gifts and sponsorships from individuals, local businesses, family and private foundations, and in-kind donations. If you are able to provide any assistance in any of these areas please let us know. All the Impact100 Tasmania committee members are volunteers and none of them receive any payments or material benefits of any kind from their participation. They are also all donors themselves.
Why is $1000 the minimum donation?
The minimum donation of $1000 generates member commitment. It also keeps the cost of raising money for our grants low. To raise a minimum of $100,000 per annum through individual donations of $100 each would mean recruiting 1000 members. It costs more to recruit 1000 people than it does 100. These higher costs would mean less money for the people who need it most — the grant recipients and the people they serve.
We are always happy to provide copies of the IMPACT100 bank statements to donors if they wish, this is a community initiative and transparency is really important to us.
What if I want to give more than $1000?
Donations over $1000 are very welcome and are tax deductible but the policy of ‘one member, one vote’ will still apply when choosing who will receive grants. Multiple donations by individuals or organisations of more than $1000 are greatly appreciated, however they will only be entitled to one vote. Organisations that donate will get one vote and should nominate the appropriate contact person via email.
What if there are more than 100 donors?
If there are more than 100 donors, the grant will be larger or more than one grant will be made. We would love to think we could raise much more than $100 000 every year, the sky is our limit!
Do I have to live in Tasmania to join?
No definitely not, we welcome donors from anywhere. However, grants will be made only to Tasmanian based and registered charities and projects.