Is my donation tax deductible?
Yes. If you donate $1000, your taxable income is lessened by $1000. You’ll get a receipt via email when you first donate online. You can donate the full $1000 online via the donation page.
Who actually gets my donation?
Your donation goes into a special sub-fund of the Sydney Community Foundation. There the money is held in trust. The Impact 100 Sydney 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 to a Sydney-based organisations. Grant recipients will be collectively chosen by the donors through a voting process and every $1000 donor will have a 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, can you 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 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 Sydney 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 have the option to serve on one of our committee. However, it is not a requirement.
Will Impact100 Sydney keep in touch with its donors?
Impact100 Sydney uses our website, and email to stay in touch with its donors. We will also hold interesting events for donors a few times a year. Please refer to our events calendar for upcoming events.
What are our administrative expenses?
The Sydney Community Foundation charge a 5% administration fee to manage our money, ensure good governance and provide philanthropic support as well as tax deductibility for our donors.
The majority of our expenses, including website design and hosting, are borne by the organising committee or provided through the generosity of some of our donors and supporters. 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.
All the Impact100 Sydney 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 $100,000 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.
What if I want to give more than $1000?
Donations over $1000 are very welcome 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 welcomed, 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.
Do I have to live in Sydney to join?
No – donors from anywhere are welcome. However, grants will be made only to Sydney-based projects.