Document ID: chunk:federal_register_of_legislation:F2022L00184:clause:1_24
Version: federal_register_of_legislation:F2022L00184
Segment Type: clause
Provision Reference: sch 1 cl 24
Character Range: 34733–36057

24  Donors
Note: A public ancillary fund is public in nature. This characteristic implies that it was and remains the intention of the founders or promoters of the fund that the public will contribute to the fund and that the public participates in the administration of the fund. These features of a public ancillary fund can be contrasted with those of a private ancillary fund where there is a close relationship between those who establish the fund, those who donate to it and those that operate the fund.
 (1) The trustee of a *public ancillary fund must ensure the public is regularly invited to contribute to the fund.
Penalty: 30 penalty units.
Note 1: Due to the public nature of a public ancillary fund, it will be good governance for a trustee to review non‑binding preferences and other feedback provided by donors, before making distributions, unless the governing rules provide otherwise.
Note 2: A public ancillary fund may establish sub‑funds in relation to donations from particular donors. However, the fund cannot be under any obligation to comply with requests from those donors.
 (2) The fund must:
 (a) issue a receipt for every gift it receives; and
 (b) include on the receipt the name and *ABN of the fund, the name of the donor and a statement that the receipt is for a gift received by the fund.