Background
The Ponting Foundation is dedicated to doing everything possible to help young Australians and their families beat cancer. It provides funding for a wide range of essential services that comfort and nurture young Australians with cancer while providing emotional support and financial assistance for their family.
Through alliances with some of Australia’s leading cancer charities and research groups, Ricky has used his profile to influence widespread community engagement to raise important incremental funds for specific charity programs, hospitals and ground-breaking research projects engaged in the fight against cancer in Australia’s children and youth.
The Foundation also funds programs that assist in the care and well-being of the wider family unit as they support their child through their illness.
Distribution Policy
When the Ponting Foundation was formed in 2008, a series of high net worth individuals agreed to make substantial donations to the Foundation that would be held as reserve funds to assist the Foundation to meet its administration costs (through interest returns) without unduly accessing general public donations to meet day to day operational costs. That strategy has served the Foundation well.
In addition to the above, in 2013 the Tasmanian Government transferred a significant amount of funding to the Ponting Foundation from an existing charity called the Jim Bacon Foundation (explained in more detail elsewhere on this website). Funds from that transfer are held in trust by the Ponting Foundation to be used on Tasmania-specific health projects for a long term period, which the board of the Ponting Foundation has determined should be at least 10 years.
Since its inception in 2008 the Ponting Foundation has distributed almost $3,000,000 to charities
Compliance and Legal
The Ponting Foundation was established in 2008 as a public ancillary fund covered by Item 2 of the table in section 30-15 of the Income Tax Assessment Act 1997 (“the Tax Act”), to provide assistance to a cross-section of worthy charitable entities and causes throughout Australia which fall within the Foundation’s charter and qualify for income tax deductibility for gifts under item 1 of the table in Section 30-15 of the Tax Act.
In addition, eligible recipients of grants by the Ponting Foundation must be deemed ‘charitable at law’ and be endorsed as deductible gift recipients under the provisions of subdivision 30-BA of the Tax Act.
The Ponting Foundation is registered by, and complies with the reporting requirements of, the following government organisations:
- Australian Charities and Not-for-profits Commission (‘ACNC’)
- Australian Capital Territory – Office of Regulatory Services
- New South Wales – Office of Liquor, Gaming & Racing
- Queensland – Office of Fair Trading
- South Australia – Consumer and Business Services
- Tasmania – Consumer Affairs & Fair Trading
- Victoria – Consumer Affairs Victoria
The Ponting Foundation complies with requirements in Western Australia as its beneficiaries are registered in that state.
The trustee of the Ponting Foundation is Ponting Foundation Limited (ABN 60 479 686 852).
