One thousand individuals, families and companies have now made a commitment to support the Australian community through these simple philanthropic investment funds.

The one thousandth PAF was endorsed by the ATO last week (21 June).

Chris Cuffe, Chairman and founder of APS, said the creation of the 1000th fund was evidence of a growing tradition of philanthropy among wealthier Australians.

“The continued success of private ancillary funds is crucial to engage the next generation of philanthropists,” he said.

“I am also pleased to announce that respected business leader and philanthropist, David Gonski, has accepted our invitation to join the board of Australian Philanthropic Services and will do so within the next few months. David has been a long time pioneer in philanthropy in this country. He championed the creation of Prescribed Private Funds in 2001, and has maintained his involvement in the sector ever since. We are very much looking forward to working with him.”

In 2010, PAFs distributed almost $200m to the community across welfare, education, culture research and other sectors. At 30 June, 2010, PAFs held $2.3b in funds.

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