VIDEO: Lake foundation aids needy

A FOUNDATION has been established to encourage philanthropy that allows people to give money to any cause in Lake Macquarie they wish.

The Lake Macquarie Foundation will officially launch soon, with the aim of helping people ‘‘do something that lasts forever’’.

Foundation chief executive Jo Bright will unveil its charter at a business breakfast in Belmont today.

She said the foundation was ‘‘a vehicle for giving’’.

‘‘The idea is to be able to support any cause or anything you’re passionate about in Lake Macquarie,’’ she said.

‘‘The great benefit is it doesn’t have to cost you anything in your lifetime.

‘‘A lot of it is based on bequests [giving by will].’’

It took the foundation two years to overcome red tape and meet legal and governance requirements.

All money given will be invested conservatively in a fund with the Commonwealth Bank.

Nine Lake Macquarie business people are board members of the foundation, including former mayor John Kilpatrick, financial planner Darren Glover and former Knights chairman Rob Tew.

The foundation’s chairman Greg Hopper said donations would increase in value, with 5per cent given each year to beneficiaries that donors select.

‘‘It might be a surf club, park, walkway, sailing club or art gallery – whatever you love in Lake Macquarie,’’ he said.

‘‘The original money given never dwindles.’’

He said a person with $1million in assets, for example, might give $100,000 to the foundation and leave two children $450,000 each. Those same kids could oversee how the money was spent.

Please enable Javascript to watch this videoLake Macquarie City Council supported the foundation, giving staff help at times.

PHILANTHROPY: Jo Bright and Greg Hopper. Picture: Simone De Peak

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