The philanthropists
Brian and Wendy set up the Teen Spirit Foundation
Brian Wilson and his wife Wendy Edwards wanted to make a difference to Australian youth who had lost their way. They also wanted to see their contribution work as effectively as possible.
A prescribed private fund (now known as a private ancillary fund) structure was the ideal model for the Teen Spirit Foundation. The couple set up the Foundation in 2001 to fund preventative programs for teenage children before they get into trouble.
Brian and Wendy chose Perpetual as a co-trustee after examining several options, including banks. ‘I felt that Perpetual was best equipped to look after the administration and invest the Teen Spirit funds. We wanted full control over where the money went. I didn’t want to employ someone to do the administration, yet I wanted confidence that the investment side was looked after,’ reports Brian.
‘Establishing the Foundation was easier than I expected. The role of Perpetual during the complicated application process with the Australian Taxation Office was very useful,’ Brian adds.
Teen Spirit has an unpaid Advisory Board of eight people from the senior corporate and community positions. Brian and Wendy’s daughter Alex – the genesis of the whole Foundation – is now a qualified social worker, one of the board members and a co-trustee. The board, which also includes Wendy and son Chris, reviews all applications. The members talk to the bodies seeking grants to establish plans, meet the criteria and follow up to ensure funds are used for the benefit of youth.
‘There really is a need in Australia for more people to set up this sort of thing, or even team up with others to do it. We lag behind other countries in the place of philanthropy in society,” Brian notes.
Brian and Wendy are hoping the Foundation will be trans-generational. ‘We’re hoping over time that our daughter and son will become involved in running it and that the Foundation will go on indefinitely. It’s a family thing.’
http://www.teenspirit.info/
Perpetual Philanthropic Services and advice are provided by Perpetual Trustee Company Limited (PTCo), ABN 42 000 001 007, AFSL 236643. This information has been prepared by PTCo. It contains general information and is not intended to provide you with advice or take into account your objectives, financial situation or needs.
