The foundation’s
Objectives
a) receive funds from benefactors and invest those funds for the long-term benefit of the Toowong Rowing Club
b) provide financial support for the construction, maintenance and operation of boatsheds and associated infrastructure for the long-term benefit of the club and the local community
c) provide financial support for the acquisition of boats and associated rowing equipment
d) provide financial support to subsidise membership fees for youth rowers
e) provide financial support for rowers selected to participate in high performance rowing programmes
f) provide protection against any adverse financial or other events which may occur, that are outside the control of the club
g) give such other financial assistance and undertake such other activities considered by the Trustee to be in accord with these objects
h) promote the club’s role and participation within the local community.
Legal Structure
- The legal structure of the foundation is a trust fund, Toowong Rowing Foundation, with a
trustee, Toowong Rowing Foundation Ltd. - The foundation exists to provide long term support for Toowong Rowing Club and its
members in accordance with its objectives as set out in both the constitution and the trust
deed. - The sole purpose of the company, Toowong Rowing Foundation Limited, is to act as trustee
of the foundation through its board of directors. - The trustee is a “Public Company Limited by Guarantee”; rather than having voting
“shareholders” it has voting “members”. - As the foundation is a trust fund and as the club is the only beneficiary of the fund, the club
and its management committee cannot participate in the membership or management of
the trustee company. - The board of directors of the trustee must be appropriately qualified and experienced to
warrant the confidence of prospective donors to the foundation. - The responsibility for selecting the board of directors rests with the members of the trustee
company who elect them. - In view of their experience over many years of membership and participation in leadership
roles within the club, the president and vice presidents, past and present, comprise an
appropriate group to be charged with the responsibility, as members, for selecting the board
of directors.