Mackay Foundation

About Us

The Mackay Foundation is an independent philanthropic organization dedicated to supporting projects, activities and charities that sustain our region’s most needy.

The aim of the Mackay Foundation is to continually grow our base of investment funds in order to provide a permanent and growing source of funding which is then distributed to the community as annual grants to deductible gift recipients or other tax deductible entities.

A donation to the Mackay Foundation is a gift that keeps on giving.  All donations to the Foundation are treated as capital. Only the income generated from the invested capital is distributed regularly to nominated charities and causes in the Mackay region. 

The stated aim of the Mackay Foundation is to apply funds towards:

• The relief of suffering of those persons in Mackay and the districts surrounding Mackay who endure poverty, sickness, distress, misfortune, destitution and helplessness
• The improvement and assistance of educational, health, welfare, religious, environmental, family and cultural organisations in Mackay and surrounding districts.

The board of Mackay Foundation manages the Foundations funds in accords to a specific Investment Policy.

History

The seed for the Mackay Foundation was planted by Certified Financial Planner, Scott Alman.  Whilst delivering financial planning workshops Scott came across the concept and story of Peter Miniut, who purchased Manhattan Island from the Algonquin tribe of Indians in 1626 for trinkets worth about $24. Given the price of real estate in Manhattan today, we could argue that the Indians were swindled. However, let’s assume that the Indians invested the $24 in a bank account returning 6% per year compounded annually. In 2005, after 379 years, the investment would be worth $93 Billion.

In 2003, Scott took action and founded The Mackay Foundation with minimal resources and funds.  Local Solicitor Andrew Coates kindly took on the job of researching the legalities of foundations.  It was agreed that a position on the board will be retained at all times for the sitting Mayor of Mackay.  Recently, Retired Businessman, Barry Porter was honoured to accept the position of Patron.