RST Foundation ‒ Overview
In the mid-1990s the Council of The Royal Society of Tasmania established a Foundation in order that the Society had a reserve fund to meet unforeseen future needs. The Council sought the energy and wide experience of a long-time member in Mr Ron Banks AM and other Society members to set up the Foundation, process the legal matters and begin the Foundation in a sound professional manner, including obtaining the Society’s endorsement as a Deductible Gift Recipient under the Income Tax Assessment Act 1936. Ron and the members took to the task with enthusiasm, gathered a small group into a committee and initially set a goal of accumulating about $100,000 in initial capital.
The Rules of the Society were changed to guide the Foundation in steadily growing its capital, investing wisely, and encouraging deposits by personal donations, bequests, public appeals, gifts or transfer from general funds. The Foundation normally only uses the income from investment interest on special projects or activities.
Over time, the Foundation has successfully accumulated funds such that the fund balance now amounts to some $500,000. That amount includes a significant contribution from the Tasmanian Branch of the ANZAAS organisation which ceased operations but had funds that, by law, needed to be transferred to a responsible and like-minded organisation. The Royal Society of Tasmania accepted responsibility for these funds and immediately entrusted them to the Foundation. These “ANZAAS” funds are clearly earmarked within the financial structure of the Foundation. There is an understanding that the ANZAAS funds are best used when supporting youth activities, such as science schools or similar.