President’s Report

2023-24: The Year in perspective

 

Thanks to all the IIMPACT Australia members and donors, we have had 29% growth in the funds received. Inflows of $117,316 for financial year 23-24, an improvement over the previous year’s receipts of $90,604.

Of this, $37,981 was provided by a corporate donor specifically stating that it is not a donation but a contribution towards improving financial capability. Hence the committee decided to place it under administrative and operating expenses, primarily to enable fund raising where some capital needs to be deployed as advance or deposit, which is recovered by the time the fund raising is complete.

The breakdown is as follows (figures in brackets reference the previous financial year 2022-23):

• Individual Donations – $20.8K ($22.6K)
• Foundations – $0.8K ($3.1K)
• Corporates – $38.0K ($6.9K)
• Other – $7.8K ($5.5K)
• LC Sponsorships – $50K ($52.5K)

Major fundraising activities have been:

• Westpac India Independence Day event
• Melbourne Cup Day party at Subramanian’s
• Golf fundraising in Melbourne
• Matching donations through Good2Give

IIMPACT Australia has sponsored a total of 41 LCs ($102,500) annually which is funded till March 2025.

The application for funding through Perpetual’s 2024 IMPACT Philanthropy Application Program seeking $90K, was unsuccessful. This is second year in a row that we have not succeeded.

We had a profound loss at IIMPACT India with the passing away of their treasurer, Sham Wagh. He was a quiet strength of the organisation and will be missed.

Dilip Rao continues to be on the IIMPACT India Board of Trustees to represent our interests.

IIMPACT India has secured FCRA (The Foreign Contributions (Regulation) Act 2010) approval for 5 years. However, IIMPACT Australia has to maintain compliance. IIMPACT India will continue to pay around 70% of direct costs (such as teacher salaries, supervision, teaching materials) for each LC sponsored by IIMPACT Australia, from the AUD funds we send them. They will cover the balance of overheads (30%) for each LC from their local INR fundraising and the funding arranged by IIMPACT Australia through our Indian partners for dovetail funding.

Orbis Financial, our Indian partner, provided IIMPACT India the dovetailing funds of Rs 10 lakhs for the FY 24-25 for the Australian sponsored LCs.

LC sponsors will continue to enjoy full visitation and signage rights, with no changes. Note that all of your donation is still being applied to the compliant funding of LCs in India.

Thank you again and looking forward to your continued support in the years ahead.

 

Rajiv Dhar

11 November 2024