Does our organisation have to maintain a ‘gift fund’?
Yes. All organisations that are endorsed, or seeking to be endorsed, by the Tax Office as DGRs must maintain a ‘gift fund’. If your organisation is not maintaining a ‘gift fund’, it cannot be endorsed as a DGR. The ‘gift fund’ requirement helps ensure that DGRs use gifts only for their principal purpose. This involves special conditions, including holding gifts separately from other property until they are used, and having rules to transfer unused gifts to other DGRs on winding up or cessation of endorsement.
