What can a gift fund be used for?
The gift fund must be used only for the principal purpose of the fund, authority or institution. While a gift fund may invest in property, excessive accumulation of property or investment income may indicate that the gift fund is not being used for the principal purpose only. Acceptable uses of a gift fund (for the principal purpose of the fund, authority or institution) include: • transferring money or property to the organisation or to the fund, authority or institution for the fund, authority or institution’s current and continuing use • purchases of property or services for use by the fund, authority or institution or by the organisation for the principal purpose of the fund, authority or institution • reasonable costs of managing the gift fund (for example, bank charges, stationery, accounting and audit fees relating expressly to the gift fund) • professional fees for fundraising, and • investment, if it is consistent with carrying out the principal purpose of the fund, authority
