Facts on donating
The impending transfer of wealth in Australia, particularly in rural areas like North East Victoria, presents an unprecedented opportunity for community development. With the baby boomer generation aging and passing on their assets, there’s a chance to leverage these resources for the collective benefit of local projects and initiatives. Into Our Hands Community Foundation is leading the charge in envisioning a future where more individuals contribute a portion of their wealth back into their communities, fostering a lasting legacy that transcends lifetimes.
Investing in community projects not only ensures the continued growth and prosperity of regions like Alpine Victoria, Indigo, Mansfield, and Wangaratta but also empowers these communities to shape their own destinies. With strategic philanthropic contributions, we have the potential to catalyse significant positive change, supporting economic development, well-being, and various rural and regional projects. The Foundation advocates for the establishment of community-controlled funds, allowing for targeted investments that align with local aspirations and priorities.
Through research and data analysis, it’s evident that directing philanthropic donations to smaller, newer, and rural community foundations yields the greatest impact. With staggering figures projected for wealth transfer in North East Victoria over the coming decades, there’s a pressing need to plan and strategize now. By encouraging even modest contributions from households, we can build substantial community chests that fuel ongoing grants and initiatives, ultimately fostering a thriving and resilient region for generations to come.
What could you do for your community?
Investing in our community will ensure future generations in Alpine Victoria, Indigo, Mansfield and Wangaratta can continue to thrive and grow. We have the capacity right now to help our communities thrive and prosper if everyone committed to making just a small philanthropic contribution.
Imagine if regional areas had their own community controlled funds and assets to invest in their own projects and aspirations
- Into Our Hands Community Foundation supports regional economic development, well-being and funding for rural and regional projects.
- Research from the USA shows that greatest value in philanthropic donations is achieved when they are directed to small, new and rural community foundations.
- In the next 5 years $495,000,000 in wealth will be transferred from
one generation to the next in Wangaratta alone. - This money can be used for scholarships, apprenticeships, arts projects and precincts, community support groups, food share and other philanthropic organisations, schools and more.
If people gave 1% of wealth in their estates to foundations and charities in Wangaratta, Indigo, Alpine and Mansfield, this would invest $25 million back into the local economy over 10 years
- North East Victoria contributes approximate $3.24 billion to the state’s economic wealth every year.
- Over the next 50 years, North East Victoria is expected to transfer $17.5 billion to the next generation. This is the largest intergenerational transfer of wealth in history.
- By planning now, we can prepare for the peak transfer of wealth between 2041 and 2045 and use it to benefit our communities in the Wangaratta, Indigo, Alpine and Mansfield LGAs.
If 10% of households in North East Victoria donated 5% of their wealth to a community chest, it would grow to reach $10 million in 8 years.
From now until 2025, approximately $1.16 billion in household wealth will be transferred from the Wangaratta, Indigo, Alpine and Mansfield LGAs.
If 10% of households in North East Victoria donated 5% ($25,000 to $35,000 based on average household wealth in the region) of their wealth to a community foundation like Into Our Hands, our community chest would grow to:
- $1.5 million in 2 years = $60,000 in community grants per year
- $5 million in 5 years = $200,000 in community grants per year
- $10 million in 8 years = $400,000 in community grants per year
DOWNLOAD the full Into our Hands Community Foundation & Seer Data & Analytics, Our Prosperity Realised. Growing Community Philanthropy and Regional Development in North East Victoria. Technical Report. (11 December 2019)
The data on this page has come from Australia’s first wealth transfer report Into our Hands Community Foundation & Seer Data & Analytics, Our Prosperity Realised. Growing Community Philanthropy and Regional Development in North East Victoria. Technical Report. (11 December 2019). This report has been prepared by Into Our Hands Community Foundation and Seer Data & Analytics, with support from the Foundation for Rural and Regional Renewal (FRRR) and the June Canavan Foundation. It estimates, in 5-year intervals from 2016–2066, household wealth transfer in North East Victoria by age, gender, household type and locality.
