|How We Are Funded|
HOW WE ARE FUNDED
The Australian Scholarships Fund was established and approved as a DGR fund in 2008. In accordance with Australian tax laws all tax deductible donations are accounted for separately and are independently audited. AusSchol Inc is exempt from tax (Tax Concession Status) under section 50-5 of the Income Tax Assessment Act 1997. Refer to Australian Business Register for more information.
Since its establishment ASF has funded all scholarships by grants from private donations (trusts and foundations, private individuals).
It should be noted, however, that ASF is primarily a facilitator. Most of the scholarships offered through ASF are donated places, (that is, fees are waived, in full or in part) in education, training and development programs offered by ASF’s Education Partners. In some instances, ASF provides “top-up” funding where the fee waiver is less than 100%.
No Government Support
Apart from usual tax exemptions and deductible donations available to charities, ASF does not receive any government funding.
A "Near Virtual" Organisation
ASF is also a “near virtual” organization – most of the detailed work involved in arranging scholarships, publicising those scholarships, assessing applications and monitoring ongoing compliance with scholarship conditions, is carried out by ASF staff and by experienced volunteers under ASF supervision. ASF has invested heavily in it IT systems which enable thousands of applications processing with minimal staff. Click here for more information about our online platform.
In-kind and pro bono assistance such as legal services and advice, provision of office space as needed, course development, website support and hosting and hospitality services has been generously donated by a number of ASF Supporters. The ASF business model therefore requires minimal staffing.
Our Low Cost Approach
ASF’s current projected operating budgets indicate an adequate funding base for the next year. From 2014 onwards ASF plans to obtain its own capacity-building donations specifically underwriting ASF’s future operational and organizational capacity, as well as donations directly financing additional scholarships.
ASF is also investigating a number of avenues for generating income through fee-for-service support of scholarships-related administration from other parties, possible sponsorships, and income from other activities relating to NFP scholarships and other fundraising activities.
ASF has set itself a target of being one of Australia’s lowest cost NFPs. In 2012 ASF's operating costs were a low 8% of total scholarships value.
Its fundraising costs to funds raised ratio will be close to zero, making ASF’s business model a rarity among NFPs in Australia.