Private Ancillary Funds (PAFs) are philanthropic trust funds that can be set up as a vehicle for private giving.
The statistics reveal that:
- Donations to PAFs increased from $533 million in 2006-07 to $728 million in 2007-08.
- PAF assets increased from $1.48 to $1.89 billion over the same period.
- The number of PAFs registered during 2007-08 increased to 28.4 per cent, bringing the total number of PAFs to 769.
“It’s great to see the philanthropic sector continuing to grow, and grow very strongly,” said the Assistant Treasurer Senator Nick Sherry.
Senator Sherry said that the Rudd Government is firmly committed to supporting private charitable initiatives, as indicated by reforms to the regulation of these funds.
“Our reforms boost transparency and improve the confidence of philanthropic givers and charitable and other receivers of funds,” he said.
Legislation giving effect to the reforms took effect from 1 October 2009.
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