Giving back
Published on 5 November, 2024
ABOVE: Momentum chair Neil Richardson at the launch of the Cambridge Endowment Fund. Photo: Mary Anne Gill.
Originally published in the Waikato Business News, Wednesday 11 November 2024.
By David Christiansen, Momentum Waikato Executive Officer.
Momentum Waikato has achieved a lot since it launched a decade ago, including funding start-ups, our ‘Vital Signs’ research, establishing endowment funds and driving transformational projects.
David Christiansen
Most famously though is the Waikato Regional Theatre, a significant legacy for Hamilton and the wider region.
I started as Momentum’s executive officer in September and there’s been much to learn. My impressions beforehand have been confirmed – the small team here is incredibly dedicated, passionate and effective.
Just prior to my arrival, and with the theatre now in the hands of the Waikato Regional Property Trust, Momentum carried out a thorough strategic review that re-sharpened its focus onto its core functions – growing endowment funds and initiating transformational projects.
Community foundations like Momentum are independent, for-purpose, place-based trusts that enable generous people to achieve perpetual impact through our ‘smarter giving’ model.
This is done through our professionally invested portfolio, gathered from three main sources.
One is by individuals and families giving now to either create a new ‘named fund’ or add to an existing fund. Businesses also create such funds, sometimes in tandem with their employees through IRD’s payroll giving. The resulting investment income is then granted to the donor’s choice of charities and projects.
The second is to do the same by making a bequest in your will, which is an increasingly popular way to forever support a cause or give back to the community that’s enabled your success in life.
Third is through the transfer of existing trusts’ capital to create their own ‘community group fund’, to either diversify their income, or to retire their operations while Momentum continues their mission.
By virtue of our charitable status, scale of aggregated funds and diversified risk profile, Momentum provides consistently better returns over time than from a sum privately invested or left in a bank or trust.
Momentum’s portfolio is invested with professional investment companies and overseen by our experienced board of trustees.
A good example of this is Kiri Walker (not her real name), who set up her own fund in 2018 with a $500,000 gift. Already after six years, with the investment income being split between grants and re-investment, her fund has disbursed $127,215 to her charities, while the fund has grown to $570,450.
In 20 years this one fund alone will have given out over $615,000 to charities, while also growing to over $880,000.
While I acknowledge that particular donation was large – we also have smaller funds and membership-driven giving circles. The point is philanthropy is not the preserve of the wealthy – it is the domain of the generous from all walks of life.
We’re ensuring ‘generosity that delivers’, for ‘A Better Waikato for everyone, forever’.
Meanwhile, we are also exploring a potential new project too – one I am super passionate about, hopefully we can tell you all about it soon.
This is all remarkable kaupapa that I’m loving being involved in. You too can do some ‘smart giving’, just get in touch!
Momentum chair Neil Richardson at the launch of the Cambridge Endowment Fund. Photo: Mary Anne Gill.
