Posted by Andrew Crockett
In 1979 the Club established a committee whose task was to come up with an imaginative project to celebrate 75 years of Rotary.
 
One member of that committee, David Corrigan, is still a member of this Club.
 
 
At that time, there was a need for housing and other support for Indo Chinese refugees following the Vietnam war and with this in mind, the Club bought a house in Survey Street, Richmond, for around $40,000.
 
Shortly afterwards a Vietnamese family moved in and were supported by the Club to help them establish themselves in Australia.  The family were high achievers and they eventually moved on to take their place in the Australian community. 
 
After the family moved out, the house was made available to the Salvation Army to provide accommodation for disadvantaged people.
 
However, the cost of maintaining the property became prohibitive and it was decided to sell it 1987. 
 
The Survey Street Trust Fund was set up and proceeds of sale amounting to $86,500 were paid into the Fund.
 
A company was formed to act as trustee of the Fund. The two shares in the company were allocated to members of the Club to hold in trust for the Club.  These shares were recently transferred from the original shareholders David Rosback and the late Charles Morrison to Katrina Flinn and David Rush.  Katrina and David will hold the shares on trust for the Club and also become directors of the trustee company.  The other directors are current Club members Bernie Walshe and Simon O’Donoghue, and the company secretary is a former Club member, John Higgins.
 
The objects of the trust Fund are to invest the fund and from the income of the fund to provide funds for:
  1. community groups such as schools, youth, elderly citizens, special training and similar organisations; 
  2. hospitals, research organisations and charitable institutions of any kind, and 
  1. projects of a charitable nature promoted by our Club or other Rotary clubs.
 
Many Rotarians have over the years made substantial gifts to the Fund.  The trustees and successive Rotary Club Boards have maintained the real value of the Fund’s capital and made grants from income of the Fund.
 
With the help of donations and bequests the Fund has risen in value over the years to $303,500 at the end of 2019/2020.
 
In that year the Fund provided funds of $3,000 to the Club towards the cost of the Christmas lunch for socially isolated people in Boroondara and pizza lunches for the Salvo Hawks home games. 
 
In 2020/21 the Fund provided funds of $6,060 for the Rotary Centenary Playground project, Xmas gift packs for the socially isolated and Education CHANCES scholarships.
 
This financial year so far we have request a further $2,900 from the Fund as a final contribution to the cost of the Rotary Centenary playground.
 
The preference of the directors of the trustee company has been to fund new projects initiated by the Club in the local community; rather than international project, projects already underway, or projects initiated by other Rotary Clubs. 
 
Currently just over half of the Fund is invested in a mortgage fund; 30% in a term deposit, and the balance in an investment account. With interest rates at record low levels, income earned by the Fund has fallen substantially in recent years from $12,000 in 2017/18 to $3,500 in 2019/20.  A review of the Fund’s investment strategy is to be undertaken with a view to improving investment performance.
 
While the Fund is the property of the Trust and must be kept separate from Club’s funds, the Club has ultimate control of the Fund under the terms of the Trust Deed, and as beneficial owner of the shares which are held by the shareholders on trust for the Club.