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2015 AGM & SGM

Notice of SGM & AGM

Members are advised that a Special General Meeting of Adelaide Rowing Club Inc. has been called by the Committee, to be held at the Clubhouse, Festival Drive, Adelaide on Sunday 30th August at 10:30 am.

Following the SGM, the 2015 Annual General Meeting of Adelaide Rowing Club Inc. will be held at the Clubhouse, Festival Drive, Adelaide on Sunday 30th August 2015 at 11:30 am.

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The I'zingari Foundation

Aims and Objectives

The aim of the I'Zingari Foundation is to establish a capital fund, governed by a Deed of Trust, to provide the Adelaide Rowing Club with financial security for the future. The objective being to accumulate a fund which is supplemented and invested over time and thereby provide the Club with a substantial capital base which is not generally available to meet normal operating expenses, but is there to assist in times of need. The emphasis for the Foundation is to accumulate over the long term, invest for the long term, with a view to assisting the Club in the long term.

History

Over its 138 year history (now thought to extend back a further 14 years to 1867) the Adelaide Rowing Club has been fortunate enough to receive numerous bequests and donations from its members, patrons and benefactors, but at no time has the Club been successful in retaining and deploying these generous gifts for its long term financial security. John Jarvis and a group of the Club’s “elder statesmen” concerned about the long term financial stability of the Club, and knowing the Club’s history of previous failed attempts, resolved to create a trust fund that would be completely independent of the day to day operations of the Club, and to procure donors prepared to make a contribution to the long term security of the Club. The name I’Zingari, was chosen to perpetuate the original name of the Club, used in the first three years of it existence. The establishment of the Foundation was formally announced at the Club’s 125th Annual Dinner in July 2007, by the Club’s senior vice-patron and former President Don Sarah

The Trust and reporting to members

The Foundation is governed by six trustees, which include the presiding President and Captain of the Club. The Trustees are required to maintain the trust fund according to law, which includes maintaining a set of accounts which are subject to an annual audit by a chartered accountant. A copy of the audited accounts and a brief report on the Foundation’s operations will be included in the Adelaide Rowing Club’s Annual Report. The Trust Deed does not require the trustees to hold Annual General Meetings, but they may hold general meetings of the members of the Foundation at a date, time and place of their choosing.

Investment Strategy

The policy currently adopted by the Trustees is to invest in listed investment companies. Milton Corporation (MLT), Brickworks Investment Company (BKI) and Diversified United Investment Limited. (DUI) are the present enterprises considered by the Trustees to provide a diversified position in the equities markets. The Trustees intend to ensure that all donations and bequests will work in perpetuity, only the income derived being for the long term benefit of the Adelaide Rowing Club.

Membership

The deed provides for five separate categories of membership based on the value or aggregate value
of contributions. These are:
(1) Ordinary – aggregate contributions of $1,000 or more but less than $5,000;
(2) Bronze aggregate contributions of $5,000 or more but less than $10,000
(3) Silver aggregate contributions of $10,000 or more but less than $25,000
(4) Gold aggregate contributions of $25,000 or more but less than $50,000
(5) Platinum aggregate contributions of $50,000 or more

Contributions can be a one off payment, or a pledge. The minimum requirement for membership is $1,000, or a pledge of $1,000 made in regular smaller contributions over a period of five years or less. All other categories will be recognised by the aggregate value of the contribution. All donors to the Foundation, and their categories of membership will be recognised in the annual Adelaide Rowing Club’s Annual Report, unless anonymity is requested.

Bequests

Donors may choose to make a bequest to the Foundation in their Will. This is a very personal undertaking and it is not necessary for the donor to inform the Foundation of his or her intention. However donors are encouraged to inform the chairman of the Foundation confidentially so advice can be given as to the best way to do this. A donor should include a clause in their will, or in a codicil to their will, in the following form if they wish to make a bequest to the Foundation .

“I give, devise and bequeath to the I’Zingari Foundation, free from all duties, the following [please specify the nature of your gift] and direct that a receipt from a trustee of that Foundation will be a complete and sufficient discharge for my Executor(s).”

Contributing to the Foundation - membership application

Members and friends of the Adelaide Rowing Club can contribute to the I’ZINGARI FOUNDATION by completing the  application form.

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