FGX donates $138K for Indigenous scholarships
Future Generation Investment Company (FGX) has donated $138,966 to the Australian Indigenous Education Foundation (AIEF), of a total $2.29 million donation to Australian charities for the 2016 financial year.
The donation will fund scholarships for Indigenous students in financial need at leading Australian schools and universities, as well as pathways support to ensure these students make a successful transition from school to careers.
AIEF has consistently achieved Year 12 completion and career transition rates above 90% since funding its first scholarship in 2008 and currently supports over 500 school and university scholarship students and a network of more than 300 graduates. In 2016, over 80 students will complete Year 12 or graduate from university on AIEF Scholarships.
AIEF became a designated charity of FGX, a listed investment company that has committed to donate 1% of its NTA annually to charity, when it listed on the Australian Stock Exchange in 2014. FGX donated $104,372 to AIEF for the 2015 financial year and has donated $3.69 million to charity to date – donations made possible by its pro bono service providers and fund managers, who forego management and performance fees, and have collectively delivered $6.28 million in savings to date.
Andrew Penfold AM, Executive Director of AIEF, said the donation would create more opportunities for Indigenous children.
“The funding AIEF has is committed to support current scholarship students, which means we’re now forced to say no to young Indigenous Australians who want to pursue their education on an AIEF Scholarship. We are determined to raise more funds to create opportunities for these students and we are very grateful for the generous support of FGX and its shareholders.”