THE OPERATION OF THE TRUST

CAPITAL FUND

Donations to our Trust go to building our Capital Fund. The Capital Fund cannot be touched so it grows each year. Already our Capital Fund exceeds $4 million. The larger we can grow our Capital Fund the greater the income available for Lions Clubs projects.

INCOME FUND

Income generated from our Capital Fund is available for clubs to use to assist with funding projects by way of grants or loans.

MANAGED FUNDS

Where Lions Clubs have funds set aside for charitable purposes in an incorporated entity that has been registered under the Charities Act, the Trust is prepared to provide banking and investment services in respect of such funds.  It is important to note that there will be no intermingling of the funds of such a trust with the assets of the LMLCCT.  Simply stated, the LMLCCT would act as banker managing the funds on instructions from the entity that established the fund in the first place.

If any Lions Club wishes to make application for the management of such fund, the Club should in the first instance request the prescribed application form from the LMLCCT Treasurer.

SPECIAL TRUSTS

These are monies that have been raised for a specific charitable purpose and are kept separate from the LMLCCT’s main Capital Fund. The ownership of these funds is vested in the LMLCCT. This is by way of a formal legal vesting agreement with the Special Trust which includes details of the fund. Where a request is made for use of any of these funds the application is considered by Trustees of The Lloyd Morgan Lions Clubs Charitable Trust (LMLCCT) in the same way as they would when dealing with Grant or Loan Applications from our general Income Fund.  In some cases both the capital and interest of the Special Trust fund is able to be disbursed to meet such requests while there are some instances where only the income is available.

The investment of these Special Trusts is undertaken by the Finance & Investment Committee of the LMLCCT.

Lions Clubs contemplating the use of this service should, in the first instance, discuss their intentions with the LMLCCT Legal Counsel

Other Information

LMLCCT has a policy of offering these services without cost to itself.  That being so, it would charge a fee equivalent to 8% of the income derived from the invested money or such additional amount to cover the cost of providing the service.

If the purposes and objects for which the funds were raised by such a registered trust have been satisfied or if the objects of that trust fail for any reason, then subject to agreement between the parties or in pursuance of any Court order, the surplus funds of that trust can be transferred into the Capital Fund of the LMLCCT.

GRANTS AND LOANS

Applications by clubs for grants or loans must be made on the approved Trust Application Form which is available from all District Trustees.

Clubs must demonstrate commitment to their project by careful financial planning and be able to show why a loan or grant is necessary to complete their project.

A Guide to The LMLCCT

This publication is a guide and information booklet of the Lloyd Morgan Lions Clubs Charitable Trust.

The Blue Book can be downloaded and printed as required.

 Download: A Guide to the Trust

 

NOTE

The Trust has charitable status under all Tax Acts. A receipt is issues for all donations upon request.

Application forms for grants or loans, or to deposit special funds, are available from your trustees on request.

All Grants and Loans Applications MUST be forwarded to your District Trustee who will pass on the same to the appropriate committee of the Trust Board.

TAX

Individuals can claim a tax credit (formerly a rebate) of 1/3rd of qualifying cash donations they make to LMLCCT, up to the level of their taxable income.

Companies can claim a deduction for cash donations they make to LMLCCT, up to the level of their net income (previously the maximum a company could deduct was 5% of its net income).

Note: If you are claiming a donation tax credit you must have a receipt from the Trust Treasurer.

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