The Greater Building Society has today announced the formation of a multi-million dollar charitable foundation that aims to make a long term difference to the lives of families and communities in the areas in which it operates.

CEO Don Magin said the Greater Charitable Foundation has been provided with an initial allocation of $1 million to be distributed within the first year. Mr Magin said the Greater will continue to fund the Foundation on an ongoing basis out of profits.

“The Greater Building Society, its members and staff have a proud history of giving to the communities in which it operates and the Foundation will formalise that community support and take it to a new level,” Mr Magin said.

The Foundation has its own independent six-member Board comprising three directors nominated by the Board of the Greater Building Society, a director nominated from the Greater’s Executive, and two Greater staff representatives. Anne Long is the Foundation’s chief executive officer.

Foundation chairman and Greater Board chairman John Kilpatrick said the Foundation is yet another reason why people should choose the Greater over a big bank. Mr Kilpatrick said that as the Greater grows the Foundation will be able to provide even greater support to local people. 

“I think Greater members will be proud to know that by doing their banking with the Greater they are supporting local charities making a real and lasting difference in their community,” Mr Kilpatrick said.

He said detailed funding guidelines were being finalised and the first call for applications is expected to be made in August. The Foundation will be looking to fund projects or programs that also have an opportunity for the involvement of Greater staff. Existing long-term arrangements the Greater has in place with Heal for Life Foundation, Cerebral Palsy Alliance and HMRI will be transferred to the Foundation.

The Greater Building Society will continue to provide sponsorship for organisations and events as well as support for other non-charitable organisations. Current sponsorships include support for the Gold Coast, Central Coast, Hunter and Northern Inland academies of sport as well as Newcastle and Hunter Rugby Union.

Established in 1945, the Greater Building Society has 250,000 members and 67 branches, making it one of Australia’s largest building societies. With the help of Jerry Seinfeld it is reminding people that there are viable alternatives to the major banks. The Greater was named Building Society of the Year in 2011 Australian Banking and Finance Awards as well as the 2010 AFR Smart Investor Blue Ribbon Awards and 2010 Mozo People’s Choice Awards.

Media information: Craig Eardley 0437 477 493. Visit www.greater.com.au