GIPL’s roles and responsibilities are outlined in the General Gumala Foundation Trust Deed. The Trust Deed is a legally binding document that gives GIPL important powers to ensure funds are spent correctly, and in strict accordance with the terms of the Trust Deed.
The Trust Deed specifies the Income Utilisation Categories (IUCs) against which income of the Trust, including the Yandi Land Use Agreement, can be allocated towards for improving the lives and opportunities of Beneficiaries. The IUCs are:
- Investments
- Education and Training
- Business Development
- Health and Wellbeing
- Community Development
- Cultural Purposes
- Other
* These percentages apply to the Available Income after the deduction for GAC and GIPL operating costs.
It is also a requirement of the Trust Deed to maintain the Traditional Owners Register (Clause 12.2). This is a list of registered Beneficiaries who are entitled to access programs and services from the Foundation.
Investments
The GGF Investment Policy is committed to achieving an investment portfolio that grows a future fund that will provide an ongoing stream of income for the Foundation – for the benefit of future generations – when compensation from the Yandicoogina Mine stops.
The Trust Deed requires GIPL to have regard for how the needs of the future generations of Beneficiaries will be met when the mine ceases to operate.