Foundation Investments Update

SeptemberThe General Gumala Foundation Trust wishes to report to Beneficiaries that as at 30 September 2018 it had total assets under investment of $108.3M, up from $106.8M at 30 June 2018. $2.7M of cash from interest and dividend revenues has been invested into market investments for the quarter as part of the ongoing strategy of minimising low-earning cash holdings.
Total Revenue for the September 2018 quarter was $5.4M with $4.3M being retained for the benefit of Members and Beneficiaries through available Member Program Funding and investments into the Future Fund. Member Program Funding accruals stand at $13.1M at 30 September, providing assurance of funding of member programs for the remainder of the current 2018/19 financial year.

55 Meetings Held for Foundation Review

Foundation Review Infographic

As part of the General Gumala Foundation 4th 5-Year Review, consultation meetings were recently held at 17 locations across 55 meeting sessions.

The Review meetings and consultations were conducted by independent consultants, with the Trustee (GIPL), the Beneficiaries (the Bunjima, Yinhawangka and Nyiyaparli Traditional Owners), and the Trust Manager (GAC).

The outcomes of the Review will include the results and recommendations for improvements for the areas within the terms of reference and be available early 2019.

GIPL Welcomes New Directors

Directors

The GIPL Board is comprised of six Directors—three of these Directors are independent, with no material business or relation ties to the Beneficiaries of the Trust. The other three Directors are Traditional Owner Directors. GIPL would like to congratulate and welcome our recently appointed TO Directors.

Helen Smith has been appointed as the Bunjima Director (term expiring November 2023) and Bradley Hall as the Nyiyaparli Director (term expiring November 2022). Congratulations also to Roy Tommy who was reappointed as the Yinhawangka Director (term expiring November 2021). The three independent Directors remain the same: Brendon Grylls (Chairman), Ian McPherson and Irina Cattalini. GIPL would like to thank outgoing Directors Gavin MacLean and Dennis Long for their years of service and hard work whilst on the Board.

The GIPL Board would also like to acknowledge the service and achievements of GAC Executive Officer Jahna Cedar who has resigned and will leave her position in December. In Jahna’s time as EO there has been the growing reintroduction of Member programs, an increased willingness to engage with the Members, and strong improvement in the employment and training of Gumala Members within GAC. We wish Jahna well in her future endeavours.