Have you heard of the Red and Blue Foundation?

[hoopla 418]

The Debt Demolition plan has been brilliantly executed and well received. At long last we may be able to get on our feet financially. But after 2 years the campaign appears to have run its course.

Unfortunately to capitalise on the generosity of these donors - we are going to have to ask supporters for still more money to meet the cost of fitting out the new facilities at both Casey and the Bubbledome.

With this in mind I am surprised that the club has not strongly promoted the Red and Blue Foundation. The Foundation was established to take advantage of tax incentives to develop the State's sporting facilities. Donations to the R&B Foundation are fully tax deductible.

For a net (after tax) outlay of $60 , you give the club $100 with which to buy state of the art gym equipment.

I wonder how many supporters know this - and I wonder how many would put in $60 if that knew the taxpayer ( including the Collingwood taxpayer!) would contribute $40 to MFC facilities as a result?

I'd just be interested in peoples'views

[darkhorse72 1,925]

It is a good idea, but he tax rebate is dependant on income:

I gather most people are in the 30% tax brackets. so maybe $30 from the tax department come back.

[hoopla 418]

It is a good idea, but he tax rebate is dependant on income:

I gather most people are in the 30% tax brackets. so maybe $30 from the tax department come back.

You are right of course

To be precise , the taxpayers will contribute $30 if your annual income is $35000 to $80000. Above $80000 it will be $38 ..... and if you are one of wealthy supporters earning over $180000 per year (equals $3500 per week) it will be $45.Give the club $10,000 and the government will give you back $4500 !!

I really think Don McLardy should get on to this for the next campaign

Edited October 19, 2009 by hoopla

[Rogue 585]

The Debt Demolition plan has been brilliantly executed and well received. At long last we may be able to get on our feet financially. But after 2 years the campaign appears to have run its course.

Why is that? A lazy $800+K not good enough?

Debt Demolition should (and I imagine it will) run until the debt is...demolished.

[hoopla 418]

Why is that? A lazy $800+K not good enough?

Debt Demolition should (and I imagine it will) run until the debt is...demolished.

Unfortunately the lazy $800k is not enough. If it had been donated through the R & B Foundation, the Govt. would have chucked in another $300K-$400K

Don't forget that as soon as we demolish the present debt, we'll have to turn around and incur some more to upgrade our facilities. Why not get the taxpayer to cover 30% -40% of that for us - and why not start now?

Never look a gift horse in the mouth!

[Bruce Almighty 0]

The Debt Demolition plan has been brilliantly executed and well received. At long last we may be able to get on our feet financially. But after 2 years the campaign appears to have run its course.

Unfortunately to capitalise on the generosity of these donors - we are going to have to ask supporters for still more money to meet the cost of fitting out the new facilities at both Casey and the Bubbledome.

With this in mind I am surprised that the club has not strongly promoted the Red and Blue Foundation. The Foundation was established to take advantage of tax incentives to develop the State's sporting facilities. Donations to the R&B Foundation are fully tax deductible.

For a net (after tax) outlay of $60 , you give the club $100 with which to buy state of the art gym equipment.

I wonder how many supporters know this - and I wonder how many would put in $60 if that knew the taxpayer ( including the Collingwood taxpayer!) would contribute $40 to MFC facilities as a result?

I'd just be interested in peoples'views

i donate $20 a month for the last 2 years and at 1 stage it was $40 a month, i hope it is helping out the club

[Bruce Almighty 0]

The Debt Demolition plan has been brilliantly executed and well received. At long last we may be able to get on our feet financially. But after 2 years the campaign appears to have run its course.

Unfortunately to capitalise on the generosity of these donors - we are going to have to ask supporters for still more money to meet the cost of fitting out the new facilities at both Casey and the Bubbledome.

With this in mind I am surprised that the club has not strongly promoted the Red and Blue Foundation. The Foundation was established to take advantage of tax incentives to develop the State's sporting facilities. Donations to the R&B Foundation are fully tax deductible.

For a net (after tax) outlay of $60 , you give the club $100 with which to buy state of the art gym equipment.

I wonder how many supporters know this - and I wonder how many would put in $60 if that knew the taxpayer ( including the Collingwood taxpayer!) would contribute $40 to MFC facilities as a result?

I'd just be interested in peoples'views

i donate $20 a month for the last 2 years and at 1 stage it was $40 a month, i hope it is helping out the club

[hoopla 418]

i donate $20 a month for the last 2 years and at 1 stage it was $40 a month, i hope it is helping out the club

That's fantastic Bruce...

If you can do that then you must be paying some income tax .You should be aware that if you had channelled these donations through the R&B Foundation, you would have got some money back from the government ( $5 plus per month ) - to keep or pass on to the club as an additional donation.

Why don't you contact the club and ask them to arrange it for you from now on?

Edited October 20, 2009 by hoopla

[Ds are the best 0]

Hoopla -was the Red and Blue Foundation your idea?

[mikeod 21]

Many Demonlanders would have already donated to the R&B Foundation.

Anyone who donated to the Demonology/Demonland 150 Club syndicate (which raised over $15,000 for the club), donated to the R&B Foundation.

This money is designed to help fit out the new facilities at Olympic Park. The money does not go into reducing the club's debt.

[Darren Cuthbertson 0]

That's fantastic Bruce...

If you can do that then you must be paying some income tax .You should be aware that if you had channelled these donations through the R&B Foundation, you would have got some money back from the government ( $5 plus per month ) - to keep or pass on to the club as an additional donation.

Why don't you contact the club and ask them to arrange it for you from now on?

So Hoopla it seems that the Red and Blue Foundation doesn't actually reduce the clubs debt but provides equipment to the players. At least all the funds donated to the RBF actually go to the club and not a percentage going to other sources like what happens in some other not for profits/foundations.

[Rhino Richards 1,467]

Many Demonlanders would have already donated to the R&B Foundation.

Anyone who donated to the Demonology/Demonland 150 Club syndicate (which raised over $15,000 for the club), donated to the R&B Foundation.

This money is designed to help fit out the new facilities at Olympic Park. The money does not go into reducing the club's debt.

Exactly correct. The tax deduction is given by the Government for voluntary contributions to minimise its cost of the upgrade of Olympic Park.

They wont give tax deductions to efforts to reduce debt for an organisation that cannot make a profit on its own. And cant do so even with the help of other parties.

Well done to those that have contributed to the R&B Foundation or Debt reduction.

[george_on_the_outer 7,707]

Many Demonlanders would have already donated to the R&B Foundation.

Anyone who donated to the Demonology/Demonland 150 Club syndicate (which raised over $15,000 for the club), donated to the R&B Foundation.

This money is designed to help fit out the new facilities at Olympic Park. The money does not go into reducing the club's debt.

While strictly correct the practical reality is that donations to the R& B foundation, mean that the club do not have to purchase and maintain these facilities. Hence the club would not spend as much ....which could lead to a profit.... which can be used to reduce debt.

Best part about the R&B is that money can ONLY be used for these activities rather than spent on other things. It is a way of ensuring that capital is put into the club.

[hoopla 418]

Hoopla -was the Red and Blue Foundation your idea?

No - unfortunately the credit has to go to John Phillips, the former Vice Chair. The idea was picked up by a small sporting body I am involved with - so I know how it works.

Foundation funds must be spent on sporting equipment - so that donations could be applied to Casey facilities as well as Olympic Park facilities.

Money contributed to the Foundation won't directly reduce current debt, but it will reduce future debt . As long as the club needs equipment and replacement equipment, money donated to the Foundation will assist the club financially.

Donate $1000 to the Foundation - and pass on half of the resulting tax refund , typically $380. This will enable the club to spend $1190 on equipment - of which you will have contributed $810 - and the community $380.

Good result all round!!