Currently the cost of running our water polo club is funded by membership fees and sponsorships received annually from a few key sponsors. Each year lots of work is done by the committee to manage the available funds and to work the budget to ensure that we balance each season. We note that we do not budget to operate in surplus at any stage and we aim to keep the members fees as low as practicable.
Outside the club’s operating budget framework sit a few generous benefactors that provide funds for additional items that have enabled the club to achieve continuous success at the highest level over the past 15 years. These additional items have included contracts for marque international players, aid for current Australian team members, relocation of athletes, scholarships for athletes, professional coaching, additional travel and accommodation for teams. Reliance on generous benefactors is not sustainable in the long term.
There is more the club would like to do to extend its position as one of the premier clubs in Australian Water Polo landscape by providing more opportunities to our junior and senior athletes including better facilities. However, limited funds, lack of resources and the existing high cost for members prevents us from actioning any of these initiatives.
We would like to build a more sustainable future for the club, where success doesn’t rely on any one major sponsor or benefactor. It is for these reasons that we are establishing an Endowment Fund to help to fund the club into the future.
The Magpies & Killer Whales Endowment Fund (the ‘Fund’) is as a professionally managed Endowment Fund that is invested with two main goals:
· To generate an income stream for the club into perpetuity; and
· To grow the principle over time to maximise the income stream available to the club.
A Charter and Governance Structure ensures that the intentions of the Fund are maintained into the future and to guarantee that the money invested today will be used to sustain the Club’s long-term success.
The Fund will establish 10 and 15 year goals, and will produce and issue biannual reports to all members to see how we are tracking against the goals.
Distributions from The Fund to be spent in the following areas;
· Grassroots junior development
· Professional coaching
· Marquee players / imports / scholarships
· Junior team international travel for club training camps
· Long term pool access options
We are asking for donations as follows:
· Initial foundation members and interested donors to give a one-off donation to kick the Fund off;
· Initial contribution members and interested donors to set-up an ongoing $22 monthly donation (roughly $5/week) over 5 years
We encourage all members, past and present, to get involved and to be part of the next exciting chapter of the Club’s history. With your help and commitment, the Club will grow and prosper for the next 20 years and beyond.