Governance

Legal Status

The Foundation was established in 1965 under a Deed of Trust. It operates under the Associations Incorporation Act 2009 and has Deductible Gift Recipient status under the Income Tax assessment Act 1997.

Management

The Foundation is managed by a Board of nine directors - a mix of city and country people including graziers, farmers, school leaders, finance managers and solicitors. The current directors are:

Clifford R. Cowdroy OAM, FACE, BA, CT, AAVAA – Chairman
Cliff has extensive experience in education in a wide range of roles including the restructuring of Distance Education using advanced communication technologies. He has been on the Boards of TAFE and community colleges. He received an OAM in 2012, a Commonwealth Electorate Community Service Award and in 2010 was elected as a Fellow of the Australian College of Educators. Cliff has been a Director of the Foundation since 1992 and Chairman since 2000.

Peter W. Warne FCA, JP – Treasurer
Peter is a Chartered Accountant who has now retired from his practice on Sydney’s North Shore. He has received a Rotary Community Service Award for his extensive involvement with community organisations such as Old People’s Welfare, the Chamber of Commerce and Meals on Wheels. He joined the Board in 2006.

Rod Cowdroy BBus
Rod is a company director of various companies with interests in property, funds management, tourism and equine interests. He worked for corporations including Lend Lease, Commonwealth Bank and Colonial Funds Management working in project management, property development and funds management roles.With others, he established Eureka Funds Management that provides funds management services to superannuation funds. Rod is a joint owner of a horse stud and Tobruk Sheep Station that provides rural and outback cultural experience for tourists. Rod joined the Foundation Board in 2012.

Malcolm Elmslie BSc, BBus, JP
Malcolm has a grazing property on the South Coast of NSW. Previously he was employed in the sugar industry and the Department of Defence. He is a member of the the local showground and sports ground trusts and is an office bearer of several other local organisations. Malcolm has been a Director of the Foundation since 1989.

The Hon. Duncan Gay MLC
Duncan is Minister for Roads and Ports and Deputy Leader of Government in the New South Wales Legislative Council. He was first elected as a member of the Legislative Council in March 1988 and has been a member of the National Party since 1974. Duncan has a family grazing property in Crookwell, NSW and has been a Director of the Foundation since 2003.

Margaret Malone BA, MEd(Admin)
Margaret spent part of her early childhood in Canowindra, Moree, and Narrabri. She was a teacher, curriculum consultant, Vice President of the Primary Principals' Association and retired as Inspector of Primary Education at the NSW Board of Studies working with government and non-government school communities all over New South Wales. She was awarded a Churchill Fellowship in 2006 and joined the Foundation Board in 2009.

John McRae BA, MComm, FCPA, FCA, AICD, JP
John has extensive experience in public accounting and the Australian retail sector.  He has held senior management roles in publicly listed companies on the Australian Securities Exchange with a focus on general management and finance.  His work experience has been gained in Australia, the UK and USA.  John's family come from Armidale where they continue to own grazing properties.  He maintains a close association with residents in rural New South Wales and joined the Foundation Board in 2011.

Douglas C. Stewart LLB
Douglas was born and educated in Kempsey on the mid-north coast of New South Wales. He studied Law and was a practising solicitor in Sydney for over 40 years prior to his retirement. Doug is Chairman of the Council of Freemen of Rostrum Clubs of NSW and has been a Director of the Foundation since 2002.

Margaret Wick BA, DipEd
Margaret studied at the University of Sydney and has had extensive experience as an educator in NSW and in England. Her teaching and administrative roles have covered a K-12 range of Teaching and Learning appointments including additional experience in Special Education and the Inspectorate. Her current community involvement includes the National Trust, the Flower Club of NSW, Justice of the Peace duties, Teaching English to newly arrived migrants, and Primary school Public Speaking.  These activities have been recognised by her receipt of a NSW Community Service Award and the Centenary Medal. Margaret joined the Foundation in 2009.

Operation

The board meets quarterly to manage the affairs of the Foundation and to assess applications for bursaries.

Bursaries are funded by income from invested capital and donations. The number of students assisted each year is governed by the income available.

Standing sub-committees of the Board have responsibility for developing and implementing the investment strategy for the Foundation’s funds, for handling applications and for fund raising.