Foundation chief executive Amy Carter says it is also now closer to its goal of no longer requiring Christchurch City Council funding to operate.
Running the foundation is estimated to cost $678,000 this year, $684,000 next year and $625,000 the following year.
The foundation came under fire in February over a lack of transparency in its financial reporting, and for incurring high costs.
It is independent of the city council, but receives funding support from it.
The foundation paid for its day-to-day operations through a $600,000 a year city council grant, something the council had promised to continue doing until 2023, when it expected the foundation to be self-funding.
The city council asked accountants Deloitte to review the foundation to see if it was on track for this target, including comparing it to similar trusts.
Stripping out the millions raised following the mosque attacks, in order to provide a valid comparison, for every dollar the foundation raised, it incurred 56 cents in costs.
That was compared to Auckland Foundation’s costs of 22 cents for every dollar raised or Momentum Waikato at 40 cents.
Said Carter: “While we are critical of the Deloitte report it has led to a much stronger relationship between us and the council. I’m now confident that council staff understand us much more and the value that we provide to the city.”
The city council’s finance and performance committee today decided it will reduce the funding it provides the Christchurch Foundation in the draft Long Term Plan.
Carter said the foundation supports the city council reducing funding as it is closer to its goal of being self-funded.
She says it will save ratepayers $430,000 over the next two years from what is in the draft LTP.
“We are able to do this as we are ahead of where we hoped to be in our establishment process and have new operational funding in place.”
City councillor Yani Johanson, who previously voiced concern about the foundation’s finances, told The Star: “I think we’ve got better processes in place now as a result of those questions that were raised and the review that has occurred. That has led to greater transparency and a commitment from the foundation that they significantly reduce their reliance on rate payer funding for their activities.”
Information released within the latest finance and performance committee agenda shows, since its creation in 2017 (as of March 31), the foundation’s largest donations have included $7.421 million of its own funds to victims of the March 15 attacks, $2.05 million donated by the Qatar Charity Fund to victims of the attacks and $1.534 million donated by prince Al Waleed bin Talal to attack victims.
Donations other than those given after the March 15 attacks have included $460,000 to St John New Zealand for two ambulance vehicles, $1.069 million to Tūranga (central library) and $291,191 to the Rod Donald Banks Peninsula Trust.
Christchurch Foundation donations since its creation in 2017
$15,000 to the Christchurch Town Hall
$2.05 million (donated by the Qatar Charity Fund) to victims of the March 15 attacks
$1.534 million (donated by prince Al Waleed bin Talal) to victims of the March 15 attacks
$293,450 (donated by the Al Taqwa) to victims of the March 15 attacks
$94,325 (from an anonymous donor) to several victims of the March 15 attacks
$2280 (from an anonymous donor) to a victim of the March 15 attacks
$45,000 in Countdown grocery gift cards to victims of the March 15 attacks
$460,000 to St John New Zealand for two ambulance vehicles
$12,804 to various charities and organisations through business partnerships
$12,000 to the Women’s Fund grant recipients
$1.069 million to Tūranga (central library)
$291,191 to the Rod Donald Banks Peninsula Trust
$31,705 towards sports inclusivity projects
$3222 in other general distributions
$7.421 million (of its own funds) to victims of the March 15 attacks
Total donations: $13.335 million
