It will provide funding to charitable organisations and individuals within the district using annual grants from TrustPower, local business support, and money generated through fundraising.
A $15,000 grant from the electricity company got the ball rolling at an official opening of the fund in Alexandra yesterday.
The foundation's annual $15,000 grant from TrustPower for the next financial year would also be advanced to the organisation by June, to give certainty to the initiative, TrustPower's community relations manager, Graeme Purches, said.
"Then the fund will have $30,000 for Rotary to work with while other finances become available from local businesses and fundraising. This initiative is about the power of many - with all the different people and organisations involved - and it's a great way to put something back into the community," he said.
TrustPower established the foundation in Dunedin in 2004 and on the West Coast in February last year. Mr Purches said, eventually, the company hoped to establish similar funds throughout areas of New Zealand involved in the annual TrustPower community awards.
Applications to the Central Otago fund were being accepted, and could be made through the three Rotary clubs.
Those applying for grants had to show how an individual or organisation was already contributing to a project, as the fund was about "hand-ups not hand-outs", Mr Purches said.
Most grants were capped at $500, although more could be given in special circumstances.
Each individual or organisation was limited to one grant a year.
The three Rotary clubs would administer the fund, with facilitation by TrustPower.
Mr Purches said as a corporate sponsor the company was committed to the fund for five years, after which it had a right of renewal.
The first grants should be made in Central Otago by April, he said.
