Retired swimmer Ian Thorpe’s charity for children has recently gone into liquidation, with the remainder of its money being granted to Aboriginal projects.
TPH Insolvency’s Tim Heesh was appointed liquidator in mid-January to Ian Thorpe’s Fountain for Youth charity.
Liquidators say it is unusual for charities to be wound up and it is understood a merger was not seriously considered. Charities claim that small organisations can struggle because of funding pressure and overheads.
In a letter explaining the decision to close, Mr Thorpe and Mr McMullen said that the “many years of sharp budget cuts to Indigenous education programs and organisations have convinced us that now we must work directly with our Aboriginal partners and not compete for the meagre funding available from public and corporate donations.]
“Our decision is to work with our partners on mentoring of Indigenous high school
students, promotion of cultural programs and development of a program with elders to
reduce the contagion of Indigenous youth suicide.”
Fountain for Youth’s total revenue dropped to $165,512 in 2014, from $265,048 in the previous year.
Donations fell to $113,404, from $170,629 during the previous year. No government grants were received in 2014, whereas $60,000 was received in the previous year.
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