"The trust is set to allocate $12.7 million to the Gisborne district over the next five years - April 1, 2008 to March 31, 2013 - to projects that will develop economic growth and enhance the region by "transforming" it."
Each year the trust allocates a portion of its post tax net profit to community investment for projects the trust agrees will enhance economic development and growth for the region.
The trusts objective has always been to ensure its reserves are at a long term sustainable level.
Each year the trust will set a maximum amount for distribution. This figure is directly linked to the balance of liquid funds in the reserve portfolio. In essence - the larger the opening balance, the greater the distribution percentage.
The figures each year will be released in the trust's statement of intent and budget and will be forecast for five years.
They will amount to 50% of the cash income (post tax) of the trust.
These distribution figures are the maximum that will be distributed and any amount are at the discretion of the trustees and subject to financial consideration.
Funds may be carried over from year to year if appropriate projects are not available in any one year or if the trustees wish to hold over the distributions to fund a particular project.
Projects will receive the largest portion and the trust will proactively seek out projects that will impact and transform the Gisborne Eastland community.
Smaller projects, in terms of funds, are likely to have a less hands-on approach by the trust than larger projects. In all cases any projects wholly or partly funded by the trust are required to achieve a positive benefit for the community.
Sponsorships
Sponsorships covering a wide range of areas and endeavours within the community will form a minor part of the trust's distributions and will be limited to a sum of $50,000 per annum in the first year - growing by 5% each year.
Individual sponsorships will be set at a maximum of $5000 for each successful applicant.