NEW YORK--(BUSINESS WIRE)--Macquarie Group today announced the Macquarie 50th Anniversary Award, a $A50 million ($US36 million1) philanthropic commitment, to initiate or build on bold ideas to address social need.
It is expected to be awarded to five non--profit organizations ($A10 million each) over a five-year period to fund projects globally that will have a lasting community benefit. The winners will be selected by the Macquarie Group Foundation who will also manage the program.
“Supporting the communities in which we live and work has been an important part of Macquarie’s activities since our inception in 1969,” said Macquarie Group Chief Executive Officer Nicholas Moore. “In that time, our people have devoted thousands of hours to work with non-profit organizations around the world and contributed over $A330 million to drive social change at the local community level. We are delighted to mark our 50th anniversary by extending this tradition with a further $A50 million commitment to initiate or build on bold ideas which address areas of social need.”
Macquarie Group Chief Executive Officer designate and Macquarie Group Foundation Chair Shemara Wikramanayake said, “The Macquarie Group Foundation’s activities have always been driven by our people whose involvement in their communities is an important part of the work we have done over the last five decades. We encourage non-profits to be imaginative in their thinking about the enduring outcomes they can achieve with this funding.”
To be eligible for the Award, applicants must be a registered non-profit within the applicable country, must have a current annual revenue of minimum $US2.75 million, and have audited financial statements and a board of directors. They should propose a project that promises lasting community benefit and with a defined approach to measuring its social impact. The project should either be deliverable within a five-year period, with funding to be released according to an agreed project timeline, or demonstrate a strong sustainability model post funding period.
Applications for the Award are open from today, September 17, 2018 and will close on Friday, November 16, 2018. Finalists and winners will be announced from May 2019.
The Award application and detailed eligibility criteria can be found on www.macquarie.com/50award.
About Macquarie Group
Macquarie Group (Macquarie) is a global provider of banking, financial, advisory, investment and funds management services. Macquarie's main business focus is making returns by providing a diversified range of services to clients. Macquarie acts on behalf of institutional, corporate and retail clients and counterparties around the world. Founded in 1969, Macquarie operates in more than 70 office locations in 25 countries. Macquarie employs approximately 14,400 people and has assets under management of more than $US381.8 billion (as of March 31, 2018).
About the Macquarie Group Foundation
In the year to 31 March 2018, the Macquarie Group Foundation, together with Macquarie Group staff efforts, contributed more than $US21.7 million to over 1,500 community organisations around the world, while more than 60,000 hours of voluntary community, including pro bono work and community board positions, was contributed.
In the Americas, the Foundation focuses on college access, success and career attainment for underrepresented youth, and is committed to capacity building and collaboration in the non-profit sector more broadly. The Foundation also significantly supports our staff who give back to a wide variety of organizations and causes through their board service, provision of pro bono services and volunteer time. Last year, our staff donated more than 10,000 hours in volunteer service as well as generously supported relief and rebuilding efforts following unprecedented natural disasters.
Since it was established in 1985, the Macquarie Group Foundation and Macquarie staff have contributed more than $US250 million globally.
1 Spot rates as at 14 September 2018