Policy, Research & International
Establishing the AAG Research Trust
In July 2016 AAG received notification from the Executor of the estate of William Peter Steele Nicolson, that he had made a bequest of over $1 million dollars to the Australian Association of Gerontology. Mr Nicholson came from Roseville, NSW and was active in the community. His wish was that the fund be used to further research in ageing. This is the largest bequest to date received by AAG.
Following pro bono legal advice from Herbert Smith Freehills, the AAG Board approved the setting up of a separate entity called the Australian Association of Gerontology Research Trust (AAG Research Trust). The AAG Research Trust was structured as a public ancillary fund with deductible gift recipient status, which means that all donations of $2 and over are tax deductible. AAG is the Trustee of the AAG Research Trust and so although it is a separate entity, it was agreed that the Trustees would be the same as the Board Directors of AAG for efficiency and effectiveness. In line with Mr Nicolson’s wishes, the purpose of the AAG Research Trust is to support funding into ageing research.
AAG Research Trust receives tax deductible donations and is the grant giving arm of the Australian Association of Gerontology.
The first Trustee meeting of the AAG Research Trust was held on Saturday 5 November 2016 and there are now regular meetings scheduled per year, that run immediately prior or post AAG Board meetings. The Trust has a similar shared arrangement with the Financial Audit and Risk Management (FARM) Committee of the Board. The Trust has been registered with the Australian Taxation Office and the Australian Charities and Not-for-profit Commission. The Trustees provide an update on the work of the AAG Research Trust as an adjunct to the AAG annual general meeting which is held at the AAG Conference in November.
In June 2017 AAG approved the move of $454,000 funds of the RM Gibson Research Fund (previously held within a separate account within AAG) into the Australian Association of Gerontology Research Trust as a separate program called the RM Gibson Research Fund. The RM Gibson Research Fund is continuing to be used for the same purposes as it has in the past, namely providing support to early researchers to further their careers in gerontological research through the distribution of annual grants for cutting edge research projects.
In June 2018 the Trustees established the focus for the AAG Research Trust, the investment strategy, disbursement strategy and a new program called the Strategic Research Grants of the AAG Research Trust made possible through the Nicolson bequest. The first funding round for the Strategic Research Grants are due to commence on 1 August 2018.
Special thanks to William Peter Steele Nicolson who made this very generous bequest, supported by the executor of his Estate and Herbert Smith Freehills.