The new endowment fund will include a $100,000 grant from the Ray and Elsie Armstrong Charitable Trust, alongside $154,000 from the foundation itself.
The foundation has set an initial target of $1million to establish the fund and is calling on local businesses and individuals to get involved.
MAC Foundation chairman Matt Williams said the fund was a future-focused initiative designed to provide enduring benefits to the school and wider community.
"It’s likely that none of us sitting around the table today will see the full benefit of this fund. But that’s exactly why it matters, it’s about long-term security," Mr Williams said.
"The value of an endowment increases over time, meaning gifts given now will support our school and community for generations."
MAC Foundation has supported Te Kura o Tititea Mount Aspiring College since 1993, with more than $600,000 given away since 2008. The foundation owns the MAC Hostel buildings and land on which they sit. The school-operated hostel programme provides accommodation and life skills opportunities to 30 year 13 students each year from across New Zealand.
In addition to the new endowment facility, the foundation continues to fund a wide range of initiatives, including specialist staffing, music and library resources, hardship support for students, the Te Ūkaipō scholarship, and outdoor pursuits equipment.
Mount Aspiring College principal Nicola Jacobsen said the endowment fund enabled the college to go beyond what was provided for by Ministry of Education funding.
"The ministry funds the basics of what the school needs, so funding from MAC Foundation makes it possible to offer additional opportunities and support for students, such as extra help in the classroom, access to mental health support, which is immediate, and access to resources and materials," she said.
The foundation aims to contribute $125,000 annually to the school, in addition to the long-term growth of the endowment fund.
Mr Williams said the longer-term goal was to grow the fund to $5m, allowing interest generated from the investment to be used for annual donations to the school while reinvesting a portion to steadily increase the fund’s capacity to support Mount Aspiring College for years to come.
The fund is set to be managed by the Wānaka office of Forsyth Barr, local adviser Ben Taylor overseeing its investment strategy.
"An investment vehicle has been established to maximise the foundation’s charitable status and ensure the fund delivers a strong return," Mr Williams said.
Mr Williams acknowledged the support of the wider community, including advisory trustee Simon Telfer, chairman of the Wānaka–Upper Clutha Community Board and the Ray and Elsie Armstrong Charitable Trust.
— Allied Media
