Lion Foundation Coastguard Gisborne has established an endowment fund with Sunrise Foundation to ensure its future sustainability.
As a not-for-profit organisation, Coastguard Gisborne faces the dual challenge of operational demands and limited funding, which has prompted its committee to consider alternative avenues of guaranteed and reliable funding, a Sunrise Foundation release stated.
Only 40% of Coastguard’s total national operational costs get Government funding, which leaves the charity reliant on grants and donations to cover the shortfall and support units like Gisborne.
Coastguard Gisborne’s committee believes an endowment fund with Sunrise will secure some of the necessary funding required to maintain its specialised equipment and support its ‘round-the-clock operation.
Coastguard Gisborne skipper Aaron Boyle said they had confidence in Sunrise Foundation’s endowment model.
“We believe Sunrise’s endowment model is an excellent way to create an enduring legacy that will offer more return as time goes on and the endowment grows,” he said. “It’s all about long-term sustainability and security of funds.
“At the same time, it enables us to build up funds towards major capital replacements such as an upgraded rescue vessel or renovated buildings as needed in the future.”
Sunrise chief executive Glenda Stokes said the endowment fund represented guaranteed funding for the local Coastguard unit.
“But it’s also a call to action for the Gisborne-Tairāwhiti community. Those who contribute to the fund are joining a legacy that has saved lives in the region for almost 40 years.”
Stokes said Coastguard Gisborne provided a trusted presence and support on the waters of Gisborne-Tairāwhiti.
“All donations will directly benefit the local Coastguard unit, establishing a reliable and perpetual source of income.”
