After more than 50 years, Poverty Bay Antique Society Inc (PBAS) will soon disband, opting to transfer their remaining cash to Sunrise Foundation to benefit the Sunshine Service Endowment Fund.
A new, Incorporated Societies Act in 2022 requiring a significant amount of work to become compliant, combined with an aging and dwindling membership led to the Society’s decision to cease. Stated in their constitution if they ceased operating was that any remaining funds be transferred to a charity. Their committee readily agreed it go to a fund with Sunrise.
“We used to have a membership of 75 as well as a waiting list. In fact, I was on the waiting list myself for a couple of years, but lots of factors have meant our numbers are now much smaller,” says Pam Morrison, PBAS President.
“Transferring funds has been a straightforward process. Glenda gave us a list of all the charities with funds, and we narrowed it down to three before finally deciding on Sunshine Service.
“Sunshine does a fabulous job for a minimal fee. But, of course, they need money to keep vehicles up-to-date and equipped. We like knowing our boost to their endowment fund will go on growing, helping keep their vehicles on the road for many years to come,” says Pam.
Glenda Stokes, Sunrise executive officer says trust transfer enquiries are becoming increasingly more frequent, with many smaller clubs dealing with the same challenges.
For clubs or societies who may considering winding down but are unsure how to proceed, transferring your Trust to Sunrise can be a simple and practical solution. We can work with you to ensure the original intent of your Trust is maintained, whilst also taking over the responsibility of compliance, governance, and grant-making.
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