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Upper Murray innovation foundation
UMIF
The Upper Murray Innovation Foundation (UMIF) was established in June 2016 as the Community Foundation branch of the Corryong Neighbourhood Centre. UMIF’s purpose is to support the activities of the CNC and the wider Upper Murray Community through learning, activities & initiatives which improve life in the region and, particularly since the devastating 2019/2020 bushfires, build resilience and growth at community level.
UMIF has established a tax deductible donation account (DGR1 status) with FRRR for “charitable activities for the benefit of the Upper Murray region community recovery”.
In May of 2016 the CEC changed its name to the Upper Murray Innovation Foundation (UMIF) and established itself as a community foundation.
Its purpose is to provide support for the CNC and other community activities that are in line with The Corryong Neighbourhood Centre's purpose, the CNC also utilises the UMIF's owned properties and equipment for its operations, in exchange, the CNC provides all necessary governance, administrative and financial services for UMIF without fee.
Through a special resolution passed in June 2016, the CNC is required to donate all profits in excess of operating requirements to UMIF via an annual declaration.
while the CNC is establishing its social enterprises and is servicing debt, no excess profits are expected, however, when all debts are repaid, the CNC is expected to contribute approx. $200k per year to UMIF.