Philanthropy has been a part of Melbourne Grammar School’s history since before the School opened its doors. Today, the environment that inspires our students and teachers is still shaped by the generosity of our donors who have believed in the education offered by the School for more than 165 years.
Most members of our community recognise that School fees do not cover the full cost of the School’s programs. They appreciate that current students enjoy a curriculum and facilities which reflects the benefaction of those who have come before them.
The School Council – in addition to overseeing general expenditure – works to ensure that we have enough funds available to us to withstand unforeseen circumstances and economic turndowns, as well as support major projects. For these reasons, some years ago, the School established a Future Fund which has been largely built through donations – principally, gifts in Wills.
The Future Fund is managed by the School’s Investment Committee. We aim to generate CPI plus 4% interest each year. We maintain the capital value of the Fund but normally distribute earnings towards, as indicated above, specific major projects such as, in recent times, the building of the Geoff Handbury Science and Technology Hub.
A Fund distribution was also vital to maintaining our programs when the School Council reduced School fees during the pandemic. It was due to this that we were one of the few schools who were able to continue to employ our full staff cohort without tapping into the JobKeeper subsidy scheme, and this means we are not now experiencing the significant staff shortages seen at so many other schools across the State.
We are always grateful to those people who make a gift to the School. Some people are fortunate enough to be able to make a contribution when their children or grandchildren are attending the School. For others, including a gift to the School in their Will is their preferred option and, for many, choose to ensure that the impact of their gift has an ongoing benefit by directing their gift into our Future Fund.
My own mother is one such benefactor who, while she could not make a significant contribution to the School during her lifetime, chose to express her huge satisfaction with Melbourne Grammar in this way. In her Will, she recognised the fine education of her three sons, grandchildren, and other family members.
I was fascinated to recently learn that our very first bequest came from a School Council member, Mr George Rusden (1819 – 1903). Mr Rusden played a prominent role in the founding of Melbourne Grammar, going on to serve on the School Council during the last five years of his life. He then bequeathed his home, Cotmandene, to the School which was first used as a residence for senior boarders, and later sold. The funds from this sale were used to form an earlier version of today’s Melbourne Grammar Future Fund.
We are still benefitting from Mr Rusden’s support, as we continue to draw on the interest generated from this donation.
If you are someone who is considering including a gift in your Will to the School, I would like to emphasise the care that is taken to manage these contributions. All funds have specific criteria governing their use, overseen and signed off by the School Council.
With all this in mind, I have now chosen to follow my mother’s example by joining the Witherby Tower Society, the special group of community members who have advised the School of their intention to leave a gift in their Will. I encourage others to join me in becoming part of a long history of philanthropy that will continue to guide the trajectory of Melbourne Grammar.
Andrew Michelmore AO
Chair of Council
