The AMF has three main objectives:
The primary purpose of the AMF is to provide a vehicle for Endeavour Mutual Bank (formerly known as Select Encompass Credit Union Ltd) and other mutuals to assist needy children in Australia, and to alleviate poverty in some of the poorest communities in South East Asia and the Pacific by the creation of sustainable cooperative financial organisations.
Endeavour Mutual Bank intends to donate up to 5% of annual profits to the AMF, and it is hoped that other mutuals and individuals will also make donations. The initial donation from Endeavour Mutual Bank made in 2016 was $175,000.
How are the funds allocated?
Unless otherwise specified, gifts and donations received will be allocated on the following basis:
|Disaster / Emergency Relief||(open only when a natural disaster is declared)|
Overview of the three objectives
Australia – Domestic Activities
The domestic activities are intended to support children and youth who are at risk of abuse or neglect, or who are disadvantaged in terms of housing, medical care or education. The AMF plans to conduct these activities in partnership with other Public Benevolent Institutions (PBI) such as Barnardos Australia.
The international activities are intended to encourage the growth of a sustainable financial system using the co-operative credit union model for the developing countries of South East Asia and the South Pacific.
The aim is to alleviate poverty, improve education and promote gender equity by providing a sustainable model for affordable financial services and teaching the value of regular saving and the wise use of credit. The AMF plans to conduct these activities through the Asian Confederation of Credit Unions (ACCU). ACCU presently have credit union development programs in Laos, Bhutan and Myanmar.
Emergency / Disaster Relief
Emergency / disaster relief activities will provide a mechanism to accept donations from other mutuals, members of Credit Unions and Mutuals, and the general public, when a natural disaster has been declared by either the Australian Federal Government or an Australian State Government. A natural disaster could be for example: bushfire, flood, earthquake or cyclone, which causes people to be in desperate need of assistance.
The AMF will re-direct 100% of donations received to other Public Benevolent Institutions such as the Red Cross, World Vision or Salvation Army to assist those most in need.