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Country Music Kicks Off Support Act Endowment Fund
Support Act Limited (SAL) was this week presented with a cheque for $35,000 by Board members from the Contemporary Country Music Coalition (CCMC) representing Support Act’s first "Endowment Donation".
The Contemporary Country Music Coalition was formed in 2001 as an advocate for the expansion and promotion of the professional interests of Australian and international contemporary country music.
The Endowment Donation to Support Act comes from commission from compilation and licensing fees from a series of compilation CD releases - "Award Winning Country" which feature award winning tracks from the three established country music world markets, Australia, Canada and the U.S. Distributed by Sony Music Entertainment, this successful series has chalked up sales in excess of 100,000 units. Featuring the cream of American stars, it has supported many Australian independent artists and introduced some of Canada's top artists such as Corb Lund and Carolyn Dawn Johnson. Volume 9 has just been released.
CCMC'S Treasurer, Rob Potts commented... "When Jim White suggested to our Board that we could establish an endowment for SAL, the whole board embraced the idea. We hope it is the first of many such endowments to this fantastic organisation."
"Endowment Donations will be invested as a Support Act asset in perpetuity and interest or dividends will be taken to SAL's profit and loss account on an annual basis showing the donor's name and the amount notionally generated by the gift on a yearly basis. An endowment donor can add to their endowment at any time by providing a further tax deductible gift. This generous donation by the CCMC is the first of its type to SAL and we would like to thank the Directors for supporting our organization and ensuring their donation will continue to provide annual income in the years ahead" said SAL's chair, Meryl Gross.
Support Act will be actively seeking Company and personal donations under the Endowment scenario which permanently acknowledges the philanthropic nature of the donor, Company or organization.
Support Act is a registered charity which was formed in 1997 to provide relief and assistance to members of the Australian music industry who are in need or suffering hardship, illness or distress. It was founded by the music industry's peak bodies ARIA, APRA, AMCOS and PPCA. Support Act is a non profit organization and receives no Government funding and therefore relies solely on fundraising events and donations nationally.
For further information please contact Vanessa Johnson on 0405 125 715 or www.supportact.com.au
