nib foundation is a Private Ancillary Fund (PAF) that provides funding support to registered Australian charities with Deducible Gift Recipient (DGR) and Charity Tax Concession status.
The foundation was created in 2008 following a $25 million donation from nib health funds, which was raised through the issue of new shares at the time of listing nib on the Australian Securities Exchange (ASX) in November 2007.
Since inception, the foundation has committed more than $15 million in grant funding to 105 charity partners to deliver practical health programs that are making a real and measurable difference to the health and wellbeing of people and communities.
Their corpus is invested, and the balance at June 2016 was just under $20 million.
While nib foundation is a separate legal entity governed by an independent Board of Directors, they retain close ties with their founder nib health funds. The foundation operates from nib's head office in Newcastle where we receive significant operational and in-kind support, allowing us to keep our overheads low and maximise the funding we allocate each year for community health benefit.