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donors

44. The fund must be private in nature. This characteristic implies that there must be a close relationship between those who establish the fund and those who donate to it.

Note: The features of a *private ancillary fund can be contrasted with those of a public ancillary fund, which can collect donations from the public.

45. The fund must not solicit donations from the public.

PENALTY: 30 penalty units.

46. In any *financial year, the fund must not accept donations totalling more than 20 per cent (in total) of the *market value of its assets (determined at the end of the previous financial year) from entities other than:

• a founder of the fund; or

• *associates of the founder; or

• employees of the founder; or

• a deceased estate of any of those entities.

PENALTY: 10 penalty units.

47. The fund must issue a receipt for every gift it receives.

47.1. The receipt must include the name and *ABN of the fund and the name of the donor and must state that the receipt is for a gift received by the fund.