Medical research and healthcare programs were the major beneficiaries of an almost quadrupling of donations last year by McCusker Charitable Foundation.
The foundation, led by former governor Malcolm McCusker and his family, donated $20.4 million in the 12 months ending June 30 last year, well up on the $5.9 million contributed during the previous corresponding period.
The scale of the donations would most likely push the foundation to become the fourth most generous philanthropic organisation in Western Australia, behind Channel 7 Telethon Trust, to which it also contributes.
The McCusker foundation benefitted from a bigger asset base, namely a 54 per cent rise in the valuation of its more than 27.6 per cent stake in the family’s private investment vehicle McCusker Holdings.
That stake was worth $211.8 million at June 30, according to its detailed statement of financial position released to Australian Charities and Not-for-profits Commission, up from a $115 million valuation when it was donated to the foundation by the McCuskers the previous financial year.
That is the foundation’s biggest asset with equity stakes such as Mineral Resources, Woodside Energy, BHP, Telstra, Beach Energy and PYC Therapeutics representing the bulk of the philanthropic organisation’s net assets of $393.4 million, which was up 19 per cent from the previous report.
Mr McCusker said that one of the biggest donations during the period was a $3 million contribution to fund the University of WA's launch of a new endowed chair with the appointment of Michelle Scott as the inaugural McCusker Chair in Citizenship.
He said the foundation had helped establish the McCusker Centre for Citizenship at the university with a $5 million donation almost 10 years ago.
The centre, where students do internships as part of learning civic responsibility, has provided about 400,000 hours of such commitment since it started.
Mr McCusker said the Australian National University had also recently established such a program.
Ms Scott said that the additional funding would allow the program to double its numbers.
It started with 16 students in the first year and has grown to reach 1000 per annum, amounting to 4300 so far.
"It is a structured way for young people to learn about society's challenges and how they can contribute," Ms Scott said.
The McCusker Foundation supports a range of charitable purposes, with a primary focus on improving health and supporting medical research in WA.
Among the causes it highlighted as beneficiaries during the past financial year were the Raine Study medical research, St John of God Health Care’s Inflammatory Bowel Disease Clinical Nurse Program and St Patrick’s Community Support Centre Fremantle.
More recent announcements include the inaugural McCusker Chair in Citizenship at and supporting a research study led by the Fiona Stanley Hospital’s Intensive Care Unit seeking to transform critical care by identifying which patients carry multidrug resistant organisms as part of their gut microbiome.
