News

The Avondale Foundation has announced a record profit of more than $750,000 this year.

Treasurer Chris Akroyd made the announcement during his report to delegates at the foundation's annual general meeting this past month (October 22). The profit is from the combined businesses the foundation runs, a good result considering the effect the drought has had on the nursery business. Mr Akroyd expressed confidence the foundation would achieve its goal of $5 million in equity within the next two years.

President Dr Norm Young thanked all the foundation's employees and volunteers for helping achieve the record profit. He also noted the foundation had contributed over its 28-year history more than $6 million to Avondale College. The president of the college, Dr John Cox, tendered requests during the meeting for a further $305,000.

Delegates voted two new members-Stuart Tipple, principal of Gosford-based law firm Brennan Tipple Partners, and Dr Norm Carlsen, senior finance and information technology lecturer at Avondale College-on to the ACF Investments Ltd's board. Dr Carlsen will also serve as chair of Avondale Foundation Ltd.