News

The year 2006-07 has been, in financial terms, the best ever for Avondale Foundation. Treasurer Chris Akroyd made the announcement during the foundation's annual general meeting on Avondale College's Lake Macquarie campus this past Sunday (October 21).

The foundation has now grown the equity in its businesses to $5 million. This endowment will underwrite the foundation's gifts to the college in the future, regardless of the profitability of the businesses the foundation operates.

Akroyd specifically thanked all those who deposit funds with ACF Investments, as this business is the main source of the foundation's income. He concluded his report by saying it was "a pleasure to have a small part in advancing the cause of Avondale College."

Though the college's needs are beyond the capacity of any single body to fulfil, the president of the college, Dr John Cox, responded by thanking the foundation for the significant role it plays in helping the college and its students. Some of the students receiving foundation scholarships joined the attending members for lunch.

Foundation president Dr Norman Young thanked all those who had contributed to the foundation's success, especially God, who continues to guide the trustees in challenging times.