The AgriUT Foundation, a pioneering Australian nonprofit organisation, is extremely pleased to announce that it has been granted charity status and appointed as a Deductible Gift Recipient (DGR) by the Australian Charities and Not for Profits Commission (ACNC). This significant milestone enables tax-exempt donations to the AgriUT Foundation, marking a crucial step towards fostering transparency and trust in the philanthropic sector.
With its newly acquired DGR status, donations to the Foundation are now fully tax-exempt against Australian earned income with funds being utilised to alleviate poverty and distress among smallholder farmers in emerging countries.
Our charity status not only validates the transformative potential of blockchain in philanthropy but also addresses one of the biggest challenges in the sector - transparency.” — Paget Hargreaves, CEO AgriUT Foundation
The AgriUT Foundation’s global first approach ensures donors receive AgriUT tokens for their donations which empowers them to personally reward smallholder farmers of their choice. The farmers, a majority of which are women who increasingly have access to smartphones, receive the tokens digitally and can exchange them at their co-operatives for local currency or utilise them to acquire essential goods and services for their farming communities. Recognising the long-standing concerns of philanthropic donors regarding transparency, this innovative solution offers unparalleled control to donors, ensuring 100% of their contributions directly impact the individuals they wish to support, with the utilisation of blockchain technology ensuring full traceability without any fees deducted.
Smallholder farmers play a critical role in supplying the world with essential food items such as coffee and cacao beans, vanilla, fruits and fresh vegetables. Despite their tireless efforts, many of these farmers continue to face poverty and distress. AgriUT Foundation acknowledges this disparity and aims to empower these farmers by providing an innovative and unique approach to reach those at the bottom of the world's food pyramid. Through the collective efforts of consumers, corporations and philanthropic organisations, we can now make an immediate, direct and tangible difference in addressing poverty and distress in these communities.
Paget Hargreaves, CEO AgriUT Foundation, emphasises the significance of the charity status and blockchain technology, stating, "Our charity status not only validates the transformative potential of blockchain in philanthropy but also addresses one of the biggest challenges in the sector - transparency. The AgriUT token empowers donors, merging finance and technology with charity and philanthropy, aligning with our mission to uplift farmers, tackle poverty and distress, and support smallholder famers and their communities."
The ACNC's decision to grant DGR status to the AgriUT Foundation in June 2023 showcases Australia's dedication to fostering innovation and inclusivity in the nonprofit sector. This groundbreaking initiative provides Australian consumers, corporations and private family offices as well as other Foundations and charities with a unique tax-deductible opportunity to make charitable giving not only socially impactful but also fully transparent and accountable.
The Foundation would like to thank K&L Gates for providing pro bono legal counsel and to Julie van der Velde for her guidance as well as to all the AgUnity team and our supporters, whether with us from the beginning or just learning about the Foundation now.