Historical information

A document that was part of a folder about the running of the President's Fund, that was created in 1932 "to help temporarily embarrassed Melbourne Legatees" towards the end of The Great Depression.
The aim of the fund was the give the President a way to help needy cases with discretion and without having to gain approval from committees. In many cases the money was repaid by the recipient.
The document summarises the history of a fund that allowed President's to make discretionary payments to worthy causes without need to have it approved. It mentions that original and official papers about the fund have been lost so this was an attempt to record what was known.
The fund was credited to the late Legatee Walter Berry of the domestic and building supplies firm, Henry Berry and Co. wth money from his late father's estate.
An initial fund of £200 (?) was handed to the president with some of the following terms:
1) the funds existence was not to be published or made known, except from President to President
2) money could be loaned or granted in sums as determined by the President of the day, for the preservation of the independence of the recipient
3) The club treasurer must keep the money in a separate account
4) The only persons to be helped must be members of Legacy but no restriction on the reason (business or personal)
5) At the end of the presidential term records handed over may be 'closed' except the ones that loans were involved and the terms of the loans could be disclosed.
It is known annual donations of up to £1,000 to Legacy were received from the Howard and Georgina Berry Trust for use in the Fund. See also item 01520 for another summary of the fund's history.
Other pages show copies of the original letter, dated 24 February 1933, acknowledging receipt of £50 from the Howard and Georgina Berry Trust Fund to start the President's Fund with agreed terms of use.
Also a proposal about payment structure outlined on 14 December 1966 by Legatee RS Isherwood, President and accepted by the Board of Management. Plus an extract of the minutes of the meeting.
The folder and document were marked with H40 which is part of an early archive project from the late 1960s and early 1970s.

Significance

A record of the President's fund which was a fund that allowed the President to help fellow legatees with discretion.

Physical description

White foolscap paper with black type x 5 pages with a summary of the history of the President's Fund.

Inscriptions & markings

Handwritten 'Box 1 H40' in blue pen.