About us | Contact us | Ways to give | Current projects | Publications
About us | Contact us | Ways to give | Current projects | Publications
The University of Auckland School of Medicine Foundation (SoMF) is the steward and distributor of funds entrusted to it for specific charitable purposes, usually associated with teaching and research at the Faculty of Medical & Health Sciences of The University of Auckland.
SoMF Trustees are drawn from the alumni of The University of Auckland and the general public. The Trustees are Mr Peter Tong (Chair), Dr Richard Douglas, Mr John Dunn, Dr Cathy Hapgood, Mr Darren Manning, Professor John Fraser, Dr John Matthews, Dr Janet Rowan and Ms Faye Sumner.
Peter Tong, a solicitor, was formerly partner at Russell McVeagh and Deputy Mayor of Napier City. Richard Douglas is an ear nose and throat physician and surgeon. John Dunn is a general surgeon and director of Endoscopy, Laparoscopy and Bariatrics Auckland. Cathy Hapgood is senior psychiatrist at Waitemata Health. Darren Manning is a broker at Forsyth Barr. John Fraser is Dean of the Faculty of Medical and Health Sciences at the University of Auckland. John Matthews, a clinical haematologist, was formerly chairman of Southern Cross Medical Insurance Company. Janet Rowan is consultant obstetric physician to National Women's Hospital. Faye Sumner is chief executive officer of the Medical Technology Association of New Zealand.
The Trustees meet four times a year to review investment policy and performance, ensure that payments to beneficiaries are made in accordance with the donor's wishes, oversee fundraising activity, and make sure that SoMF complies with its reporting obligations. In particular, SoMF has registered with the Charities Commission (Number CC 30871) to comply with the Charities Act (2005) and its accounts are audited annually by Grant Thornton.
Each SoMF endowment gift is invested into, and allocated its share of, The University of Auckland Foundation endowment investment pool which has retained Cambridge Advisors to act as investment advisors. This pool is structured for long-term growth allowing in normal years both annual distributions of some income to the beneficiaries and retention of the remaining income to protect the capital value of the gifts in the endowment pool. The current annual distribution rate is 4% (provided income is available) and any excess income is retained to add to the initial gift. The endowment pool has an asset allocation of approximately 35% international equities (50% currency hedged), 15% Australasian equities, 10% international fixed income (100% currency hedged), 20% NZ cash, 15% NZ fixed income, and 5% emerging markets fixed income and equity.
Each gift to SoMF that is meant to be spent in its entirety on a research project, scholarship, or such like, is invested into, and allocated its share of, The University of Auckland Foundation current use investment pool which is structured to protect the value of the gift before it is distributed. The current use pool has an asset allocation policy of approximately 80% short term NZ bank deposits (shorter than 2 years), 10% longer term NZ bank deposits (longer than 2 years), and 10% NZ fixed income.
