Charity closes after giving $7m to Coast

THE recession has claimed a Sunshine Coast charity responsible for generating more than $7 million of benefit in the past seven years.

Harry Reed with his wife Marg. Picture: Sharyn Rosewarne

THE recession has claimed a Sunshine Coast charity responsible for generating more than $7 million of benefit in the past seven years.

The Reed Charity Foundation, created by former Reed Property Group chairman Harry Reed, has closed its doors due to the impact of the recession and a desire by its founder to slow down.

Mr Reed said it had become increasingly difficult to approach businesses no longer able to afford tables at plush charity dinners, or to ask for donations of goods and labour in what were hard economic times.

“Reeds have had to put staff off and it doesn't look right to be holding parties and giving money away,” he said.

“We had seven years of great times and over that time, with other contributions and in-kind support, we raised over $7 million.

“Margaret and I will continue to contribute to different organisations but not through a charity foundation.”

Mr Reed said the recently completed Reed Charity House - at Nambour General Hospital - which provided accommodation for families with loved ones receiving treatment, was a fitting note on which to end hands-on involvement with community work.

He contributed half of the $2 million cost himself, with funds also coming from RPG and $750,000 from the community.

“That was a good note to finish on,” Mr Reed said.

The Reed Charity Foundation also played a leading role in construction of a hydrotherapy pool at Currimundi Special School and the Nambour Hear and Say Centre, and also built an orphanage in India.

“I don't regret one minute of it,” Mr Reed said.

Seven years ago when he turned 55, Mr Reed began to wind down involvement in Reed Property Group, which he founded with his son, Ken. He turned his attention to the Reed Charity Foundation, which was solidly supported by the Coast's construction and business communities.

The collapse of giant US investment banking house Lehmann Brothers, which had taken a part interest in RPG, coupled with the global financial crisis, left the Coast business under-geared to take on its planned projects.

It is in the process of selling its Maroochydore Big Top shopping complex holdings, and Ken Reed last week received settlement of $6.5 million for the sale of his recently completed Buderim home.

However, RPG is pressing ahead with first stage of its Maroochy Boulevard Emporio residential and retail precinct, and remains upbeat about its future.

Originally published as Charity closes after giving $7m to Coast