Shane Warne Foundation cleared of wrong-doing
THE Shane Warne Foundation has been cleared of wrong-doing after an investigation by Consumer Affairs Victoria.
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THE Shane Warne Foundation has been cleared of wrong-doing after an investigation by Consumer Affairs Victoria.
The charity, set up by cricket legend Shane Warne, was probed over claims it failed to give net proceeds of its appeals to beneficiaries.
However, the watchdog could only find evidence it did not submit annual accounts in a timely manner.
CAV director Simon Cohen said: “The inquiries demonstrate noncompliance by the Foundation with some provisions of the (Fundraising) Act, in particular, requirements to submit annual accounts in a timely manner.
“Importantly, the inquiries have not otherwise found evidence of unlawful conduct or a failure on the part of the Foundation to give the net proceeds of appeals to named beneficiaries,” Mr Cohen said.
Last November, the foundation was cleared of any wrongdoing by the regulator, the Australian Charities and Non-profit Commission.
CAV found that for its first five years the foundation consistently reported a high proportion of funds to its beneficiaries — on average, about 70 per cent each year.
Last month the foundation gave CAV an undertaking to wind up “as soon as practicable” and refrain from any more fundraisers. It has also undertaken to make a final distribution of all remaining proceeds to beneficiaries.
The state watchdog said no further action was required.
A statement was released by the foundation welcoming the outcome.
“The Director’s statement brings to an end the unwarranted and unfair speculation surrounding the Foundation’s affairs ...”
It continued: “The Foundation has now been comprehensively investigated by both the Victorian and Commonwealth regulators and has been cleared of all wrongdoing.
“The Foundation and its board are immensely proud of the work the Foundation has done since it was founded in 2004.”
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