The foundation, which was established to support the Victorian dairy industry, tabled its latest annual report in Parliament last week, showing its directors cut its industry support from $1.7 million in 2015-16 to $617,787 in 2016-17.
In the same period the foundation’s net assets grew from $105.6 million to $119.8 million, on the back of a healthy investment portfolio and a payment of $6.7 million from the late Niel Black’s estate.
Total project funding to research, community and dairy farmer support fell from $4.93 million 2015-16 to $3.93 million in 2016-17.
Gardiner Foundation finance manager Jainesh Lal said an extra $1 million had been injected into expanding Dairy Australia’s Taking Stock Project, which helps farmers audit their businesses, in 2015-16, a project that rolled on into 2016-17.
Tinamba farmer Hans van Wees, who tapped into the Taking Stock audit of his farm’s finances, said Gardiner’s funding was welcome, but he was still waiting on a follow-up audit.
Mr Lal said that industry support funding had since been wound back, but the foundation was undertaking a strategic review.
The foundation was established in 2001, using $62 million generated from the sale of the Victorian Dairy Industry Authority’s REV, Skinny Milk and Big M brands.
The foundation’s constitution requires its directors to maintain the real value of its original $62 million investment portfolio in inflation adjusted terms, which was $98 million in 2016-17.