November 15, 2006 – Avondale Connections

The Avondale Foundation, the brainchild of businessman Lyn Knight, began in 1978 as a fundraising venture. It is cooperative with but independent of Avondale College and the Seventh-day Adventist Church in the South Pacific. Volunteers carry out most of the activities.

To preserve all donations for the college, the foundation established several businesses. The profits from these businesses covered the costs of fundraising. Donors responded generously, giving $5.4 million during the period 1978 – 2002 for various college building projects.

In 2002, it was decided the foundation would concentrate on its businesses and leave the fundraising to the college itself. Today, the foundation is involved in three main enterprises: Avondale Nurseries Ltd; ACF Investments (ACFI); and Macadamia Oils (www.macadamiaoils.com.au). The foundation owns 50 per cent of Macadamia Oils, which produces food oil and cosmetics (see the product display in the library). The businesses employ 20 people.

ACFI, the principal business of the foundation, has depositors’ funds in excess of $60 million under management. This money, of course, belongs to the company’s depositors and cannot be given to the college.

ACFI re-invests depositors’ funds to make a small margin to cover costs and to provide a profit from which the foundation supports the college.

The boards of these enterprises are comprised mostly of business and professional people, many of who, but not all, are graduates of the college. These people donate their time, convinced that helping Avondale students is a worthwhile investment.

Dr Norman Young (President, The Avondale Foundation)