The Macquarie Group in Sydney, Australia, has announced the launch of the Macquarie 50th Anniversary Award, a $A50 million ($36.3 million) initiative to support bold ideas that address societal needs around the world.
Through the initiative, five nonprofit organizations will each receive $A10 million ($7.3 million) over five years to develop or expand a project that produces lasting benefits for its community. The winners will be selected by the Macquarie Group Foundation and will be announced in May 2019.
To be eligible, applicants must be a registered nonprofit organization within their home country and have annual revenues of at least $A4 million ($2.9 million). Projects should be deliverable within five years, with funding to be released according to an agreed-upon timeline, or be able to demonstrate a robust sustainability model post-funding.
"Supporting the communities in which we live and work has been an important part of Macquarie's activities since our inception in 1969," said Macquarie Group CEO Nicholas Moore. "In that time, our people have devoted thousands of hours to work with nonprofit organizations around the world and contributed over $A330 million to drive social change at the local community level. We are delighted to mark our fiftieth anniversary by extending this tradition with a further $A50 million commitment to initiate or build on bold ideas which address areas of social need."