The Foundation was established in 1981 at the suggestion of a far-sighted and astute Knox man living in Wellington. He saw the potential for a Foundation whose purpose was to establish a Fund which would be used from time to time for the financial benefit of both Colleges. Thanks to the extraordinary generosity from a number of individuals during the first few years, and prudent investment over the latter years the Fund now amounts to $1.4 million.
The Foundation has three main objectives –
to increase continually the capital of the Fund;
to develop a method of easy communication with previous Knox and Salmond residents throughout the world; and
to offer incentives that will attract senior and postgraduate students to live and work in both Colleges. As a first step the Foundation is keen to restore depleted reserves that have funded important Scholarships and Fellowships in the past, in particular, the Ross Fellowship in Knox College which is virtually defunct in all but name at the present time.
Secondary objectives are –
to offer scholarships to promising young people who, without financial assistance, would not be able to experience the unique educational environment that the Colleges offer; and
to help to reduce the present substantial debt that the Colleges have been forced to incur as a result of having to satisfy compliance requirements for fire protection and earthquake strengthening – some $20 million.