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The Gliding NZ Umbrella Trust was established on 10 June 2012 in order to become the vehicle by which all the various gliding trusts that exist throughout NZ could consolidate their investments into one trust. Consolidating the individual capital sums from the various trusts into a worthwhile amount has maximised investment returns, and allowed more professional management of the trusts’ funds, giving better accountability. The objectives of the Trust are to:
- provide support to the sport of gliding within New Zealand
- provide support to New Zealand glider pilots participating in international competitions
- establish and administer separately named funds within the Trust Fund to fulfil the wishes of individual donors who wish to support the sport of gliding within New Zealand
- accept and receive grants of money or payments or in kind for the furtherance of the purposes of the Trust
The current Trustees are Karen Morgan, Steve Wallace, Clive Geddes, David Jensen (Chair) and David Tillman. The Secretary is Jan Rae (email@example.com, PO Box 1202, Queenstown 9300, telephone 027 433 6324. Tom Davies is the Loans Officer.
Trustees make decisions on funding twice a year in November and June – the deadlines for grant applications are 31 October and 31 May each year. These dates have been chosen to coincide with 6 monthly financial reporting and so that all applications can be considered together. Please note that applications in retrospect of an event will not be considered.
The Umbrella Trust has a number of funds within its structure, and each has specific purposes built into its trust deed or founding documentation. The Trustees have to operate within a set of rules, and do not have discretion to make grants which do not comply with the various donees’ intentions.
The GNZ Umbrella Trust makes loans to gliding clubs for acquiring gliders, towplanes or hangars. The information and requirements are outlined in the notes at the end of the loan application form. The Trust’s interest rate as set in June 2023 is 6.75%. This will be reviewed in November 2023.
The Umbrella Trust funds pilots to participate in international events, provided that they have been selected by the NZ selectors before the cutoff date, and have applied for funding at least 18 months before the event. To access wider Trust funds, pilots must be committed to the flying the pre-Worlds as well as the Worlds. If the pilots opt to not attend the pre-World event, or apply late for selection and funding in the year of the World event, Trustees may only fund a minimal amount to cover the entry fee.
Funding must be applied for before 31 May for a southern hemisphere summer event 18 months later, or by 31 October for a northern hemisphere event 18 months later.
Note: the cutoff date for team selection is 18 months before the first day of the event.