The Institute of Chartered Accountants in Australia (the Institute) is pleased to announce the creation of the Chartered Accountants Benevolent Foundation Limited (the CABF). The Institute is in the process of applying for the foundation to become a registered charity. 
The principal objective of the CABF is to operate as a non profit benevolent institution providing aid and services for the relief of such poverty, sickness, suffering, distress, misfortune, disability, destitution, or helplessness as arouses compassion in the community.  
To achieve its objectives the CABF undertakes to: 

• Provide direct financial assistance to individuals faced with financial difficulty as a result of serious illness, accident or some other unexpected catastrophe which would arouse compassion in the community. It is not intended that the CABF should be used merely as a means of coping with financial hardship.
 

• Help to increase the financial literacy of individuals faced with extreme poverty as a result of serious illness, accident or some other unexpected catastrophe which would arouse compassion in the community as a means by which those persons can be enabled to relieve their financial distress. It is not intended that the CABF should be used merely as a means of enabling individuals to achieve financial literacy.
 

• Provide scholarships to disadvantaged Australians including but not limited to Aborigines, migrants and remote area residents who wish to undertake the educational pathway to the Chartered Accountants Program who are faced with either extreme poverty or extreme illness. It is not intended that the CABF should be used merely to assist in meeting the costs of undertaking the Chartered Accountants Program, but as a means by which the needy or severely disadvantaged person can be enabled to earn a living and break out of their poverty.