9 Dec 2014

Whanganui Trust reinvests money back into descendents

7:25 pm on 9 December 2014

Atihau-Whanganui Incorporation is lending $1.6 million of unclaimed dividends to its charitable arm which will go towards funding for education, sports and housing insulation grants.

Previously any unclaimed funds relating to unclaimed dividends were loaned to the Atihau Trust to invest.

But this year it was decided to give the funds to the incorporation.

Mavis Mullins.

Mavis Mullins Photo: RNZ

However, Atihau-Whanganui Incorporation chair Mavis Mullins said the incorporation had decided reinvest the money in its beneficiaries and tribal descendants.

She said it would now be lending it back to its charitable arm - the Atihau Trust - to make the putea available for grants and scholarships for rangatahi and their schooling and sports, as well as marae development and also home insulation projects.

Every year the Atihau Trust funds projects it has generated through money it gets from leasing shareholders Maori land to farmers and from other ventures such honey and meat.