- Charity Amy Gillett closes after 18 years
- Cor Cordis has been appointed liquidator
EXCLUSIVE
A charity named after an Australian cyclist who died in Germany almost two decades ago is to close as the cost of living crisis makes it difficult to attract donations.
The Amy Gillett Foundation was established in January 2006, six months after a teenage rider killed the 29-year-old athlete while she was training with the Australian women’s cycling team near Zeulenroda in eastern Germany.
Amy Gillett’s husband Simon Gillett, her parents Mary and Denis Safe, and friends started the registered charity to campaign for better safety for cyclists on Australian roads in the wake of the July 2005 tragedy.
She dreamed of winning gold at the 2006 Commonwealth Games in Melbourne.
A charity named after an Australian cyclist who died in Germany almost 20 years ago is closing as the cost of living crisis makes it difficult to attract donations
The Amy Gillett Foundation was established in January 2006, six months after a teenage rider killed the 29-year-old athlete while she was training with the Australian women’s cycling team near Zeulenroda in eastern Germany.
But on Friday the Australian Securities and Investments Commission announced the Melbourne-based charity would be liquidated, with restructuring firm Cor Cordis partners Shaun Matthews and Rachel Burdett appointed as liquidators.
Cor Cordis said the cost of living crisis has made it difficult for charities to attract donations after inflation hit a 32-year high at the end of 2022 and interest rates soared.
The federal government has also halted all new funding, sealing the charity’s fate.
“As has been the experience of many nonprofits, recent years have been lean and securing philanthropic funding has become more complex,” the report said.
“Unfortunately, the Board has concluded that the Foundation’s ongoing operations are no longer sustainable in the absence of new funding from the federal government.”
The charity’s board made the decision to dissolve the organisation, with Cor Cordis promising a report to creditors within the next three months.
“We are currently investigating the financial position of the Amy Gillett Foundation,” the trustees said.
Amy Gillett’s husband Simon Gillett, her parents Mary and Denis Safe (pictured in 2010) and friends started the registered charity to campaign for better safety for cyclists on Australian roads
“Our objective is to assess the potential for realizing existing assets as we begin to conduct the affairs of the Foundation in an orderly manner.
“A detailed report of our findings will be provided to creditors and stakeholders within three months of the appointment.”
The Australian Charities and Not-for-profits Commission reported that the Amy Gillett Foundation had zero revenue in 2023.
The Amy Gillett Foundation has made its Instagram pages private.
Daily Mail Australia has contacted them for comment.