The Ian Potter Foundation was established in 1964 and is today one of Australia’s major philanthropic foundations. It was the first public charitable fund created under an amendment to the Income Tax Assessment Act which allowed the Foundation to receive tax deductible donations. Sir Ian Potter (1902-1994), an Australian financier and stockbroker, was the founder and benefactor of the Foundation. The original Governors of the Foundation were Sir Ian Potter (Chairman), Sir Roger Darvall, Mr Roy J. McArthur, Professor Sydney Sunderland and Sir Ian Wark.

The story of Sir Ian’s philanthropy is closely bound up with his friendship with Kenneth Myer, the eldest son of Sidney Myer, Australia’s pre-eminent philanthropist of the first half of the twentieth century.

Sir Ian was inspired by the broad and elastic terms of reference of the Myer Foundation that went beyond the traditional ‘alms-giving’ approach to philanthropy and specifically aimed to support ‘scientific and social experiment’. Sir Ian’s friendship with the Myer brothers and their work together led to the establishment of the Florey Institute and the excitement of being involved in a creative and constructive project played a major part in his decision to form The Ian Potter Foundation.

Sir Ian saw the Foundation as helping the young more than the old, and funding prevention rather than cure (to give to research rather than to hospitals) or, as he often put it, building a fence at the top of the cliff rather than paying for an ambulance at the bottom.

Sir Ian's personal interests were reflected in the Foundation's early grants. His links with the Wallenberg Family (he was Chairman of several Wallenberg companies in Australia) led to support of the teaching of Swedish at The University of Melbourne. His interest in medical research led to his partnership with the Myer Family in the establishment of the Howard Florey Institute at The University of Melbourne, which has the longest-running relationship with the Foundation of any organisation. Sir Ian's long association with The University of Melbourne resulted in the award of an Honorary Doctorate of Laws in 1973.

The Foundation's support of major performing arts organisations was stimulated by Sir Ian's directorship of the Australian Elizabethan Theatre Trust, the Australian Opera, and the Australian Ballet. The Ian Potter Cultural Trust was established in 1993 to allow the Foundation to continue its support of individuals in the arts, which began through the Australian Elizabethan Theatre Trust.

When first established, the Foundation was run from Sir Ian Potter's personal office at Ian Potter & Co., in Collins Street, Melbourne.

Miss Patricia Feilman, who was the Executive Secretary of the Foundation from its establishment until her retirement in December 2000, was the sole staff member of the Foundation until 1991, assisted by Sir Ian's personal secretaries.

Sir Ian's influence on the Foundation's finances was considerable. In this, the Foundation differed from other Trusts and Foundations, which had historically invested in fixed interest securities. His original gift to the Foundation was in fact £1 million of shares in Australian United Corporation (AUC) and Australian United Investment (AUI). The latter is still held by the Foundation today. The continuing high level of investment in equities is a direct consequence of his philosophy.

When Sir Ian died in October 1994, he bequeathed shares to the value of approximately $50 million to the Foundation, representing well over half of his personal estate. This doubled the Foundation's corpus and made it one of the largest private philanthropic Foundations in Australia.

Source: Peter Yule, Ian Potter, Financier, philanthropist and patron of the arts