Financial claims wrong

"The Foundation has ridden out the global financial crisis and is doing more operations than ever before," says Doolan.

Today's Sydney Morning Herald includes a story that outlines concerns about losses The Foundation has taken to its investments and incorrectly states The Foundation did not publish information relating to its finances on its website.

Detailed financial information, including full 2008 Annual Report, Financial Overview, Audited Accounts, Auditors' Report, Directors' Report and Auditors' Declaration on Independence has been clearly available on The Foundation's website since May 20, 2009.

See below for response to the Herald's claims:

SMH: Charity losses $2m in controversial investment plan.

Fact: In 2008 The Fred Hollows Foundation had realised losses from investments of $271,121, which were fully declared in its public Annual Report, published in hard copy, available on its website, sent to members and declared at its public Annual General Meeting held in May 2009. These have been fully recovered by October 2009.

SMH: ...the Australian head office of the international charity pursued an ambitious growth strategy that some of its international board members had opposed.

Fact: Growth of The Fred Hollows Foundation has lifted sight saving operations from 56,508 in 2005 to 176,472 in 2008. The Foundation has pursued a prudent, conservative and fully audited investment strategy. Investments over a five year period have resulted in increased income - allowing The Foundation to do more work.

SMH: $1.8 million was stripped from the value of the charity's investments as a result of the financial crisis

Fact: Unrealized losses for 2008 totaled $1,646,593. These are unrealized losses, similar to the drop in value that many superannuation funds experienced due to the global financial crisis.

SMH: Newer members of the Australian management team had backgrounds in business rather than charity.

Fact: Board includes Gabi Hollows, widow of Fred Hollows, friends of Fred Hollows, respected ophthalmologists, community workers and former SBS newsreader Mary Kostakidis. CEO Brian Doolan has extensive experience in international development and Indigenous affairs and first met Fred Hollows in Wilcannia NSW nearly 30 years ago.

SMH: Money was not given by people to invest.

Fact: The Foundation often receives shares through people's wills. In addition, it needs to put aside funds for future commitments, including $3 million for building a new eye clinic at Alice Springs Hospital.

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For interviews or more information phone The Fred Hollows Foundation:

Joe Boughton-Dent (02) 8741 1928 or 0401 650 440 -  jboughtondent@hollows.org

David Britton - 0411 743 320 dbritton@hollows.org