Eight of MCF's sub-funds have been established by not-for-profit (NFP) organisations.

By starting to build an endowment, each is looking to secure its long term future and the work it does in the community.

This is another way in which Melbourne Community Foundation can support the important work of organisations in the NFP sector.

There are a range of advantages for NFPs setting up an MCF sub-fund. It can potentially provide the basis for longer term sustainability and greater independence form external funding sources. By being removed from the organisation's  balance sheet, funds can be stored and built for a specific purpose further down the track, rather than absorbed into recurrent expenditure.

It can also be used to expand the organisation's support base, by offering an independent and secure option for donors' gifts.

Over the coming editions of the newsletter we will be highlighting the work and plans of some of these organisations.

In this edition the spotlight is on the Abbotsford Convent Sub-fund.

The Abbotsford Convent precinct becomes more popular and lively every day. There's a palpable buzz about the place as new life is breathed into the beautiful heritage buildings, glorious old gardens and expansive grounds. As the long hard work of its many community champions begins to bear fruit, the Convent looks to a vibrant, inclusive future which sits in stark contrast to its cloistered past.

In 1863 Abbotsford became the founding Australian home for a French order of nuns known as the Sisters of the Good Shepherd.

For over a century the sisters provided a refuge for orphans, wards of the state and girls considered to be in "moral danger." In its heyday, the convent was home to a large community of nuns and more than 1,000 charges. Closed off from the rest of the world, they were entirely self-sufficient, with a farm, an industrial school, a laundry business, a school and other entrepreneurial ventures.

The convent's more recent history saw an eleventh hour rescue from the hands of private property developers, who were set to turn the site into exclusive apartments, once again locking out the general public. It was only in 2004 that the site was given to the people of Victoria by the state government, as a major new arts, cultural and education precinct, open to all to enjoy.

It is a vision that is steadily becoming reality. There's an ever growing creative community with artists' studios, galleries, theatres and rehearsal spaces, as well as industrial art, fine craftsmanship and glassblowing. There's a funky new bar and a couple of cafes, special events, festivals, markets and performances. The original heritage gardens are slowly being returned to their former glory and half of the heritage buildings have been restored.

However, a considerable challenge remains. Conservative estimates put the bill for remaining restoration works at $25million. Without additional support the job cannot be finished and the vision of Abbotsford Convent's many advocates cannot be completed.

With a great future as a community resource and cultural icon there is a strong imperative for us all to get behind the Convent, helping it to become all that it is clearly capable of being.

For more information please contact Trish Pinto, the Convent's Development Manager, on (03) 9415 3600.