Scripture Union Australia has a Deposit Fund, operated by SU Australia Deposit Fund Inc (a subsidiary association incorporated under the Victorian Associations Incorporations Act 1981), and comprising money held for individuals, together with its own reserves.
How is the Fund managed?
The Fund is managed by a committee made up of a group of professional people with financial and accounting experience, who act as trustees. The trustees understand the investment environment and direct money held in deposits towards prudent investment choices.
How does the Fund benefit Scripture Union?
The Fund provides a safe environment to deposit surplus funds or to borrow at very competitive rates of interest. In some cases, individual depositors have been willing to place finances in the fund with interest being donated to Scripture Union movements.
How does the deposit fund benefit the individual depositor?
Apart from the excellent rates of interest for individual depositors, the fund is a way for depositors to support Scripture Union. By placing funds on deposit, the overall pool of finances is enlarged and the trustees are able to attract better returns for everyone. As mentioned above, it has really helped movements when individual depositors have been willing to allow interest received to be used either partly or wholly for ministry.
Is there a minimum amount?
$200 is the minimum. There is no maximum limit. Some people have invested large amounts for a short time (eg. The proceeds from the sale of a house). Many have invested smaller amounts for longer periods. Both kinds of investments are very welcome.
How do I find out more, or place a deposit?
Each state and territory movement can provide you with information and assist you with making deposits. The following people are the first point of contact:
Corporations Law Requirements Pursuant to Class order of the Australian Securities and Investments Commission (ASIC), SU Australia Deposit Fund Inc has registered with ASIC an Identification Statement for the Scripture Union Australia Deposit Fund. ASIC has not cancelled the registration. Accordingly, investors should be aware of the following:
1. That the Scripture Union Deposit Fund conducted by SU Australia Deposit Fund Inc is not subject to the normal requirement to have a Disclosure document or Product Disclosure Statement and be registered or have a trust deed under the Corporations Act.
2. That the Scripture Union Australia Deposit Fund Scheme has not been examined or approved by the Australian Securities and Investments Commission. 3. That the Scripture Union Australia Deposit Fund Scheme is designed for investors who wish to promote the charitable purposes of the Scripture Union movement throughout Australia and for whom considerations of profit are not of primary relevance in the investment decision.
