|  THE
SYNOD INVESTMENT SERVICE
Overview
of Program
The
Synod Investment Service
welcomes your deposits!
Established in 1989 with
initial deposits of less than 2 million dollars, the Investment
Service exceeds 36 million dollars today.
Churches have choices as to how they wish to invest their dollars. The Custodial Fund, similar to a money market account, is 100% liquid and offers flexibility to depositors. There are six-month, one year, two year, and three year Mission Development
Certificates, which depending on the term will accrue interest at higher rate.
The Synod Investment Service is
open to any church, presbytery, specialized ministry or
ecumenical partner related to the Presbyterian Church (U.S.A.)
within the bounds of the Synod of the Pacific. The Synod's
5 million dollar line of credit with Union Bank of California
insures continual liquidity to all Custodial/Mission Development
Certificate Investment depositors.
Advantages
to Depositors
- Depositors
receive a high rate of return on short-term investments.
The current annual rate is significantly higher than commercial
banks return for interest-bearing checking, savings, money
market and certificates of deposits (CD's).
- Depositors
are spared the inconvenience of shopping around for the
best rates or transferring funds among various commercial
institutions to secure the best rates.
- Custodial Fund depositors
may make an immediate withdrawal, without penalty, at any
time during regular business hours. There is no maturity date; funds are always available.
The Mission Development Certificate is a six-month, one
year, two year, or three year note, with interest accruing each month,
redeemable only at the maturity and/or renewable for an additional
term.
- Depositors
participate in the Synod's mission by underwriting its Loan
Service. In turn the Loan Service provides the necessary
funds for new church development, construction to existing
churches and/or renovations, as well as other special needs
of churches, presbyteries and agencies across the Synod.
Benefits
to the Synod as a Whole
- The
Synod Investment Service funds the Synod
Loan Service, allowing the Synod to reduce expensive borrowing
from commercial banking institutions.
- The
Synod supports ministry among its eleven presbyteries using
the difference in interest rates between investment deposits
and loans.
Policies
and Procedures
- The
Synod accepts deposits to its lockbox from Presbyterian
Church (U.S.A.) congregations, presbyteries, and specialized
ministries within its bounds, and related organizations
and ecumenical ministries in which the Synod or any of its
presbyteries are partners. Regulatory requirements prohibit
the Synod from accepting deposits from individuals or from
organizations/agencies not related to the Synod of the Pacific,
Presbyterian Church (U.S.A.)
- The
Custodial Fund initial minimum deposit is $5,000.00. Deposits
or withdrawals in any amount are acceptable after the initial
deposit. Although it is not necessary to maintain a $5,000.00
balance, the Synod reserves the right to return a deposit
that falls below $500.00.
- An
initial minimum deposit of $25,000 is required for Mission
Development Certificates.
- The
Synod credits interest utilizing an annual percentage
rate based on the cost of funds of the Investment and Loan Servies, and calculated on a daily basis.
Synod
Investment Service
- The
Synod's capacity to accept deposits is limited by its portfolio
of outstanding church loans. At this time, qualified investors
are encouraged to make deposits.
- Depositors
will receive a statement for new accounts, and a regular
monthly statement thereafter showing all account activity
for each account.
Contact
Ani Lelea at ani@synodpacific.org
or 1.800.754.0669 Ext. 11 for further information. |
