Still benefiting congregations.
Recently, U.C.I.S went through a process to simplify and streamline our investment types. One of the changes was to Mutual Support: where investors supporting a Uniting Church Mutual Support Scheme had the option to earn some interest for themselves, this option is now no longer available.
Our research pointed to such “split benefits” as a difficult to understand aspect of Mutual Support, with little benefit to the overall programme.
The reason for this change is so that the congregations being supported can receive the full benefit from the supporting investment. It’s also now a much clearer process for understanding the benefit your congregation will receive as a result of supporting investors forgoing their interest.
Scheme Coordinators, please note that there were some misunderstandings from communications about this change, with some investors believing that the benefit payment to the congregation or project was also being removed. This is not the case.
A promotional opportunity
Now may be a good time to touch base with your supporting investors, to thank them, explain any changes and to tell your congregation about the difference their support makes and the results that are possible with Mutual Support.
Credit schemes receive a benefit rate equivalent to the top tier Cash Manager rate, less U.C.I.S’ administration fee of 0.5 percent. The benefit rate is based on the total amount of supporting investments.
Loan schemes receive a benefit rate equivalent to the loan interest rate less U.C.I.S’ administration fee of 0.5 percent. This benefit rate is credited to your loan and is based on the total amount of supporting investments.
If you’d like more information about Mutual Support, or assistance encouraging it in your congregation, please contact the Marketing Department on 1300 655 653.