What is the Revolving Fund?
The Revolving Fund is a fund that is managed by the Seventh-day Adventist Church in Canada and is available for loans to churches and schools within its territory, for the purpose of financial capital projects.
Why was the Revolving Fund Established?
The Revolving Fund was established to help the financing of church and school building programs by providing finances at a relatively low rate of interest.
What is the Source of Funds for the Revolving Fund?
Money is deposited under a charitable Trust Agreement in the Revolving Fund by members and institutions of the Seventh-day Adventist Church in Canada.
Terms of Deposit
All deposits are subject to the Trust Agreement and can be returned to you at your request, but we would ask for a 30 days’ notice. However, in the case of an emergency, the deposit can be returned immediately upon receipt of a written request.When a new Trust is created, a Deposit Agreement Form will be sent to each depositor indicating the amount of deposit, terms of trust and rate of interest.
What is the rate of Interest Paid on Revolving Fund Deposits?
When a deposit is made in the Revolving Fund, interest will be calculated beginning the day the deposit is received. Interest rates are reviewed periodically by the Seventh-day Adventist Church in Canada and adjusted based on current market conditions. The current interest rate is 2%.
When and How is Interest Paid?
Interest shall be computed monthly and paid to the depositors semi-annually on June 30 and December 31. If desired, interest may be credited to the account and compounded semi-annually on the above dates.
Are Deposits in the Revolving Fund Insured?
Deposits in the Revolving Fund are not insured by any agency of the government. However, reserves have been placed in the fund by the local Conferences in accordance with General Conference policy, thus protecting depositors against any loss. When a deposit is made to the Revolving Fund by sending a cheque, money order, postal note, etc , a letter confirming receipt of funds is issued. Deposits can be sent directly to the Seventh-day Adventist Church in Canada at 1148 King St. E., Oshawa, ON L1H 1H8.
In Case of Death
Your money in the Revolving Fund will become part of your estate upon death.