HOW GLEBE INCOME ACCOUNTS WORK?Glebe Income Accounts are open for investments from individuals, parishes, organisations and companies. They are operated by Glebe Administration Board (GAB) which is the Trustee of the Diocesan Endowment of the Anglican Church Diocese of Sydney. As at 31 December 2010 the Diocesan Endowment had net assets of $110 million. The Diocesan Endowment provides the marjority of the money distributed by the Synod of the Diocese each year for the maintenance of various ministries and church activities. GAB, as Trustee of the Diocesan Endowment, invites investments from supporters of the Anglican Church. These investments will be used by GAB to generate further income to provide for vital ministries. Investments are added collectively to the Diocesan Endowment and do not constitute a separate trust or fund. Initial investments are made to an All-In-One Account, At-Call Premium Account, Term Account and/or Support Account and must be accompanied by a completed application form. Please see how to apply for Glebe Income Account for more details. The GAB will pay interest on all interest bearing investments in Glebe Income Accounts and will repay each investment in accordance with the terms on which the investment is made.
|