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The
Development Fund movement throughout Australia
commenced in 1956 in the Archdiocese of
Melbourne. Development Funds were
formalised due to the difficulty in obtaining
finance from the mainstream banking sector for
capital projects within the Church. Their
main objective is to provide cost effective
financial services for the many and varied
Church agencies. Our Development Fund
commenced operations in the Diocese of
Rockhampton in 1963. At this time, there
was a call on Parishioners to deposit funds in
order to assist in its development.
The
DDF accepts deposits from all within the
Catholic Community and utilises that pool of
funds to provide financial services and
assistance to Parishes and Diocesan agencies.
These services include day-to-day banking
facilities such as cheque accounts for Diocesan
entities and investment accounts for all
clients. The DDF does not charge fees on
general debit and credit transactions.
However, where specific banking services are
utilised, such as Deskbank, EFTPOS and credit
card facilities, user charges are applicable.
Loans are made available for capital projects in
pastoral and educational ministries such as
Churches, Presbyteries, Parish Centres, Aged
Care Facilities, Hospitals, Schools and
Colleges.
Surpluses
generated
by the Development Fund are available for
distribution to the Diocese to help cover its
annual operating expenses. All monies
invested with the Diocesan Development Fund are
guaranteed by the Catholic Diocese of
Rockhampton. The Fund is managed by a
sub-committee of the Diocesan Finance Council.
The Committee is responsible for its own
internal operations, reports to the Diocesan
Finance Council and is accountable to the
Bishop.
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