Imagine - we all need to save a portion of our earnings for emergencies and a little more for unplanned events but that second portion can likely be in some interest earning account that has some limitations on how fast and frequent withdrawls can occur. What if those savings also rebated interest paid by Ark and Dove for its Building loan. When you save , the Church saves as well.
Well that is what Presbyterian Investment & Loan Program is all about. It helps churches build and sustain themselves and allows members to invest in interest bearing accounts that are similar to money market and CD's.
Pretty straight forward process
1. Open an account by filing out the forms, signing and then sending in. ( mail or email ) pick one or more account types.
designate Ark and Dove as the benefiting church.
2a. provide a check for an amount $500 or more
2b. Sign up online for direct ACH withdrawl and submit a payment
There are some details to pay attention to just like any other financial account like how long investments need to be held and the amounts which additions and withdrawls can be made ( Generally this is $500 or more in either direction and at least 30 days for the money market and 6 months for the other accounts )
When Ark and Dove members or other congregations supporting Ark and Dove have enough deposited, our interest paid is rebated upto 1% and lowers our effective rate to 2% ( the floor or base rate )
We currently Need an Additional $6500.00 in investments by members to get the full rebate.
Thats Just 13 member families finding, re-homing or increasing $500 of their rainy day funds into PILP -and when we Ark and Dove pays less that's more that goes to enabling our ministries. Now thats an EASY way to be a good steward of our resources!