Guide to Giving
MEDIA, JOBS & RESOURCES for the COMMON GOOD
News  | 

Co-investing in Social Projects via Community Sector Banking


Tuesday, 24th April 2012 at 11:31 am
Staff Reporter
An Australian Community Sector Banking consortium has released a financial product that it says will donate 50 per cent of account profits towards social projects and investors can also elect to donate a proportion of their interest to the fund.

Tuesday, 24th April 2012
at 11:31 am
Staff Reporter


0 Comments


FREE SOCIAL
SECTOR NEWS

 Print
Co-investing in Social Projects via Community Sector Banking
Tuesday, 24th April 2012 at 11:31 am

An Australian Community Sector Banking consortium has released a financial product that it says will donate 50 per cent of account profits towards social projects and investors can also elect to donate a proportion of their interest to the fund.

The Bendigo Bank and Community 21 joint venture called Community Sector Banking (a consortium of 20 Not for Profit organisations including Oxfam Australia, Scope and ACOSS) has launched the product called the Social Investment Deposit Account.

The consortium says the new type of account is aimed at community minded people and organisations who want to see their investments being useful and contributing to social change, rather than just locked away.

It says the Social Investment Deposit Account offers a competitive rate and Community Sector Banking then gives a donation stream of 50% of account profits to positive social outcomes and invites investors to boost outcomes by donating some of their profits as well.

“We are committing 50% of profits on the account to projects and organisations working for social change, we invite investors to do likewise and donate some of their return too,’ CEO and Managing Director, Greg Peel said.

“This is a unique product and we would expect to raise significant dollars and produce some great outcomes depending on its take up.”

Customers will be given the option to make a tax deductable donation of 0%, 50% or 100% of the interest earned on their account to support social programs and projects via the social impact fund in the Bendigo Bank’s Community Enterprise Foundation (CEF).

“Community Sector Banking is working closely with their colleagues in the CEF to ensure best practice philanthropy and management of the funds. There is an advisory group set up and the process for applying for a grant/donation stream will be developed to complement the aims of the account,” Peel said.

The consortium says the account contributes to positive social impact, such as:

  • expanding social and affordable housing
  • sustaining conservation and environmental projects
  • helping close the gap on Indigenous education and health
  • building respectful and appropriate aged care options
  • fostering community development through financial inclusion.

For more information go to communitysectorbanking.com.au

 

Like this story? Want more? Subscribe to our Online News Service – it’s FREE!




Got a story to share?

Got a news tip or article idea for Pro Bono News? Or perhaps you would like to write an article and join a growing community of sector leaders sharing their thoughts and analysis with Pro Bono News readers?

Get in touch at news@probonoaustralia.com.au

Get more stories like this

FREE SOCIAL
SECTOR NEWS

Write a Reply or Comment

Your email address will not be published. Required fields are marked *



YOU MAY ALSO LIKE

The ripple effect of job creation

Contributor

Monday, 26th August 2019 at 8:04 am

Is an ecosystem-based approach the future of funding social enterprise?

Jay Boolkin

Thursday, 22nd August 2019 at 8:33 am

Victorian social enterprises get connected

Wendy Williams

Thursday, 22nd August 2019 at 8:17 am

Filling the cracks: Our moral duty to reduce inequality in Australia

Andrew Cairns

Thursday, 15th August 2019 at 8:54 am

POPULAR

Disability groups call for better quality plans in NDIS review

Luke Michael

Monday, 12th August 2019 at 4:51 pm

Gillian Triggs to shine a light on Australia’s refugee treatment

Maggie Coggan

Monday, 12th August 2019 at 5:04 pm

Australians’ generosity a “mixed bag”

Maggie Coggan

Tuesday, 20th August 2019 at 8:23 am

ACNC takes action on charity linked to controversial animal farm

Luke Michael

Monday, 19th August 2019 at 5:24 pm

subscribe to careers
pba inverse logo
Subscribe Twitter Facebook

Get the social sector's most essential news coverage. Delivered free to your inbox every Tuesday and Thursday morning.

You have Successfully Subscribed!