The Anglican Investment and Development Fund (AIDF), Diocese of Canberra and Goulburn, celebrates its 50th Anniversary this year.
Today the AIDF offers a variety of products and services. Funds invested with the AIDF are used to provide loans to parishes and other diocesan agencies, including schools, for building or other capital works projects, along with providing housing, car and personal loans to clergy and other persons employed by the Diocese. The Fund has operated profitably every year since inception.
Profits are retained and used to build reserves and make grants to the Diocese. Reserves are invested ethically in order to further support investors’ funds. Today the fund has grown to hold approximately $100m in total assets. The AIDF’s operations are guaranteed by the Diocese and its financial performance has continued to strengthen. This is evidenced by the fact that investor funds reached $60m for the first time in late 2016 ($39.7m – 2015).
The AIDF’s core purposes of being a strong and significant supporter of local parishes, including their community activities and buildings, aligns with the investors’ desires of not only receiving competitive and accessible accounts but also of supporting their own community. The AIDF investors are a fundamental reason for the success of the AIDF over its long history. The expertise and quality of the AIDF Board also plays a key role in this success. AIDF Board members bring a wealth of experience across the areas of finance, legal, business management, risk and governance.
The AIDF provides fee-free accounts, including Community Saver Accounts and Term Investments paying consistent highly competitive interest rates. The ‘Community Saver Account’ provides a strong return (currently 2.5%) to the investor and the AIDF donates 0.5% to your parish or favourite Diocesan entity. Through these accounts the AIDF donated over $56,000 to Parishes and Diocesan entities in 2017.
The AIDF has an additional reason to celebrate this year with Leila Cochrane (Operations Manager) celebrating her 20th Anniversary of employment with the AIDF in December.
The fund was established in 1967 by a small group of dedicated finance professional lay parishioners, along with the support of Bishop Warren and a $1,000 loan.
The fund was originally known as the Diocesan Development Fund (DDF) and its purpose was to subsidise loans and to make grants to parishes and diocesan agencies out of the profits. For many years it operated out of the AMP offices in Canberra although, given the strong support by lay members (investors), it quickly established agencies in a number of towns throughout the Diocese. By 1974 it had repaid the initial loan, made grants of over $4,000 and produced an annual profit of $11,500. In 1980 the Fund moved to an office on the ground floor of Jamieson House in Reid.
The DDF changed its name to become the Anglican Development Fund (ADF) in 1999 and then again to become the Anglican Investment and Development Fund (AIDF) in 2011. At that time the AIDF moved to offices at Level 4, 221 London Circuit, Canberra City where it currently resides.
The AIDF team and the Board wish to thank all investors for their ongoing support and they look forward to continuing to support the mission of the Diocese and all their clients in the future.