NI Presbyterian mutual society, Short of funds for withdrawal?

abeliever

Hopefully most congregations will feel content to leave some/all of their PMS funds "on deposit"

http://www.presbyterianireland.org/news/index.html

goodbyepci

http://www.newsletter.co.uk/news/local/church_asks_larger_savers_to_defer_1_2494485

goodbyepci

http://www.newsletter.co.uk/news/local/judge_approves_1m_donation_for_bail_out_1_2494477

no_more_f.w.o

http://www.bbc.co.uk/iplayer/episode/b00z0kyg/Sunday_Sequence_13_03_2011/


2mins 50 secs in to show

John Simpson thinks we won't get any money until September!

Excap123

no more fwo
Can you clarify what you mean by the repetition of lines from the Sunday Times report? I listened to what was said to the General Board and indeed to the Court - are you suggesting the church lied and that there are in fact cash reserves that they could draw on immediately to pay into the Mutual Access Fund.

no_more_f.w.o

Excap123 wrote: »

no more fwo
Can you clarify what you mean by the repetition of lines from the Sunday Times report? I listened to what was said to the General Board and indeed to the Court - are you suggesting the church lied and that there are in fact cash reserves that they could draw on immediately to pay into the Mutual Access Fund.

On Monday 29th Nov 2010 in the Newsletter
http://www.newsletter.co.uk/news/local/sdlp_presses_church_over_pms_support_1_2361194


Stafford Carson's own words
"
"Picking 5 million seems like a very arbitrary figure," he said.
"The Church does not have such resources to draw on. This would have to
be raised among the same people who are suffering because of this crisis."
He said that the Church's central investment fund, of some 45 million, could not be used for the PMS because it was given by Church members for specific purposes.
"Much of it is in the form of bequests given for overseas mission, social witness programmes and training purposes."



Incidentally overseas mission, and social witness programmes are what the united appeal is meant for.


Personally I think it's obscene for any Christian organisation to be sitting on a slush fund of £45 Million


so you decide!

D.A.

no_more_f.w.o wrote: »

Incidentally overseas mission, and social witness programmes are what the united appeal is meant for.

Correct up to a point. The United Appeal is where congregations give to support overseas mission, social witness, etc. However, if I'm not mistaken (someone with more knowledge of the workings of Church House correct me here), many individuals will have made donations, bequests, etc. which will have been earmarked for specific purposes. Some of these will have gone into the Central Investment Fund, where the interest on investments, etc. will be used to support overseas mission, social witness, etc.

By law, PCI *cannot* use this money for any purpose other than the specific purpose for which it was donated.

I by no means think PCI have covered themselves with any sort of glory during this whole debacle, but you have to understand that they are actually constrained by laws which *they did not make* and which in general are there to protect charities and those who donate to them.

goodbyepci

http://www.sammywilson.org/2011/03/15/my-week/

PMS package mentioned right at the end.

brick

D.A. wrote: »

PCI *cannot* use this money for any purpose other than the specific purpose for which it was donated.

If only PMS had been similarly constrained.

PCI.U.O.Me

I'm very pleased for PCI that they had the good sense to avoid placing their £45 million Central Investment Fund with the PMS...........wish someone had advised the rest of us to do the same with our life savings!