England looking at a “social investment bank”
Unclaimed property is the topic for some of England’s largest charities. Money is sitting idle and charities are in need of funds. What to do? Read on to find out what they are planning.
Some of England’s largest charities have formed an independent body which is set to announce plans for a “social investment bank” . The purpose of this group is to take over hundreds of millions of pounds lying in dormant bank accounts.
The exact plan will be unveiled on July 12, 2006 as part of an interim report by the Commission on Unclaimed Assets. The Commission is reviewing how dormant funds could be distributed to charities if the assets are not reclaimed by their owners.
The “social investment bank” would help finance activities for youth and community charities as well as voluntary projects and social enterprises. Definitely groups that can put to good use this dormant money.
The UK is estimated to have 500,000 charities and voluntary organizations, the majority of which have little or no access to capital and are largely dependent on grants and donations.
It should also be known that banks have not opposed giving the cash to charity. The bigger issue is centered on how long cash funds need to have been untouched to be considered dormant. Some suggestions range from three years to as long as 20 years. Last year the funds lying unclaimed for years or decades was considered to total more than 5 billion pounds.
Another issue was rightful owners finding that they had unclaimed money and now want to collect what is theirs. The independent body has determined that rightful owners will be able to reclaim their assets if they discover their unclaimed account had been turned over to the “social investment bank”.
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