The Catholic Development Fund (CDF) is to match dollar for dollar in interest earned on special accounts set up to raise money for pilgrims from the archdiocese to World Youth Day in Sydney next year.
And, if the special schemes amass a million dollars, CDF which is a major supporter of World Youth Day, will further boost the schemes by putting $35,000 into the WYD common travel fund.
Chris Duthie-Jung of the Archdiocesan Youth Office says the CDF account which will boost the pilgrims’ coffers has a couple of great features.
‘Firstly the account holder can decide to open an account with a one-off deposit, or start the account with an initial deposit and then make regular contributions. In either case the depositor will receive the same special, higher-than-usual interest rate.
As well as the depositor getting their 3.5% interest (less resident withholding tax), the CDF will donate an amount equivalent to the pre-tax interest earned to the common travel fund.
‘That’s an extra $350 in the World Youth Day travel fund for every $10,000 put into the special savings accounts,’ says Chris.
‘The second benefit is to the youth – the donation goes to the fundraising pool without us making any effort. In other words the young people can get on with their own fundraising activities.’
Chris believes the account will appeal to a whole range of people within the archdiocese.
‘Parents or grandparents of WYD pilgrims and other people, organisations or clubs who just want to support the young people can use the special account.
‘As depositors of more significant amounts, they can direct who is to receive their interest as well as contributing to the common fund through the extra CDF donation.’
The Catholic Development Fund’s WYD account has Archbishop John Dew’s backing. The archbishop believes the special account is a wonderful opportunity for parishioners and supporters of Catholic youth to help.
‘World Youth Day may be one of the most significant events our young people will ever attend,’ Archbishop John says.
To open a WYD special savings account, simply ring CDF Wellington on 0800 4 233 233 and discuss whether you want to make a one-off deposit or regular, deposits.
CDF will then prepare the paper work and post it out to you to sign and return. They’ll even include a prepaid envelope.