What happens to the money from no-interest loans and low-interest loans when they are paid back?
Money received back from all loans is invested prudently in a way to insure no loss on principle and to provide some increase. These funds are held to be added to next year’s distribution. So the money available in any one year is the money provided by the contribution of ICCEC churches, plus principle and income of previous year’s loans, and interest on those loan repayments. The interest is also used to pay any fees associated with running the Foundation Day fund, including bank fees, mailing, postage, web site fees, accounting and audit fees. No money is used for salaries or office space. No designated money collected is used for any administrative purpose. The one-third of the money collected that is invested is held until the Patriarch decides to utilize it for grants or loans.
