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It is a good feeling to lean back in my chair, block out all the issues on
my desk and reflect on the year past. What a remarkable year it has
been! Let me share some of the highlights with you.
Over the past 12 months CDF lent a record $124.4 million to Catholic
organisations and saved borrowers $3.9 million in interest repayments.
For the first time in the history of the Fund, total assets exceeded the
half billion dollar level, peaking at $509 million. These achievements
and the sustained growth of the Fund throughout a low interest rate
climate have resulted from a team effort. A big thank you to each of you
for helping to make this happen.
The commitment of individual investors continues to be a key factor in
meeting the ever-growing demand for loans. Consequently in July
interest rates for Cash Management, Target and Education Savings
accounts and Term Investment accounts were increased substantially in
a move to attract additional funds.
This year the CDF Board decided to align its financial year with the
commonly accepted financial year which ends on June 30th. This
overturns the Fund’s long standing practice to close the year on
March 31st.
In March, the first annual Fr James Wall Student Leadership
Achievement Awards totalling $10,000 were presented to four
deserving Year 10 students. The Fr James Wall Bursary initiative,
established by CDF following Fr Wall’s death in January 2002, pays
tribute to the man whose vision and commitment resulted in the
founding of the CDF in 1956 and inspired the subsequent growth of
the Development Funds movement throughout Australia and New
Zealand. CDF is justifiably proud that in honouring the past, the
future of young students will be encouraged.
The 2003 Catholic Church Development Funds of Australia and New
Zealand Conference was hosted by the Melbourne CDF. In keeping with
the theme, “Our Connected Community”, a programme was
developed whereby over 130 participants from across Australia and
New Zealand explored the impact that digital technology will have on
future financial, social and pastoral challenges for the Church.
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