Dormant accounts funding moves closer
Howard Lake | 11 September 2012 | News
The allocation of money from dormant bank accounts in Northern Ireland to community groups has taken a step closer after the Department of Finance and Personnel (DFP) announced that it has a preferred organisation to distribute the funds.
DFP has told the Northern Ireland Council for Voluntary Action (NICVA) that it wants the Ulster Community Investment Trust (UCIT) to allocate the money which will be distributed in the form of loans rather than grants.
Previously DFP said that up to £1.3 million would be available in the first year, considerably less than earlier estimates which indicated that up to £20 million might be disbursed in the first year with smaller amounts in subsequent years.
DFP will shortly be bringing forward legislation related to the distribution of funds which will reflect the spending priorities of DFP.
The Department of Finance and Personnel undertook public consultation from August to October 2009 to identify the spending priorities for the use of the dormant accounts funding.
It is proposed that UCIT will operate as the body through which the Dormant Accounts Funding will be channelled to other bodies, in the form of repayable loans.
There is still time to respond to the proposals by contacting DFP by 2 November 2012.
www.dfpni.gov.uk/index/about-dfp/consultation-zone.htm
Photo: olliruam77 on Flickr.com
About Howard Lake
Howard Lake is consultant editor of UK Fundraising. He founded the site in 1994 and successfully sold it in 2022. As director of Giving X Ltd he is exploring growing giving on a massive scale.
He is the founder of Fundraising Camp and co-founder of GoodJobs.