Submission on Unclaimed Money's Discussion Paper - 28 July 2014
Community Council for Australia has provided a submission and met with Treasury officals to advocate for the divertion of unclaimed moneys into a capital fund that supports viable investment options for the not-for-profit sector.
CCA suggests this addiional capital pool for the not-for-profit sector will deliver real economic and social benefits for governments and our communities in the longer term. It's also expected to gain community support by diverting unclaimed moneys into a fund that is transparent and achieving real social benefits.
The submission sets out a number of conditions which will need to be in place before any funds could be made available to the sector. They include:
a. That the capital is preserved and is available to anyone seeking to claim back their unused moneys
b. That the capital is not only preserved but is available to government within a reasonable time
c. That any use of the funds should not only be revenue neutral but should also make a small positive return over time
d. That the use of any funds is both transparent and accountable, and
e. That there is a real and tangible benefit to the community from any investment made with unclaimed funds.
A number of areas are also identified as to unclaimed moneys would have greatest impact. These include capacity building; underwriting mergers and collaborations, supporting the development of fundraising, sponsorship and income producing activities; and underwriting a phase down insurance type product to mediate rapid changes in government funding policies.
Details of the Treasury's discussion on this matter are available here.
