A religious based organization provides financial management products for member churches within the state. In a recent effort to understand church needs and attract more money under their management, the organization conducted field visits to churches and discovered a strong desire on the part of churches to ensure that their money is FDIC insured.
CDARS® and ICS® provided a solution that enabled the organization to manage the funds under its care efficiently and enable it to advertise that all funds would be FDIC insured. Interestingly, it was able to double the amount of funds under management in a brief period of time.
The organization uses ICS to sweep funds into its operating account. It has $12-$14 million of its own funds that it uses CDARS and ICS for.
VP Finance, Religious-Based Fund