The commitment of expendable donations to earn interest is intended for funds not required for expenditure in the short term. Funds must be specifically committed for this purpose. The administration of commitments of lesser amounts is not considered to be cost effective. The minimum commitment period is three months. Should committed funds be required for expenditure or commitment for other purposes before the end of a quarter or should the account go into overdraft in the quarter, the total commitment is released prior to the end of the quarter.
Interest is paid at fiscal year-end only on commitments of at least one full quarter of the year.
The commitment dates are the first day of May, August, November and February. Deadlines Except for May, commitment requests are accepted up until the fifth working day of the month. For May, the deadline is extended to the last working day of the month in order that the decisions of fund managers in this regard can be made with reference to total funds available in the upcoming period including investment income on endowment income and expendable funds. This income is distributed in April and reported in the April statements of account. On these same dates a commitment may also be revised or cancelled.