Frequently Asked Questions
What investment opportunities does the Development Company offer?
- Investors may purchase either a variable rate Savings Certificate, or
- Fixed rate Investment Certificates.
- Terms may range from 6 months to 60 months.
What is the main difference between a Savings Certificate and an Investment Certificate?
- A Savings Certificate has no holding period requirement. Also, the interest rate is variable and could change daily. An Investment Certificate must be held for a fixed time period and has a fixed rate for that term
Who can invest in the Development Company, LLC?
- Any church, agency or individual (18 years of age or older), who resides in Virginia and is affiliated with The United Methodist Church.
Is a minimum investment required?
- Yes, a $1,000 minimum investment is required for all investment certificates and $5000 for reserve certificates.
What happens to the money I invest with the Development Company?
- First, at least 10% is set aside – by our bylaws – to provide liquid reserves.
- Then, almost 90% is loaned out to Virginia United Methodist churches and affiliate institutions for one of the following purposes:
- Acquisition of land ○ Major renovations or expansions
- Building of new structures ○ Refinancing of loans
If I have a Foundation account, can I move money to a Development Company, LLC, account?
- While the Foundation is not chartered to handle personal investments, a church may move its Foundation investment to the Development Company relatively easily. Because the Virginia United Methodist Foundation and the Virginia United Methodist Development Company are two separate legal entities, a withdrawal request must be completed to remove the funds from the Foundation, and then a deposit form must be completed for the Development Company deposit. Foundation personnel can assist a church in completing these two forms.
May I add to my Investment or Savings Certificate?
- You may add to a Savings Certificate at any time.
- An Investment Certificate is a time deposit, so additional funds may not be added until it is renewed. However, you may open a new Investment Certificate at any time.
Whom do I contact about questions regarding my Statement or my Certificate(s)?
How do I change my payment method or my contact information?
- Download this Transaction Change Request Form; fill in the corrected information, and return it to us via mail or email.
How are withdrawals handled?
- The investor may complete an Account Transaction / Change Form, under the Resources tab on the website, and email or mail that to us. (Please note, for churches, two (2) signatures are required to approve withdrawals or transfers). Also remember that an early withdrawal penalty may apply for Investment Certificates. There is never a penalty for withdrawals from Savings Certificates.
How is the interest rate established and how often could my rate change?
- Interest rates are established by the Board of Directors based on market conditions. Variable Rate Savings Certificates may change as frequently as daily. Investment Certificate Rates are fixed for the term. When you renew an Investment Certificate, the then-current rate will be the new rate for the term of the Certificate.
How is interest accrued?
- Interest on Investment Certificates can be compounded through reinvestment or paid out quarterly.
- Interest on Savings Certificates can be compounded and paid annually or paid at redemption.
Is the Development Company regulated by the Securities and Exchange Commission (SEC)?
- Actually, the Development Company cannot be regulated by the SEC, because we are a 501.c.3 corporation and a religious entity. Because DevCo cannot be regulated by the SEC, its products cannot be FDIC insured.
Are investments in the Development Company, LLC insured?
- The Development Company, LLC is a registered Offering with the Commonwealth of Virginia. Although investments are not FDIC insured, they are safeguarded through strict investment and lending policies, strong board leadership and competent staff.
Is the Development Company, LLC audited?
- Yes, an annual audit is conducted by an independent, outside CPA firm. Copies of the most recent audit will be available on our website.
When are statements mailed?
- Savings (Congregational or Individual) Statements are currently mailed by the 15 of the month if the account has activity during the month.
- Investment Certificates Statements are currently mailed quarterly by the 15 of the month after the quarter, if the account has activity during the month.
When are interest checks mailed out?
- Interest checks will be mailed by the 15th of the month.
When do Investment Certificates mature?
- We offer Investment Certificates with six different maturity periods: 6 months, 12 months, 24 months, 36 months, 48 months and 60 months. The maturity period is selected by the Investor at the time of investment. The maturity date corresponds to the last day of the month in which the investment was made (except in the case of a 6-month Certificate, in which case the maturity date is the last day of the sixth month after the investment or renewal date).
May I redeem or reinvest my certificate?
- Yes, at least 30 days prior to the maturity date, the Development Company, LLC will notify investors that they have the option to either redeem their certificate or reinvest.
What is your street address to express mail a deposit?
- 10330 Staples Mill Road, Glen Allen, VA 23060