During these unprecedented times, we want to reassure you that our main priority is to keep providing you with the very best insurance and protection, commercial lending, investment management and risk advisory services and at the same service level that you expect.
We understand that many of you are facing challenging and uncertain times ahead but we can stand firm in the knowledge that at some point, the virus will be contained and the Australian economy will recover.
ACS Client Support
During this extremely challenging time its business as usual with our team at ACS. Our office is closed but all of our staff are now working remotely. Discuss with us any concerns you have and any support we might be able to provide if needed via phone and email.
As a key provider of risk management advice to Churches, Ministries and Christian Schools throughout Australia, our priority is the safety and wellbeing of our clients, staff and their families. As such, ACS Financial is taking measures to mitigate the risk and further spread of COVID-19 (Coronavirus).
In the interim, ACS Financial will be restricting all non-essential business travel and will suspend participation in any events or face to face client meetings.
These measures have been implemented to support the health and wellbeing of our people, our clients and our partners in the current environment.
We want to reassure you that even though while working remotely, we are always committed to maintaining our high-quality client service levels (including confidentiality). We are enacting our business continuity plan and seek to minimise disruption to our services. We will remain accessible via email and phone.
We thank you for your understanding and patience at this time as we continue to serve your organisations through this challenging period.
What Your Church or Ministry Needs To Know
Whilst Australia has been relatively protected from the rampant spread of Coronavirus (COVID-19), the situation continues to rapidly change, with new and stringent measures implemented by our Federal and State Governments as well as our National Health Authorities.
With recent directives that non-essential indoor gatherings of more than 100 people are now banned in Australia (and a more recent update to limit this now to 2 people), many workplaces adopting work from home policies, and increasing pressure on our essential services and health care professionals, it is important that we all do our part to curb the spread of this virus.
As expected, these circumstances have generated an unprecedented number of enquiries from our clients on how this situation impacts their church or ministry and whether their Insurance and Protections provide any cover in relation to the pandemic.
ACS Financial advocate that all clients follow the guidelines and recommendations of the Federal Government and the Chief Medical Officer.
Public Liability, Property Protection and Travel Insurance
Despite the chaos in the global insurance markets with significant rate increases and cover and capacity being withdrawn across our nation, we have now secured competitive terms for Insurance and Protection with little change to cover and premium rates.
This is achieved via ACS Mutual with its innovative global reinsurance structures and reach. It is critically important that you remain fully protected and don’t compromise on this, and we are doing everything we can, literally on a global level to enable you to do this.
Premium funding is a short-term loan that enables you to pay your premiums in 10 monthly instalments.
This may assist your organisation managing cash flow.
This is a facility we are able to make available to our clients and would welcome your enquiry if you believe that this will assist you through the coming months.
Bank Lending Assistance
Lenders have provisions in place to help clients during this time, with mainly six-month loan repayment holidays being offered.
Please be aware that this is not a loan reduction but rather delayed repayments where your interest is capitalised on the loan amount, so you will be paying interest on interest.
Take up these offers if you urgently require it for cash flow, but only if necessary.
We have long-standing relationships with the major banks who have informed us that relevant loans will also receive a 0.25% reduction and a further 0.25-1% in early April.
We are working with all our lending clients in working through any issues with the banks.
We would encourage you to contact our Lending Department as ACS Financial to discuss your options in this area.
For our own lending clients from our own ACCumulator funds, we are working individually with each client, and are already supporting them in individualised ways that meet each specific need as it arises.
Accumulator Investment Rates
We are increasing our rates for term investments this week to support our investors even further to continue to invest in our ACCumulator product, which resources the work of our churches.
ACCumulator is in a strong position to continue to support our clients during these times, as it did during the 2008/9 Global Financial Crisis.
Government Support Available to Churches
For organisations with a turnover of less than $50 million, including churches, schools and charities, the Federal Government is offering a range of financial support mechanisms.
As they are primarily delivered via payroll tax and PAYG withholdings, churches are not as greatly assisted as for-profit business, however, there is still support available.
Eligible small and medium-sized businesses and not-for-profits, including charities, that employ people can access up to $100,000, with a minimum payment of $20,000.
The federal government have recently announced its intention to pass additional legislation to introduce the "Job Keepers allowance” which is intended to provide wage subsidies to businesses that are significantly affected by COVID-19. If legislation is enacted, support will be directed to employers to pass on to employees.
This will provide significant support to our clients with the government paying $1,500 per fortnight per employee to employer organisations. This includes full time, part time staff (and casuals who have been employed for at least 12 months).
This will be paid to employers to enable them to continue to pay and retain staff.
Organisation income needs to have decreased by at least 30% to qualify, compared to same month last year.
Payments will be backdated to 1 March for employees employed at that time.
Our clients can register at the ato.gov.au website which will keep you updated and notify you once legislation is passed and application and associated procedures are finalised.
Please seek your own advice regarding what is available for you specifically, and refer to the various federal, state and local government websites available to assist you:
New South Wales: www.revenue.nsw.gov.au
Australian Capital Territory: www.revenue.act.gov.au
South Australia: www.revenuesa.sa.gov.au
What You Can Do As A Church During These Very Challenging Times
One of the challenges currently faced by all of us is the uncertainty around how long the impacts of the COVID-19 virus will last, how long this will impact our programs and the economic effects it will have on our organisations and businesses. The government is doing everything possible to support employment both during the crisis and beyond.
Just a few things we recommend you can do as a church/ministry/school:
As the COVID-19 (Coronavirus) situation evolves, we are also ensuring the safety, health and welfare of our team, our clients and all others with whom we interact, by following official Australian Government advice.
A vast array of information is available about COVID-19, we encourage you to continue to review the Australian Government Health Department website for the latest and most accurate information. https://www.health.gov.au/
We continue to serve you professionally and with integrity, in His name.
Chief Executive Officer
And the whole team at ACS Financial.
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"It's only in the midst of a crisis that you understand the value of an insurance broker who understands your unique needs. Cyclone Debbie hit our village and our church and caused flooding of over 4 meters devastating most of the village, including our church, contents and equipment. We're with ACS and when crisis hit they understood our unique needs, looked after us and were able to help us get back on track so that we could go and help the community. "
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Living Waters Church
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DISCLAIMER: The information on this website reflect some of the commercial aspects and potential risks/obligations for your Church, School or Organisation. The information is given as a guide only and does not represent a definitive list or legal view in any way shape or form. You are advised to seek your own professional advice on all your individual needs.
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