Year to Date Financial Report (Oct. 31,2016)

Posted on Monday, December 12th, 2016 by CCMBC Communications in News, Stewardship | Comments (1)

Canadian Conference of Mennonite Brethren Churches

Financial Report

Year to Date – October 31, 2016

The following comments are based on the Internal CCMBC financial reports as at October 31, 2016. The analysis is a comparison between the actual year to date results and the year to date allocation of the annual budget that was approved at the Annual general meeting in October 2015 and an analysis of the CCMBC financial position at October 31, 2016. This information has not been audited and has not been consolidated with the for profit corporations.

Operating Results

  1. Church Contributions ($966,273) are currently $471,227 below the approved 2016 budget. The amount includes a shortfall of $31,555 relating to the Alberta Conference contribution. The YTD actual is $52,290 below the 2015 YTD amount. Historically, November and December have been the best months for receiving church contributions and we are hopeful that this trend will continue in 2016.
  2. Grants and Donations ($2,082,394) are currently $628,680 below the approved 2016 budget. The YTD actual is $393,941 above the 2015 YTD amount. In the last two years the amounts received in November and December have resulted in exceeding the annual budget amount.
  3. Interest income ($10,189,662) is currently $148,308 above the approved 2016 budget. The YTD actual is $2,095,289 above the 2015 YTD amount.
  4. The capital gain ($347,874) results primarily from the sale of a property held in Winnipeg.
  5. The recovery of the allowance for credit losses ($350,000) results from restructuring a mortgage and receiving funds to reduce the outstanding balances of mortgages included in the allowance for credit losses.
  6. Ministry expenditures ($7,944,816) are $468,527 below the approved 2016 budget. All ministry areas and administration costs are below budget with Multiplying Churches contributing the majority in the amount of $313,938. In terms of account categories the majority of these are in staffing, office expenses and specific programs.
  7. Interest and stewardship management expenses ($5,302,977) are $995,240 below the approved budget for 2016. The interest paid on the non-registered deposit funds was reduced to 2.0% effective July 2016.
  8. As at October 31, 2016 there was an operating surplus of $436,052 which when added to the December 31, 2015 balance of $29,135 creates an accumulated operating reserve of $465,187.
  9. As at the end of October 31, 2016 there was an accumulated stewardship surplus for the year then ended in the amount of $1,050,847 (Capital gains $347,874; Recovery of credit losses $350,000 and surplus from stewardship management $352,973). This increases the Stewardship Reserve to $2,273,666 at the end of October 2016.

Financial Position

  1. As at October 31, 2016 the working capital (Current assets less current liabilities) balance is $8,016,376 (September 30, 2016 – $6,569,103). The current asset balance was $12,243,574 of which $10,623,677 was cash and bank balances.
  2. The total of internally restricted and unrestricted reserves are $12,942,262. This includes funds reserved for specific ministries, stewardship and operations.
  3. The current balance of funds on deposit is $261,823,013 and includes registered funds (RRSP. RRIF, TSFA) in the amount of $80,938,239 and non-registered funds in the amount of $180,884,774. The total investments which secure the funds on deposit is $260,837,525 which is under the deposit liability by $985,488 and would be covered by a part of the cash on hand. There is $161,769,724 which is invested in liquid funds and can be liquidated to cash within forty-five (45) days. This represents 62.7% of the total funds on deposit and 89.4% of the non-registered funds on deposit.

 

This financial report has been prepared by management and any comments or questions can be directed to Jim Davidson at jim.davidson@mbchurches.ca.

1 Comment |

One response to “Year to Date Financial Report (Oct. 31,2016)”

  1. Arthur Block says:

    We now have 3 versions of “YEAR TO DATE FINANCIAL RFEPORT (OCT. 31, 2016)
    They all have the same posting date yet they were in fact not posted at the same time.
    They each contain changed information.
    They were not referenced to each other.
    This can have moral and legal implications.
    Please explain.

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