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

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.

2016 Church Transformation Survey Results

The results for the second Church Transformation Survey have been received and the results tallied. In this second year of the survey, we had 150 churches participate (about 61% of our 245 churches, up slightly from the 144 last year).  Our sincere thanks to all the pastors and church leaders who completed it.

As a reminder, the purpose of the Church Transformation Survey is to track the impact and use of CCMBC initiatives toward our goal of multiplying Christ-centred churches to see Canada transformed by the good news of Jesus Christ.  To do this, we look at the transformation of our churches in three areas: Life Transformation, Church Transformation and World Transformation.  Remember, we are not evaluating the performance of individual churches, so all data are presented in aggregated form for confidentiality.

With two years of data now, we can begin to measure change over time.  There were 100 churches that filled out the survey in both 2015 and 2016, and these 100 churches provide the best sample for measuring change over time.  We also now have a combined sample of 193 different churches who filled out the survey in at least one of the two years.  This combined sample represents nearly 79% of our churches, which is best sample for looking at overall averages.  So, for the 2016 Church Transformation Survey, we will be presenting results for a) change over time using 100 churches who completed the survey both years and b) national averages using the combined sample of 193 different churches.

The Church Transformation Survey Results 2016 provides summary graphs comparing 2015, 2016 and the 2 year data. Results (aggregated by province) have already been made available to your provincial conference leaders.  The Measurement Committee Report on Church Transformation Survey 2016 contains a brief commentary about the results. The actual survey data from just 2016 is contained in the CCMBC Church Survey Data 2016.

Finally, we ask for your participation each year.  We need more churches to complete the survey consistently each year to have the best measure of movement toward our mission!

Sam Reimer, for the Executive Board

(former chair of the Measurement Committee)

 

Read more about the Transformation Survey 2016 results on the MB Herald website here.