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2017 BUDGET CONVERSATION AND RESOLUTION : Adoption of the 2017 Budget

http://archives.anglican.ca/en/permalink/official10562
Date
2016 November 17-20
Source
Council of General Synod. Minutes
Record Type
Resolution 06-11-16
Date
2016 November 17-20
Source
Council of General Synod. Minutes
Record Type
Resolution 06-11-16
Mover
Canon David Jones
Seconder
The Rt. Rev. Fraser Lawton
Prologue
FINANCIAL MANAGEMENT PRESENTATION #007-01-16-11 to 04-16-11
The Treasurer and CFO of General Synod, Ms. Hanna Goschy, presented the report from the Financial Management Committee. The report included a budget with narrative, year-to-date financials with commentary and balance sheet, criteria for the Ministry Investment Fund (MIF), new projects approved in June 2016, and a report from the Chair.
Ms. Goschy spoke to the 2017 budget summary and encouraged members to read the commentary provided for program areas. She highlighted the following:
- The final version of the proposed budget forecasts a $47,360 surplus.
- As mandated, a five-year budget has also been provided with each year balanced.
- The budget presented was reviewed by the Financial Management Committee on October 29, 2016.
- Expenses were reviewed for General Synod ministries.
- 87 percent of net revenues come from diocesan provincial gifts.
- Diocesan contributions are the most important component of revenue for General Synod.
Questions and comments were welcomed. Members inquired about program expenditures, maintenance costs at Church House, and whether there has been a motion to ensure staff are paid a living wage. Regarding living wage for staff, The Ven. Dr. Michael Thompson noted an analysis would be done for the next CoGS meeting.
Further conversation about the budget and the resolution from the Financial Management Committee was scheduled for the following day.
The Primate thanked Ms. Goschy and those on Management Team who supported the development of the budget’s narrative for CoGS.
2017 BUDGET CONVERSATION AND RESOLUTION [Page 16]
Having had time to reflect on the 2017 budget and the Financial Management Report, Council members were invited to ask questions. As previously reported, it was requested that for the next meeting of CoGS, General Synod provide comment on whether staff are paid a living wage.
Text
That the Council of General Synod approves the 2017 Budget with a surplus of $47,360.
CARRIED #06-11-16
Notes
Ms. Goschy was thanked for her presentation of the finances.
Subjects
Budget - Anglican Church of Canada
Anglican Church of Canada - Finance
Less detail

2018 BUDGET RESOLUTIONS #007-01-17-11 to 007-05-17-11 : 2018 Budget Resolution

http://archives.anglican.ca/en/permalink/official10595
Date
2017 November 10-12
Source
Council of General Synod. Minutes
Record Type
Resolution 12-17-11 [sic i.e. 12-11-17]
Date
2017 November 10-12
Source
Council of General Synod. Minutes
Record Type
Resolution 12-17-11 [sic i.e. 12-11-17]
Mover
The Rt. Rev. Fraser Lawton
Seconder
Ms. Cynthia Haines-Turner
Prologue
The Rt. Rev. Fraser Lawton and Ms. Cynthia Haines-Turner presented two resolutions that pertained to the 2018 budget. Before members voted by consensus, Bishop Lawton noted that the motion from the Financial Management Committee Report (#007-04-17-11) had been amended into two motions.
Text
That this Council of General Synod approve the 2018 Budget with a surplus of $29, 853.
ADOPTED #12-17-11 [sic i.e. 12-11-17]
Subjects
Budget - Anglican Church of Canada
Anglican Church of Canada - Finance
Less detail

2018 BUDGET RESOLUTIONS #007-01-17-11 to 007-05-17-11 : Suicide Prevention in 2018 Budget

http://archives.anglican.ca/en/permalink/official10596
Date
2017 November 10-12
Source
Council of General Synod. Minutes
Record Type
Resolution 13-17-11 [sic i.e. 13-11-17]
Date
2017 November 10-12
Source
Council of General Synod. Minutes
Record Type
Resolution 13-17-11 [sic i.e. 13-11-17]
Mover
The Rt. Rev. Fraser Lawton
Seconder
Ms. Cynthia Haines-Turner
Prologue
The Rt. Rev. Fraser Lawton and Ms. Cynthia Haines-Turner presented two resolutions that pertained to the 2018 budget. Before members voted by consensus, Bishop Lawton noted that the motion from the Financial Management Committee Report (#007-04-17-11) had been amended into two motions.
Text
That this Council of General Synod encourage and support a conversation about a shared strategy between Indigenous Ministries and Council of the North Diocesan leaders as to how to allocate the new money for Suicide Prevention provided in the 2018 budget and 2019-2022 forecasts.
ADOPTED #13-17-11 [sic i.e. 13-11-17]
Subjects
Budget - Anglican Church of Canada
Anglican Church of Canada - Finance
Suicide - Prevention
Suicide - Religious aspects - Anglican Church of Canada
Anglican Church of Canada. Council of the North
Anglican Church of Canada. Indigenous Ministries
Less detail

2020 BUDGET #007-01-19-11 to 007-04-19-11 - 2020 Capital Budget

http://archives.anglican.ca/en/permalink/official10731
Date
2019 November 7-10
Source
Council of General Synod. Minutes
Record Type
Resolution 010-11-19
Date
2019 November 7-10
Source
Council of General Synod. Minutes
Record Type
Resolution 010-11-19
Mover
The Rev. Dr. Karen Egan
Seconder
Ms. Margaret Jenniex
Text
Be it resolved: That the Council of General Synod approve the 2020 Capital Budget with expenditures of $55,900. ADOPTED #CoGS 010-11-19
Subjects
Anglican Church of Canada - Finance
Budget - Anglican Church of Canada
Less detail

2020 BUDGET #007-01-19-11 to 007-04-19-11 - 2020 Operating Budget

http://archives.anglican.ca/en/permalink/official10730
Date
2019 November 7-10
Source
Council of General Synod. Minutes
Record Type
Resolution 009-11-19
Date
2019 November 7-10
Source
Council of General Synod. Minutes
Record Type
Resolution 009-11-19
Mover
The Rev. Dr. Karen Egan
Seconder
Ms. Judith Moses
Text
Be it resolved that this Council of General Synod: Approve the 2020 Budget as recommended by the Financial Management Committee amended to reflect a surplus of $34,934 due to an increase in reconciliation expenses to $96,000. ADOPTED #CoGS 009-11-19
Notes
Treasurer and CFO, Ms. Hanna Goschy, reported to Council on the 2020 budget. Highlights of Ms. Goschy’s report included the following:
The Financial Management Committee (FMC) forecasts a $2,000 surplus for 2019, and a total revenue of approximately $11.2 million.
The 2020 budget is aiming for a surplus of almost $35,000.
General Synod was able to balance its budget for 2019 due to careful budgeting. FMC is mandated to present a balanced budget and is not allowed to run a deficit.
Ms. Goschy spoke to the history of proportional giving. Since 1995, proportional gifts from dioceses have decreased by $1.8 million or almost twenty percent from the $9.4 million to $7.6 million. Thus far, the decline in proportional giving has not resulted in any program or staff cuts. However, as some staff members have left the positions have not been filled. The decline in proportional giving from dioceses, and expectations for a continued trend downwards, will add pressure on expenditures to maintain a balanced budget in future years. A related consideration is the possibility that some gifts that have been budgeted for may not come in.
FMC has discussed the need to allow funding of up to $250,000 from the Ministry Investment Fund (MIF) in 2021 to offset a potential operating deficit in that year. This is a one-time request that would require Council’s authorization.
Ministry Investment Fund grants for 2020 were highlighted. Annually, $250,000 is available through a process where directors of General Synod prepare proposals for one-time projects. Grants for 2020 can be found in the motion put forward for resolution.
There will be a joint meeting of the church’s finance officers and executive officers in Edmonton, AB in mid-November to discuss proportional giving and hopefully plans towards a strategy for improvements.
Subjects
Anglican Church of Canada - Finance
Budget - Anglican Church of Canada
Less detail

2020 BUDGET #007-01-19-11 to 007-04-19-11 - Ministry Investment Fund and 2021 Budget

http://archives.anglican.ca/en/permalink/official10733
Date
2019 November 7-10
Source
Council of General Synod. Minutes
Record Type
Resolution 012-11-19
Date
2019 November 7-10
Source
Council of General Synod. Minutes
Record Type
Resolution 012-11-19
Mover
The Rev. Dr. Karen Egan
Seconder
Ms. Margaret Jenniex
Text
Be it resolved: That an additional $250,000 be available from the Ministry Investment Fund, on a one-time basis, if required, for 2021 Budget as a contingency to ensure a balanced 2021 Budget. ADOPTED #CoGS 012-11-19
Subjects
Anglican Church of Canada - Finance
Anglican Church of Canada. Ministry Investment Fund
Less detail

2020 BUDGET #007-01-19-11 to 007-04-19-11 - Ministry Investment Fund Projects

http://archives.anglican.ca/en/permalink/official10732
Date
2019 November 7-10
Source
Council of General Synod. Minutes
Record Type
Resolution 011-11-19
Date
2019 November 7-10
Source
Council of General Synod. Minutes
Record Type
Resolution 011-11-19
Mover
The Rev. Dr. Karen Egan
Seconder
Ms. Margaret Jenniex
Text
Be it resolved: That the Council of General Synod approve a total of $250,000 in grants from the Ministry Investment Fund for the following projects:
Indigenous Ministries: $65,000 for production of a video on reconciliation.
Indigenous Ministries: $100,000 for episcopal support in N. Ontario and N. Saskatchewan.
Global Relations: $41,300 to develop study program formation for vocational ministry in the Episcopal Diocese of Cuba.
Faith, Worship, and Ministry: $43,700 for a second gathering of Anglican Health Care Chaplains/Spiritual Care Providers. ADOPTED #CoGS 011-11-19
Subjects
Anglican Church of Canada - Finance
Anglican Church of Canada. Ministry Investment Fund - Grants
Less detail

Anglican Church of Canada Consolidated Trust Fund Financial Statements

http://archives.anglican.ca/en/permalink/official10577
Date
2017 June 23-25
Source
Council of General Synod. Minutes
Record Type
Resolution 05-17-06 [sic i.e. 05-06-17]
Date
2017 June 23-25
Source
Council of General Synod. Minutes
Record Type
Resolution 05-17-06 [sic i.e. 05-06-17]
Mover
The Rt. Rev. Fraser Lawton
Seconder
Ms. Cynthia Haines-Turner
Prologue
AUDITED FINANCIAL STATEMENTS #007-05-17-06 to 10-17-06
The Treasurer and CFO of General Synod, Ms. Hanna Goschy, and the Rt. Rev. Fraser Lawton presented the audited financial statements for The Anglican Church of Canada Resolution Corporation, The Anglican Church of Canada Consolidated Trust Fund, and the General Synod of The Anglican Church of Canada, along with the report from the Financial Management Committee. Bishop Lawton, Council’s representative on the Committee, presented the statements and included the following in his commentary.
- The role of the Financial Management Committee is to monitor actual performance against the budget.
- The audit process for 2016 was delayed for the Audit Committee’s review of responses received to a Request for Proposal for Audit Services. Grant Thornton LLP was recommended and subsequently approved by Council through an electronic vote. The 2017 audit process will begin on June 24, 2017.
- Membership for the Audit Committee includes: the Most. Rev. Colin Johnson (Chair), Mr. Philip Arthur, Mr. Peter Lewis, Mr. Paul Singleton, and Mr. James Sweeney.
- The Anglican Church of Canada Resolution Corporation originally included funds for the Settlement Fund (expended by end of 2016) and the Anglican Fund for Healing and Reconciliation. Funds are administered by the General Synod.
- The Investment Sub-Committee provides investment oversight.
- General Synod is already saving for General Synod 2019.
The following resolutions were put before Council:
Text
That the Council of General Synod approve the audited financial statements of the Consolidated Trust Fund for the fiscal year ending December 31, 2016.
ADOPTED #05-17-06 [sic i.e. 01-06-17]
Subjects
Anglican Church of Canada. Consolidated Trust Fund - Auditing
Anglican Church of Canada - Finance
Less detail

Anglican Church of Canada Consolidated Trust Fund Financial Statements

http://archives.anglican.ca/en/permalink/official10607
Date
2018 June 1-3
Source
Council of General Synod. Minutes
Record Type
Resolution 11-18-06 [sic i.e. 11-06-18]
Date
2018 June 1-3
Source
Council of General Synod. Minutes
Record Type
Resolution 11-18-06 [sic i.e. 11-06-18]
Mover
Ms. Cynthia Haines-Turner
Seconder
Canon David P. Jones
Prologue
AUDITED FINANCIAL STATEMENTS #007-16-18-06 to 007-22-18-06
Chair of the Financial Management Committee (FMC), Mr. Robert Saffrey, and the Most. Rev. Colin Johnson, Chair of the Audit Committee, presented FMC’s report and the audited financial statements for The Anglican Church of Canada Resolution Corporation, The Anglican Church of Canada Consolidated Trust Fund, and the General Synod of The Anglican Church of Canada. Ms. Hanna Goschy, Treasurer and CFO, was on hand to address questions from Council. Highlights from the presentation included the following:
- Archbishop Johnson reviewed the process for the audited financial statements and reminded Council that they approved the appointment of Grant Thornton LLP as auditor for General Synod fiscal 2017 at their June 23-25, 2017 meeting (see document #004-01-17-11, page 12). FMC recommends reappointment of Grant Thornton LLP for General Synod fiscal 2018.
- The audited financial statements were reviewed in detail and Council had the opportunity to ask questions.
- The overall revenue for General Synod of The Anglican Church of Canada for 2017 was $11,938,059, which is a decrease of $449,487 from 2016. Overall expenses totaled $11,416,845, which is $1,245,961 less than 2016. The resulting surplus of core revenues over expenses was $521,214.
- The operating fund surplus (before transfers to reserves) is $1,519,736. While the total investment income was $998,523, realized and unrealized capital gains amounted to $729,057 and do not form part of the operating budget as they fluctuate from year to year based on financial market returns. The surplus was still $790,639 after factoring out these gains. Staff vacancies have been filled and as a result, it is expected that the 2018 actual expenditures will be in line with budget and it is not expected a significant surplus will be seen again in 2018.
- Proportional giving from dioceses was slightly higher than budgeted, but $70,000 lower than 2016. Council was reminded that proportional giving is the largest source of revenue for General Synod.
- The Investment Sub-Committee has reviewed investment performance, as well as the asset mix, ranges, and benchmark indices within the current Statement of Investment Policy. Overall performance for the year ended December 31, 2017 was 8.1% versus a benchmark of 7.2%.
Questions and comments were welcomed. Among the questions asked, Council members inquired about: how many dioceses are net contributors (twenty); whether the Anglican Fund for Healing and Reconciliation and the Ministry Investment Funds are part of the totals for internally designated net assets in the Consolidated Trust Fund (they are not); the difference between governance and administration (governance includes CoGS, boards, committees, councils, and Council of the North while administration includes salaries and benefits); and General Synod’s administrative cost (thirteen percent, a very low cost for not-for-profit organizations).
The following resolutions were placed before Council.
Refer to document # 007-18-18-06
Text
THAT the Council of General Synod approve the audited financial statements of The Anglican Church of Canada Consolidated Trust Fund for the fiscal year ending December 31, 2017.
ADOPTED #11-18-06 [sic i.e. 11-06-18]
Subjects
Anglican Church of Canada - Finance
Anglican Church of Canada. Consolidated Trust Fund
Less detail

Anglican Church of Canada Resolution Corporation Financial Statements

http://archives.anglican.ca/en/permalink/official10576
Date
2017 June 23-25
Source
Council of General Synod. Minutes
Record Type
Resolution 04-17-06 [sic i.e. 04-06-17]
Date
2017 June 23-25
Source
Council of General Synod. Minutes
Record Type
Resolution 04-17-06 [sic i.e. 04-06-17]
Mover
The Rt. Rev. Fraser Lawton
Seconder
Ms. Cynthia Haines-Turner
Prologue
AUDITED FINANCIAL STATEMENTS #007-05-17-06 to 10-17-06
The Treasurer and CFO of General Synod, Ms. Hanna Goschy, and the Rt. Rev. Fraser Lawton presented the audited financial statements for The Anglican Church of Canada Resolution Corporation, The Anglican Church of Canada Consolidated Trust Fund, and the General Synod of The Anglican Church of Canada, along with the report from the Financial Management Committee. Bishop Lawton, Council’s representative on the Committee, presented the statements and included the following in his commentary.
- The role of the Financial Management Committee is to monitor actual performance against the budget.
- The audit process for 2016 was delayed for the Audit Committee’s review of responses received to a Request for Proposal for Audit Services. Grant Thornton LLP was recommended and subsequently approved by Council through an electronic vote. The 2017 audit process will begin on June 24, 2017.
- Membership for the Audit Committee includes: the Most. Rev. Colin Johnson (Chair), Mr. Philp Arthur, Mr. Peter Lewis, Mr. Paul Singleton, and Mr. James Sweeney.
- The Anglican Church of Canada Resolution Corporation originally included funds for the Settlement Fund (expended by end of 2016) and the Anglican Fund for Healing and Reconciliation. Funds are administered by the General Synod.
- The Investment Sub-Committee provides investment oversight.
- General Synod is already saving for General Synod 2019.
The following resolutions were put before Council:
Text
That the Council of General Synod approve the audited financial statements of the Anglican Church of Canada Resolution Corporation for the fiscal year ending December 31, 2016.
ADOPTED #04-17-06 [sic i.e. 01-06-17]
Subjects
Anglican Church of Canada Resolution Corporation - Auditing
Anglican Church of Canada - Finance
Less detail

85 records – page 1 of 9.