Large bequest leaves church with 2008 surplus

Notes: "General Synod's deficit for 2008 might have been higher than the approved $1.3 million but, thanks to a generous bequest, the General Synod ended the year with a $1.865 million surplus. Michele George, General Synod's new treasurer, said the deficit for the year ending Dec. 31 [2008] was $2.043 million. Although the bequest was expected, she explained that, 'in the budgeting process, we do not budget for undesignated legacies. We were fortunate in 2008 to receive a large legacy from the (Marjorie) Dashwood estate of $3.6 million and we were able as a result to absorb the deficit for the year and, in fact, show a net revenue position." "Although the year ended in a surplus, the cost-cutting was still necessary, said Archdeacon Michael Pollesel, general secretary of the Anglican Church of Canada. 'The plan to reach financial equilibrium means that deficits must be reduced each year,' he said. The national church plans to eliminate deficits by 2012".

Subjects: Anglican Church of Canada - Finance; Budget - Anglican Church of Canada; Marjorie Dashwood Bequest; Legacies - Anglican Church of Canada; Charitable bequests - Anglican Church of Canada