Canadian church reports sharp drop in income: The Church of England Newspaper, June 3, 2012 p 7. June 7, 2012Posted by geoconger in Anglican Church of Canada, Church of England Newspaper.
Tags: church finances
The Anglican Church of Canada will draw upon its endowment funds to close a 7.25 per cent deficit in its budget for fiscal year 2011, the church’s treasurer told the Council of General Synod this week.
Treasurer Michele George told the members of COGS – the church’s governing body between meetings of General Synod – that the 2011 budget had been based upon income and expenditures of approximately $12 million – with an anticipated surplus of income over expenses of $18,000.
However, the year ended with a deficit of $873,000 which was reduced to $65,000 through the use of income from “undesignated legacies”, Ms George told delegates on 26 May 2012 at the COGS meeting in Mississauga, Ontario.
The treasurer said a drop in contributions from the dioceses coupled with lower than expected investment returns led to the deficit.
“We’re clearly struggling at the moment,” Ms. George told COGS, Anglican Journal reported.
The church’s annual appeal was off by $752,000 while diocesan contributions were $273,000 below target. However, reserves of $400,000 eased these deficits, the treasurer said.
The market value of the church’s investments declined by $300,000 Ms. George said. The 2011 budget had anticipated more than $150,000 in investment revenue but instead lost $164,000, she said according to the church’s news service.
“We’re clearly struggling at the moment,” Ms. George told COGS, the Anglican Journal reported.
First printed in The Church of England Newspaper.