PROPERTY & FINANCE COMMITTEE

REPORT TO SYNOD 2014

PROPERTY & FINANCE COMMITTEEMANDATE

1.Oversight and stewardship of the financial affairs of the Diocese

2. Considers and approves all matters related to property and capital expenditures, purchases and sales

3. Conducts financial planning, including the preparation of budgets & financial forecasts

4. Conducts regular reviews of the financial standing of the Diocese in relation to the current budget

5. Establishes, reviews and recommends changes to financial policy e.g. investments, property, insurance, Parish Fair Share, etc.

6. Oversight of investments including the administration of the Consolidated Trust Fund (CTF)

7. Oversight of benefits policies and administration

PROPERTY & FINANCE COMMITTEE ACTIVITIES DURING THE YEAR

APPROVAL OF:

12 SUPPORT GRANT APPLICATIONS 7 PARISH FAIR SHARE APPEALS 4 CONSOLIDATED TRUST FUND (CTF) WITHDRAWALS 5 CAPITAL PROJECTS 3 EXTENSION FUND LOANS 2 LONG-TERM LEASES 1 PURCHASE OF LAND CTF DIVIDEND RATE STIPENDIARY SCALES & ALLOWANCES CHANGES TO CBR’S AUDITED FINANCIAL STATEMENTS INSURANCE RATES

SYNOD FINANCES

2013 OVERVIEW

OPERATING FUND RESULTS FOR THE 2013 FISCAL YEAR

BUDGETED for a breakeven situationACTUAL $ thousandTOTAL INCOME 8,139TOTAL COSTS 8,179DEFICIENCY (40)INVESTMENT GAIN 219NET SURPLUS 179

OPERATING FUND – SOURCES OF REVENUE

$ thousandsCOMMUNITY MINISTRIES 4,815PARISH FAIR SHARE 2,210TRUST FUND REVENUE 389ADMIN FEE INCOME-CTF & CEF 316PAYROLL/ACCOUNTING FEES 64CROSSTALK DONATIONS/ADVERTISING 332ND CENTURY FUND TRANSFER 30ALL OTHER REVENUE SOURCES 282

TOTAL 8,139

REVENUE - COMMUNITY MINISTRIES

City of Ottawa 3,873,996 Donations from Parishes and Others 865,221 Synod Contribution 268,876 Counselling Fees 161,693 Government of Canada 31,610 Centretown Citizens Corp. 17,500 United Way Grant 11,445

Total Revenue $5,230,341

COMMUNITY MINISTRIES – CITY OF OTTAWA FUNDING

Cornerstone Centre 454 The WellSt. Luke's

TableTotal

Emergency Shelter per diems 1,177,539 1,177,539 Personnel Needs Allowance 5,082 5,082 Housing Support & Transitional Housing 272,347 272,347 515 MacLaren & 251 Bronson 639,435 639,435 Homeless Partnership Initiative Grants 78,024 78,024 Project Funding 30,221 188,700 62,154 281,075 Day Program Sustaining Funding 518,589 505,868 338,504 57,534 1,420,495

Totals 2,643,212 694,568 478,682 57,534 3,873,996

SYNOD CIRCULAR PAGE 114 – ADDENDUM

Cornerstone Centre 454 The WellSt. Luke's

Table

Ottawa Pastoral Centre

Other Outreach

Total

Revenue:City of Ottawa 2,643,212 694,568 478,682 57,534 3,873,996 Donations from Parishes & Others 366,553 156,114 26,756 131,811 14,026 8,268 865,221 Synod Contribution 28,992 112,300 79,392 0 33,192 15,000 268,876 Counselling Fees 161,693 161,693 Government of Canada 15,406 7,216 6,255 2,733 31,610 Centretown Citizens Corp. 17,500 0 0 17,500 United Way Grant 11,445 11,445

Total Revenue $3,071,663 $981,643 $591,085 $192,078 $208,912 $23,268 $5,230,341

Expenses: Personnel $2,445,996 $817,667 $455,852 $129,818 $188,349 $2,231 $4,039,913 Capital 108,952 6,024 2,663 4,735 . $122,374 Operating 457,052 148,764 121,782 54,593 15,502 18,704 $816,397 Office 59,663 9,188 10,787 2,932 5,060 908 88,538

Total Expenses $3,071,663 $981,643 $591,085 $192,078 $208,912 $21,842 $5,067,222

Surplus $0 $0 $0 $0 $0 $1,426 $163,119

OPERATING FUND – EXPENDITURES (TOP 10)

$ thousandsCOMMUNITY MINISTRIES 5,082SALARIES & BENEFITS 1,009GENERAL SYNOD APPORTIONMENT 598SUPPORT TO PARISHES 263COMMUNICATIONS 126STEWARDSHIP 115ARCHIVES 97PROFESSIONAL FEES 77SUPPORT TO CLERGY 75HOSPITAL MINISTRY 39ALL OTHERS COMBINED 698

TOTAL 8,179

FUND BALANCES AT YEAR-END

millions

Extension Fund $4.52 Operations Fund 2.15 Cornerstone Foundation 1.71 Parochial Pay & Insurance Funds 0.36 Parish Capital Asset Fund 0.27 GIFT Fund (0.35)

Total $8.66

CHURCH EXTENSION FUND

NUMBER OF LOANS 13 (1 new loans in 2013)

NUMBER OF PARISHES 11

AVERAGE LOAN $115,000

$ VALUE OF LOANS $1.5 million

CURRENT LENDING RATE: 4.0%

CONSOLIDATED TRUST FUND SUMMARY OF AMOUNTS HELD IN TRUST

$millionPARISH 12.9SYNOD 10.2RECTORY 5.0CLERGY RETIREMENT FUND 1.4CEMETERY 0.9THIRD PARTIES 0.5 TOTAL $30.9

CONSOLIDATED TRUST FUND

PERFORMANCE SUMMARY

201320 year average

Value of Investment Holdings $30.9 million $24.2 million

Units Held 1,494,786 1,192,008

Net Market Value per Unit $20.66 $20.43

Increase/(Decrease) in MV for the year

8.41% 1.10%

Dividend Declared $0.60 $0.91

Yield 2.90% 4.47%

Total Return (Yield + MV change)

11.31% 5.51%

PARISH FACTS AND FIGURES

NUMBERS – PARISHES & CLERGY

Deaneries 10Parishes 71Congregations 115Chapels 12Priests (FTEs) 70

NUMBERS – REPORTED BY PARISHES

RECEIPTED DONATIONS

YearReceipted Donations

% Increase (Decrease)

2005 10,038,450 4.9 %2006 10,683,811 6.4 %2007 10,357,078 (3.1)%2008 9,916,960 (4.2)%2009 10,571,627 6.6 %2010 10,805,834 2.2 %2011 10,830,139 0.2 %2012 10,606,624 (2.1)%2013 10,988,346 3.6 %

The 2011 to 2013 figures do not include GIFT donations

REGULAR GIVINGS PER INDIVIDUAL

PARISH INCOME – ($ THOUSANDS)

Collection & Open Offerings 10,921 11,318 3.6 %Donations from Church Organizations 1,002 1,072 7.0 %Rentals 1,325 1,692 27.7 %Capital Withdrawals from CTF 204 439 115.2 %Received for New Buildings 470 1,968 318.7 %Bequests 857 582 (32.1)%Investment & Other Income 1,219 1,421 16.6 %

TOTAL INCOME 15,998 18,492 15.6 %

2013%

inc/(dec) 2012DESCRIPTION

PARISH SPENDING – ($ THOUSANDS)

Personnel Costs 7,288 7,927 8.8 %Property Expenses 2,002 2,114 5.6 %Capital Expenditures 952 2,535 166.3 %Debt Rep'm't (Principal & Interest) 421 332 (21.1)%Parish Fair Share 2,121 2,148 1.3 %Insurance Premiums 400 420 5.0 %Additions to Trust Funds 194 340 75.3 %Outreach/Special Parish Appeals 739 664 (10.1)%Operating Expenses 2,027 1,848 (8.8)%

TOTAL EXPENDITURES 16,144 18,328 13.5 %

Surplus/ (Deficit) (146) 164

2013%

inc/(dec) 2012DESCRIPTION

QUESTIONS?