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MC Canada year end: Returning to financial health

   

March 10, 2004
-by Dan Dyck

Winnipeg, Man.— Mennonite Church Canada is on the road to fiscal health, returning $125,000 to reserves that were seriously drawn down last year (all figures un-audited).

Dan Nighswander, general secretary, says there are two primary reasons for the positive income results. “Congregations and individuals gave almost $4 million, or 99.8% of the donation budget. Income from investments and other non-donor sources was also higher than expected. I am very thankful for the response of our membership in supporting our ministries.”

The encouraging income results are only part of the story. Conservative spending in operations resulted in expenses totaling $171,266 less than was budgeted. The bottom line, after planned reserve transfers and one time costs, is a $125,000 surplus. The surplus will be used to replenish reserves which were drawn down last year. Detailed statements will be available at the Winkler 2004 assembly.

Delegates at St. Catharines 2003 approved projections for 2004-05 that included $130,000 in “Challenge Giving.”

“Challenge Giving sets a goal for growing our ministries. God is calling us – in fact challenging us to grow Jesus’ ministry of healing and hope for all people. As a church, we want to align ourselves with that goal,” said Nighswander.

Summarized Operating Statement    
 
2003-04 Budget
2003-04 Actual
2004-05 Budget
Total Donations
$3,910,438
$3,904,078
$3,914,081
Challenge Giving
$0
$0
$130,000
Other Revenue & Net Transfers
$1,466,074
$1,430,873
$882,975
Total
$5,376,512
$5,334,951
$4,927,056
Less Expenses
$5,376,512
$5,208,990
$4,797,056
Ending Surplus  (Deficit)
$0
$125,961
$130,000
       
       
Summarized Operating Statement - details    
 
2003-04 Budget
2003-04 Actual
2004-05 Budget
Total Donations
$3,910,438
$3,904,078
$3,914,081
Challenge Income
$0
$0
$130,000
Other Revenue
$1,202,309
$1,252,914
$793,381
Total Expenses
$(5,168,747)
$(4,997,481)
$(4,772,356)
Operating Surplus (Deficit)
$(56,000)
$159,511
$65,106
Net Discontinued Operations
$(207,765)
$(211,509)
$(24,700)
Transfer From/(To) Reserves
$263,765
$177,959
$89,594
Ending Surplus  (Deficit)
$0
$125,961
$130,000