General Synod was able to transfer a surplus of $400,000 to its contingency fund, thanks largely to higher investment performance, according to the report from the financial management committee presented on May 2 to the Council of General Synod (CoGS) by committee chair Archbishop Colin Johnson.
Revenues ($11.8 million) were about five per cent lower than in 2013-a drop of $636,000-largely attributed to a $113,000 decrease in proportional giving from dioceses, and by $547,000 in the “other” category, largely due to the absence of both revenues and expenses related to General Synod 2013.
Expenses were also lower than in 2013 by about five percent-$645,000.
Excess revenues over expenses were $1.1 million before transfers to internally designated funds.
General Synod received $203,000 in undesignated legacies in 2014 (up from $154,000 in 2013), all transferred to the Ministry Investment Fund, in accordance with General Synod policies.
CoGS voted to approve the audited financial statements for General Synod, the Consolidated Trust Fund for the Anglican Church of Canada and the Anglican Church of Canada Resolution Corporation, as well as approving a conflict of interest and integrity policy for Anglican Church of Canada staff and volunteers.
The Council also reconvened in its role as the board of directors for the Church Missionary Society (CMS) of the Anglican Church of Canada. General Synod treasurer Hanna Goschy presented the society’s audited statements, which the board approved.
James Sweeny of the ecclesiastical province of Canada asked for an update on a previous CoGS discussion about increasing the amount of money available from a CMS fund for clergy car loans. Goschy said that the loan limit had been increased from $9,000 to $13,000, but nothing further had been done. An upcoming review might include an evaluation of the $500,000 car loan fund, she added.
Bishop Lydia Mamakwa of the Indigenous Spiritual Ministry of Mishamikoweesh asked whether non-stipendiary clergy were eligible to apply for the car loans. Goschy said the current policy is that only paid clergy and lay staff are eligible, but promised to look into the issue.