This document provides an overview of parish finance topics for churchwardens, including:
- The legal status of parishes under provincial and diocesan law and as registered charities.
- Filing requirements for annual returns to maintain charitable status and avoid penalties.
- Guidelines for financial statements, audits, and levels of assurance.
- Processes for managing funds held in trust for the parish, including the Consolidated Trust Fund and Cemetery Fund.
- Requirements for record keeping of donations, receipts, financial records, and payroll.
2014 Annual Accounting Update for Not-for-ProfitsWelch LLP
On Oct. 22nd, 2014, Welch LLP's experts hosted its annual Not-For-Profit seminar where they reviewed past, present & upcoming financial issues facing NPO’s.
To listen to the recording, please visit: http://www.welchllp.com/resource-centre/videos/events/
Areas of Discussion:
• A refresher of last year's key topics
• Anti-spam legislation
• Tax Essentials: Key income tax & HST updates
• Federal incorporation act update
• Accounting update on new principles
• Governance best practices
• Tips to prevent fraud in NPO's
Speakers:
• Don Scott, FCPA, CA - Tax Partner, Director of Tax Services
• Mona Tessier, CPA, CA, CA.IT - Senior Manager, Indirect Tax Partner
• Shawn Kelso, CPA,CA - Director of Professional Standards
• Christa Casey, CPA, CA - Partner & Director of the Not-for-Profit Sector
• Andre Auger, CGA, CFE - Government Services Provider
• Adam Aptowitzer - Lawyer, Drache Aptowitzer LLP
• Alexandra Tzannidakis, B.A., LL.B. - Lawyer, Drache Aptowitzer LLP
This personal tax and financial planning guide is intended to provide you with useful tax facts and planning
information that may help you with your 2016 tax planning. We encourage you to seek qualified tax
planning advice prior to implementing any tax planning strategies, to ensure you are following the options
appropriate to your unique circumstances.
Presentation slides from webinar presented by Aaron Dunn of The SMSF Academy on 5 September 2013 on the latest issues impacting contributions including excess concessional contribution reforms, additional contributions tax for high income earners and more.
2014 Annual Accounting Update for Not-for-ProfitsWelch LLP
On Oct. 22nd, 2014, Welch LLP's experts hosted its annual Not-For-Profit seminar where they reviewed past, present & upcoming financial issues facing NPO’s.
To listen to the recording, please visit: http://www.welchllp.com/resource-centre/videos/events/
Areas of Discussion:
• A refresher of last year's key topics
• Anti-spam legislation
• Tax Essentials: Key income tax & HST updates
• Federal incorporation act update
• Accounting update on new principles
• Governance best practices
• Tips to prevent fraud in NPO's
Speakers:
• Don Scott, FCPA, CA - Tax Partner, Director of Tax Services
• Mona Tessier, CPA, CA, CA.IT - Senior Manager, Indirect Tax Partner
• Shawn Kelso, CPA,CA - Director of Professional Standards
• Christa Casey, CPA, CA - Partner & Director of the Not-for-Profit Sector
• Andre Auger, CGA, CFE - Government Services Provider
• Adam Aptowitzer - Lawyer, Drache Aptowitzer LLP
• Alexandra Tzannidakis, B.A., LL.B. - Lawyer, Drache Aptowitzer LLP
This personal tax and financial planning guide is intended to provide you with useful tax facts and planning
information that may help you with your 2016 tax planning. We encourage you to seek qualified tax
planning advice prior to implementing any tax planning strategies, to ensure you are following the options
appropriate to your unique circumstances.
Presentation slides from webinar presented by Aaron Dunn of The SMSF Academy on 5 September 2013 on the latest issues impacting contributions including excess concessional contribution reforms, additional contributions tax for high income earners and more.
Slides used by Wendy Griggs, Age UK Boston and South Holland (LTO) and Bill Badham, Big Local rep at the ‘Locally trusted organisations and Big Local partnerships’ learning and networking event. The event took place on Wednesday 7 December 2016.
Slides used by Wendy Griggs, Age UK Boston and South Holland (LTO) and Bill Badham, Big Local rep at the ‘Locally trusted organisations and Big Local partnerships’ learning and networking event. The event took place on Wednesday 7 December 2016.
Giving can be hard work. Having the right tools is critical to managing how to disburse funds effectively. This chart breaks down the differences between Donor Advised Funds, Private Foundations, Community Foundations and hybrid institutional vehicles.
Calvert County, MarylandComprehensive Annual F.docxRAHUL126667
Calvert County, Maryland
Comprehensive Annual Financial Report
For the Fiscal Year Ended June 30, 2016
ACCT 410-7980
Accounting for Government and Not-for-Profit Organizations
Presented by:
Date: December 3, 2017
Certificate of Achievement for Excellence in Financial Reporting
Established in 1945 to encourage and assist state and local governments to go beyond the minimum requirements of generally accepted accounting principles to prepare comprehensive annual financial reports that evidence the spirit of transparency and full disclosure and then to recognize individual governments that succeed in achieving that goal.The Government Finance Officers Association of the United States and Canada (GFOA) awarded a Certificate of Achievement for Excellence in Financial Reporting to Calvert County Government for its comprehensive annual financial report for the fiscal year ended June 30, 2015.
Governmental Funds
There are two major funds on the financial statements:General FundCapital Projects FundThere are thirteen non major funds:Planning and Zoning Board of Library TrusteeParks and Recreation Chesapeake Hills Golf Course Calvert Marine MuseumBar LibraryEconomic Development Authority Revolving LoanRevolving LoanCalvert County Family NetworkExcise Tax Economic Development Incentive Grants Land Preservation
County Statistics
The largest employer of Calvert County is Calvert County Public Schools with 2,224 employees, which equates to 4.78% of total county employees. The County of Calvert, for that last 3 fiscal years has collected 100% of property tax levies and collections for a total of $120,625,659 in 2016The County continues its policy of maintaining a reserve of 8 percent of current budgeted General Fund expenditures to protect its high credit ratings and provide for a source of funds to be available in the event of “catastrophic” revenue short falls. In June 2016, the County’s credit ratings were reaffirmed by Standard & Poor’s and Fitch and upgraded by Moody’s Investors Service, Inc. The current ratings follow: The unemployment rate for Calvert County was reported as 3.9% for 2015 by the Maryland Department of Labor Licensing and Regulation. This continues an improving trend.The average per‐capita personal income of County residents reported by the Maryland Department of Planning for 2011‐2015 is $50,066 ($43,546 in 2010‐2014), an increase of 15.0 percent.
Proprietary and Fiduciary Funds
There are two major enterprise funds:
1. Water and Sewer Funds
2. Solid Waste and Recycling Fund Both major enterprise funds are operating at a Operating Income (loss).Calvert County maintains 4 internal service funds.
1.General Fund
2.Special revenue funds
3.Capital projects fund
4.Enterprise funds Fiduciary Funds:
1. Others county records Pension funds
2. Other Post-Employment Benefit types
3. Agency Fund Fiduciary funds are used ...
HKP has helped recover over $84 million in employment tax credits through the Work Opportunity Tax Credit program (WOTC) for their clients. Employers who experience a lot of hiring or have high turnover are a good fit for the program as the credits are applied for getting individuals back to work. HKP helps employers determine if they qualify, and then applies for and recoups the credits on their behalf. There is very little work for the employer and they can receive up to tens of thousands of dollars.
This set of slides, originally prepared as the Area Council Report to Diocesan Council, April 2013 and since updated, describes the richly diverse nature of the Episcopal Area of York-Credit Valley and celebrates the work taking place there.
This set of slides, prepared as the Area Council Report to Diocesan Council, April 2013, describes the richly diverse nature of the Episcopal Area of York-Credit Valley and celebrates the work taking place there.
John Bowen prepared these slides for the Reach New People workshop at Trinity College on October 27, 2012.
John Bowen is the Director of the Institute of Evangelism at Wycliffe College.
A presentation given by Archbishop Colin Johnson at the Anglican Diocese's of Toronto Clergy Conference 2012. The presentation focused on adaptive leadership skills for clergy.
A presentation given by Bishop Philip Poole at the Anglican Diocese's of Toronto Clergy Conference 2012. The presentation focused on 10-year statistical trends in the Diocese.
Presentation by Jared Jageler, David Adler, Noelia Duchovny, and Evan Herrnstadt, analysts in CBO’s Microeconomic Studies and Health Analysis Divisions, at the Association of Environmental and Resource Economists Summer Conference.
Jennifer Schaus and Associates hosts a complimentary webinar series on The FAR in 2024. Join the webinars on Wednesdays and Fridays at noon, eastern.
Recordings are on YouTube and the company website.
https://www.youtube.com/@jenniferschaus/videos
ZGB - The Role of Generative AI in Government transformation.pdfSaeed Al Dhaheri
This keynote was presented during the the 7th edition of the UAE Hackathon 2024. It highlights the role of AI and Generative AI in addressing government transformation to achieve zero government bureaucracy
A process server is a authorized person for delivering legal documents, such as summons, complaints, subpoenas, and other court papers, to peoples involved in legal proceedings.
Donate to charity during this holiday seasonSERUDS INDIA
For people who have money and are philanthropic, there are infinite opportunities to gift a needy person or child a Merry Christmas. Even if you are living on a shoestring budget, you will be surprised at how much you can do.
Donate Us
https://serudsindia.org/how-to-donate-to-charity-during-this-holiday-season/
#charityforchildren, #donateforchildren, #donateclothesforchildren, #donatebooksforchildren, #donatetoysforchildren, #sponsorforchildren, #sponsorclothesforchildren, #sponsorbooksforchildren, #sponsortoysforchildren, #seruds, #kurnool
Jennifer Schaus and Associates hosts a complimentary webinar series on The FAR in 2024. Join the webinars on Wednesdays and Fridays at noon, eastern.
Recordings are on YouTube and the company website.
https://www.youtube.com/@jenniferschaus/videos
Jennifer Schaus and Associates hosts a complimentary webinar series on The FAR in 2024. Join the webinars on Wednesdays and Fridays at noon, eastern.
Recordings are on YouTube and the company website.
https://www.youtube.com/@jenniferschaus/videos
Russian anarchist and anti-war movement in the third year of full-scale warAntti Rautiainen
Anarchist group ANA Regensburg hosted my online-presentation on 16th of May 2024, in which I discussed tactics of anti-war activism in Russia, and reasons why the anti-war movement has not been able to make an impact to change the course of events yet. Cases of anarchists repressed for anti-war activities are presented, as well as strategies of support for political prisoners, and modest successes in supporting their struggles.
Thumbnail picture is by MediaZona, you may read their report on anti-war arson attacks in Russia here: https://en.zona.media/article/2022/10/13/burn-map
Links:
Autonomous Action
http://Avtonom.org
Anarchist Black Cross Moscow
http://Avtonom.org/abc
Solidarity Zone
https://t.me/solidarity_zone
Memorial
https://memopzk.org/, https://t.me/pzk_memorial
OVD-Info
https://en.ovdinfo.org/antiwar-ovd-info-guide
RosUznik
https://rosuznik.org/
Uznik Online
http://uznikonline.tilda.ws/
Russian Reader
https://therussianreader.com/
ABC Irkutsk
https://abc38.noblogs.org/
Send mail to prisoners from abroad:
http://Prisonmail.online
YouTube: https://youtu.be/c5nSOdU48O8
Spotify: https://podcasters.spotify.com/pod/show/libertarianlifecoach/episodes/Russian-anarchist-and-anti-war-movement-in-the-third-year-of-full-scale-war-e2k8ai4
1. Parish Finance
Parish Leadership 101 Workshop
2014
1
Stuart Hutcheson CMA
Interim Treasurer & Director of Finance
416-363-6021 x 238 hwadehra@toronto.anglican.ca
2. Legal Status
Provincial: Ontario Corporations Act (Not-
for-Profit Corporations Act, further delayed)
Diocesan: Constitution and Canons
Canada Revenue Agency: Registered Charity
2
3. Resources for Churchwardens
Diocesan Website: www.toronto.anglican.ca/churchwarden-
toolbox/
Parish Finance Manual:
www.toronto.anglican.ca/churchwarden-toolbox/parish-
finance-manual/
Parish Leaders’ Manual: www.toronto.anglican.ca/parish-
administration/
Canada Revenue Agency – Charities
www.cra-arc.gc.ca/chrts-gvng/chrts/menu-eng.html
Government of Ontario – Not for Profit Corporations
http://www.citizenship.gov.on.ca/english/pp/legislative.shtml
3
4. Protection of Personal Information
“Privacy Standards Policy”
The Churchwardens have:
access to view all books and records of the
congregation, however;
Only for the purpose of satisfying themselves re:
controls, procedures and duties.
4
5. Filing Requirements
March 15th – Churchwardens’ Parochial Return
June 30th - T3010 (Charitable Information Return
for CRA) is due 6 months after year end
HST return - Annually or Semi-Annually if
registered.
Public Service Bodies Rebate Form, every 6
months (www.cra-arc.gc.ca/E/pub/gp/rc4034/README.html)
5
6. Filing Requirements
Churchwardens Parochial Returns:
As stated on the returns:
“Failure to file this return or the Incumbent’s return by
March 15 may cause the Incumbent and Lay Members
of Synod to forfeit their right to a seat in a session or
sessions of Synod.”
T3010 – CRA’s Charity Information Return
CRA can (and has!) revoke your charitable status,
whereupon the church is no longer exempt from tax
and cannot issue donation receipts.
6
7. Financial Statements
Government Requirements
CRA requires financial statements. Audit is
recommended audit for charities with revenues >
$250K
Ontario Corporations Act
Revenues > $100K, Audit
7
8. Financial Statements
Canonical Requirements
Canon 14, section 14(7) states an audit is required
Canon 14, section 14(4) allows for a Review
Engagement or Notice to Reader if revenues are less
than $100K with:
Approval of Area Bishop
Extraordinary resolution passed at Vestry
8
9. Review Levels
9
Audit Review Compilation/
Notice to
Reader
Nature of
involvement
Application of
GAAP
Application of
GAAP
Compiling
information
Communication
provided
Audit Report
(opinion)
Review
Engagement
Report
Notice to Reader
(no review)
Level of
Assurance
Highest level Moderate level No assurance
Who can
perform
Licensed Public
Accountant (if
charging)
Licensed Public
Accountant (if
charging)
Any accountant
10. Inflow of Funds - HST
10
Public Service Bodies’ Rebate (http://www.cra-
arc.gc.ca/E/pub/gp/rc4034/) up to twice a year for non-
registrants
50% of federal portion of HST (5%)
82% of provincial portion of HST (8%)
11. HST
If Registered for HST:
Charge, collect and remit HST on your taxable supplies
annually or semi-annually.
Registration is not required if you qualify for the
Small Supplier exemption:
Less than $50,000 in taxable sales (not including rent) or;
Less than $250,000 in gross revenues
Must be in good standing as a Registered Charity
with CRA.
11
12. HST
Rentals
Renting/leasing of church property - HST exempt.
Cemeteries
Interment is exempt from HST unless the sale of the plot is
a true sale
Rectory expenses (taxable benefit)
Not eligible for HST rebates (utilities)
12
13. Inflow of funds - Rentals
Public Benefit Test – CRA’s measurement for
charities
Cannot benefit private individuals (i.e. rental prices cannot be
different for members vs. non-members)
Non-charitable activities?
Related businesses are allowed (see Decision Tree)
Substantially all the work is done by volunteers
Business is linked, but subordinate to the charity’s purpose
13
14. Inflow of Funds – Donations & tax receipts
Plate offerings
PAG (pre-authorized giving)
Bequests (from an Estate)
Endowments
Designated gifts
Gifts of stock
Gifts of assets or supplies
Services (labour) do not qualify as a gift, and
cannot be receipted
14
15. Responsibilities of Funds - Trustees
The Churchwardens
responsible for following the provisions of the Public
Guardian and Trustee Act of Ontario.
If there is a misapplication of funds
Congregation will be required to make restoration.
The Churchwardens may be required to personally make
restoration.
Public Guardian and Trustee Act of Ontario
Restricted funds cannot be pledged as collateral nor can
the Congregation borrow from restricted funds.
15
16. Consolidated Trust Fund (CTF)
Fund managers:
Foyston Gordon & Payne
Letko Brosseau
Scotia Asset Management
Northleaf Capital Partners
Dividend (distribution) is 4.5% of the three
year rolling average unit value.
2014 - $8.23 per unit paid out quarterly
16
17. Consolidated Trust Fund (CTF)
Value of what we have in the CTF at Dec 31, 2013:
Cash & Short-term deposits $ 5,262,500 5%
Bonds Prov. & Municipal 22,683,883
Corporations 3,458,151
26,142,034 23%
Stocks & Mutual funds 82,032,213 70%
Real Estate 2,871,441 2%
TOTAL $ 116,308,188 100%
17
19. Rectory Funds
Guidelines: Re: The Sale of Rectories and the use of
funds therefrom.
Invested in the Consolidated Trust Fund
Dividends towards housing allowance (up to 100%)
Surplus: application can be made to use or borrow
19
20. Cemetery Fund
Fund Trustee: Scotia Trust
Fund manager: Scotia Asset Management
Principal amount cannot be withdrawn –
perpetual care
Dividend (distribution) is 4.5% of the three year
rolling average unit value.
2014 - $6.44 per unit paid out quarterly
20
21. Cemetery Fund
Value of what we have in the Cemetery Fund at Dec 31, 2013:
Cash & Short-term deposits $ 287,800 3%
Bonds Gov of Canada 928,603
Prov. & Municipal 750,225
Corporations 2,131,064
3,809,892 39%
Stocks 5,760,919 58%
TOTAL $ 9,858,613 100%
21
22. Cemetery Fund- Performance
1 year 3 year 5 year
Cemetery Fund 9.1% 5.7% 8.9%
Benchmark 4.5% 3.7% 7.9%
Value added 4.6% 2.0% 1.0%
22
23. Withdrawals
Both wardens approval/signature
2 weeks turnaround after receiving request
+ $250k – 2 extra weeks notice
May require Vestry approval or Diocesan
Council approval, e.g. Rectory Funds
23
24. FaithWorks Report
& Remittance Procedure
FaithWorks funds held “in trust”
Remit to the Diocese quarterly.
Parish may retain 15% for local outreach
Campaign ends on Dec 31 each year
Report & funds must be provided to the
Stewardship office of the Diocese within the first
week of January of every year 24
25. Our Faith – Our Hope
All donations are received and receipted by the Diocese
Donations of stock are to be processed through the
Diocesan brokerage account
Rebates (40%) will be paid to the parish quarterly (not
assessable on CWPR)
Promote how rebate is used re: “Case for Support”
Diocese will provide list of donors who have completed
their pledges to allow parishes to follow up
25
26. Fundraising
Financial statement presentation for designated funds
Flexibility within the restrictions
allow for the possibility for your parish council or
advisory committee to change the use
26
28. Diocesan Requirements
Monthly billing from Diocese :
costs of clergy
Allotment (Canon 4)
Overdue list (31/12/13):
19 parishes greater than 3 months (hard list)
26 parishes less than 3 months (soft list)
Total outstanding/unpaid $1,292,000
28
29. Diocesan Requirements
Overdue policy:
Interest charged at 3% above CIBC Prime (current
charge 6%)
Request for payment plan
Visit parish to assist
Bishops are always kept informed (monthly)
Ineligible for Diocesan Grants
Churchwardens role may be taken over by an
Administrator appointed by Diocesan Council
29
30. Record Keeping
Bank Accounts – you need at least one !
CIBC (preferred fee schedule available)
$10 per month for basic services
Sam Marra 416-980-4538,
sam.marra@CIBC.ca
Cemetery funds & parish funds must be
separated
30
31. Keep on-side with the rules
Various pieces of government legislation set
out rules:
CRA and Registered Charity requirements
Payroll requirements
Ontario Corporations Act (Ontario Not-for-
Profit Corporations Act, not yet in force)
31
32. Record Keeping
Keep 3 years of donation receipts
Any back up records to verify for 3 years also (i.e. copy
of cheque, cheque stub, envelope etc.)
Accounting records need to be kept for 7 years.
Records kept at the address on file with CRA (church
address). Back ups at another location
32
33. Donation Receipting (CRA
guidelines)
Receipts must include the following:
Statement: “official receipt for income tax purposes”
Church name and address
Charity’s registration number
Place and locality where receipt was issued
Amount of donation
Year of donation
Date of receipt if different than year of donation
CRA’s name and website (cra.gc.ca/charities)
Unique serial number
Signature of authorized individual (we recommend a
churchwarden.)
33
34. Record Keeping - salaries
Stipend paid clergy pay processed by the Diocese
Clergy paid on units and other employees (eg;
administrator, organist) processed by the parish. (see
payroll deductions online calculator provided by CRA
(http://www.cra-arc.gc.ca/esrvc-srvce/tx/bsnss/pdoc-
eng.html)
Payroll records must be kept for 7 years.
34
35. Permanent Records
Minutes of Vestry, Advisory Board etc.
All documents and bylaws (Constitution and Canons)
Capital additions (e.g. building project)
Insurance policies (very important!)
Send to Diocesan archives when finished
35
36. END
But this is only the beginning of an exciting new
year for you as a volunteer in your Parish !!
36
Editor's Notes
Firstly, I would like to say, don’t try to memorize all that I will be going though. Most of this information is on our website, or feel free to call us at the Diocesan.
Each parish of the Diocese of Toronto is a provincial corporation, as per the Church Temporalities Act of 1841.
As a Provincial Corporation, the “directors” of the Corporation are the two Churchwardens.
Canon 15 defines the powers and authorities of the Churchwardens.
As a Registered Charity, your church must adhere to the rules and requirements of the Canada Revenue Agency for charities. The main things are ensuring your activities remain charitable, issuing donation receipts appropriately and that you file the Charity Information Return.
The Diocese has a policy for Privacy on our website.
This applies mainly to such private information that is collected regarding donations/givings.
March 15 deadline:
Statistical information, for building parish profiles and used for long term planning
Reporting to the National office of Anglican Church in Canada
In addition, the returns are used to calculate the parish allotment.
Any questions on the Parochial return, there is a handbook on the website or you can call Kathy Garrison at the Diocese office.
As a registered Charity (which all parishes should be), failure to file the T3010 can and will result in CRA revoking your church’s charity status.
The parish will no longer be able to issue tax receipts, and will no longer exempt from tax.
HELP FILLING OUT
You can and will lose your parishes right to vote at Synod if you do not meet the deadline for submitting your Parochial and Incumbent returns.
Financial Statements are to help users make decisions.
Ontario Corporations Act
Requirement Section 96
Exemption Section 96.1
Who can do an AUDIT:
Auditor or accountant of review:
Licensed (mainly CA’s and a few CGA’s)
Professionally insured
Volunteer (CA, CMA, CGA) may be exempt from being licensed, but still required to be professionally insured.
Auditor names:
List with area offices
Other parishes for referrals
Designated Bodies website
The Diocese doesn’t recommend auditors, since we are one of the users of the financial statements.
This is to meet government regulations as well as protection of the parish and those handling the funds within the parish. It brings comfort to donors.
This is attached for your review , to talk about the different levels of accounting verification.
GAAP is the Generally Accepted Accounting Principals
Audit:
testing and reviewing the accounting systems to ensure accuracy.
Management Letters.
Review
enquiry, analytical procedures and discussions.
When audit is not required, but want some assurance that financial statements are plausible.
Compilation:
“compile” financial statements from information provided.
Estimates, sometimes the information is incomplete.
No attempt to verify that the information is accurate or complete.
Even if your church is not HST Registered, you can still file for a rebate.
2 forms:
Gst66 (federal portion)
rc7066 (provincial portion)
69.69%
A parish would rather not be registered, because if it is registered, you will then need to collect HST on all your “taxable sales”.
Do not have to charge HST when renting any portion of church property
Interment sales are normally exempt from HST, unless the sale is a true sale. An HST consultant thought that the church would probably not “sell” the plot since it would have to give up rights to the property sold. This would mean that the person purchasing the plot has the right to do whatever it wants with the plot and the church would have no control over its use.
Rectories lived in by clergy:
Certain purchases and expenses are not eligible for the Pubic Service Bodies’ rebate. These include:
Property or services you acquire to supply to an officer, employee, or member of the charity, or to another person related to that person, for personal use unless:
You supply it in the same year you acquire it for its fair market value and tax is payable for the supply; or
You supply it free of charge to the person and it is not a taxable benefit;
Expenses that are paid for clergy as a taxable benefit (i.e. housing and utilities)
not eligible to claim a rebate on the HST paid. Utilities declared as a taxable benefit would include phone, light, heat and water.
Is rental of church property still “charitable”?
Related Business:
90% done by volunteers
Linked (i.e. renting of excess capacity during non-peak times) and subordinate
See Decision Tree
Gifts of assets:
Exchange of cheques - cleaner paper trail if you are issued an invoice by the “donor”, pay the invoice and receive a donation of an equal amount from the “donor” or vendor.
Diocesan Stock Broker – Letter of Direction
Open Donations (cash in the plate) cannot be receipted since a donor cannot be identified.
Mainly that you expend the funds that have been donated for their intended purposes.
Dividend in 2012 - $7.77
Benchmark:
40% DEX Universe Bond Index
30% S&P TSX (CDN)
15% S&P 500 (US)
15% MSCI EAFE (Int’l)
The funds are restricted: in case of purchase of another rectory.
When funds are applied for, they have most often been for Capital items.
Most recently, they have been loans to the parish from the rectory funds.
Dividend in 2012 - $6.20
Funeral, Burial & Cremations Act of Ontario
Benchmark:
60% DEX Universe Bond Index
40% S&P TSX (CDN)
Meeting these deadlines are key, so that allocations to the charities we help through FaithWorks can be made on time.
Change to Case for Support:
advised to seek a vestry decision on the reallocation of campaign funds.
Donations are to be received by the Diocese directly. If the parish receives, accidently, parish should issue tax receipt and send money to Diocese.
Encouraged to use and Electronic Funds Transfer method (e.g. credit card or cheque) for installment payments.
Why? It guarantees that a pledge is fulfilled, it stream lines administration and cuts down postage costs and the chance that cheques may go awry in the mail.
Trillium Grants – allowed to apply for
Grant applications must be accompanied by Audited Statements
Information on the Allotment:
- sent out in September for the following year
- Based on Parochial Returns submitted by parish
- 3 months to review and identify errors or needs to appeal
- Executive Board in January reviews the appeals
$10 per month to include general banking
Unlimited transactions
Wallet depository service
Not automatically put on this arrangement.
April 2013 - $3.00 for statements. Consider going electronic
Donation records:
Envelopes (unless information is kept in a ledger)
Year end
Financial records
Journals, ledgers, financial statements, T3010, source documents
Electronic records – must be kept in a readable format and must remain readable in the future.
Computer crash: Charities responsibility.
For PAG/PAR, we encourage parishes to contact the United Church in Canada to utilize their program at a very reasonable cost to the parish. Contact our Stewardship Department for more information.
The Diocese retains the records for your clergy paid through the Diocesan payroll.
Clergy paid on units will be paid by the parish directly:
(honourary, Sunday supply, retired or interim clergy)
Insurance policies (abuse is on occurrence based, must prove insurance for the time of occurrence).