Treasurer's Report

DEPARTMENT NEWS

“Always giving thanks for all things in the name of our Lord Jesus Christ to God, even the Father.” Ephesians 5:20 (NASB)

“In all things we can give thanks to God for He is the God of gods, For His Faithfulness is everlasting.” Psalms 136:2

We have truly experienced His faithfulness, guidance and watch care over His Church during these unprecedented times that we find ourselves in. I wish to give you just a brief glimpse of what God has done in and through His faithfulness and the faithfulness of our members, employees as well as our community and business partners. We wish just to share some brief Treasury and Financial Statement Highlights but first I must thank our Treasury team, who have served so conscientiously during these challenging times, we owe them so much for their dedication.

TREASURY HIGHLIGHTS THIS SESSION:

Support of local church for the spread of the gospel by maintaining as much as possible a full compliment of pastors and allocating over $2,000,000 of evangelism funds to local churches for various kinds of evangelism to share the Three Angels messages to Alberta and the Northwest Territories.

Major increases of support for churches to proceed with building projects, purchases of existing buildings, and infrastructure needs of churches, which our Conference was able to provide over $2,000,000 since 2016. The Conference has also built a reserve near $500,000 for future projects. The Conference, because of the generous support of its members, together with its businesses and community partners, see the value of the indigenous community and have worked together to build a new high school at Mamawi Atosketan Campus. With a budget of $5,000,000, not only did the school come in on budget, but we were able to add an additional industrial arts building within that same budget. We can only praise God for such an accomplishment. The buildings are now all free of any debt and that was accomplished within three years of openings, Hallelujah.

During this last session our entire school system had debt of well over $1,000,000 and were owing the Conference over $2,800,000. Well, I am pleased to say that with the hard work and cooperation of both the Conference, our local schools, and their generous constituencies the Conference was able to match the constituencies donations and together we have not only wiped out the school system debt but have reduced the amount owing to the Conference from the schools to around $600,000.

We are so proud of what can be accomplished when we come together in cooperation with our minds set on a common goal. Praise God. What is even more amazing in my eyes is that together we accomplished this during one of the most tumultuous times in history living through a pandemic, only God can bless His children so.

After long and thoughtful discussions with Burman University it was determined that the best way forward for Parkview Adventist Academy was to turn it over to the Alberta Conference with a Heritage Endowment of $5,000,000.00, which was used as collateral to build a new $5,800,000.00 high school. Not only was the school build on budget but within six months from groundbreaking we moved in. Again, demonstrating the power of God actively working for His Church. This was not the only miracle, our enrollment in PAA has gone from 45 to 79 students. What a blessing from above.

With the challenges of the COVID-19 pandemic and the increase in cybercrimes, the Alberta Conference has made extensive investments in technology both in hardware and software not only for our Conference office but also for the local Churches and Schools, much of it at the Conference cost. Continued investment is now necessary to acquire Cyber Risk insurance as many Adventist Institutions around the world have been hit with large claims for ransomware crimes.

FINANCIAL STATEMENT HIGHLIGHTS

It the charts above you can see that our total Revenue and Tithe has recovered from the 2020 COVID-19 effect which we thank God for the faithfulness of our members.

With the cooperation of employees at every level whether at the conference office, the pastors, teachers, camp, ABC etc. we were able to hold our expenses during the COVID pandemic. But coming out of the pandemic we are experiencing inflationary costs and the resuming of many programs suspended during COVID-19.

With the cooperation of employees at every level whether at the conference office, the pastors, teachers, camp, ABC etc. we were able to hold our expenses during the COVID-19 pandemic. But coming out of the pandemic we are experiencing inflationary costs and the resuming of many programs suspended during COVID-19.

Financial Indicators

In the above spread sheet, you will see that our working capital has been well above the North American Division (NAD) requirements in place to the end of 2021. Beginning on the 2022 financial statements they have changed the formula as well as including all the teacher salaries and benefits which brings a large increase to the NAD required working capital. This is also true for our liquidly numbers which are very strong based on the requirements at the time. This is one of the reasons we have been strengthening our schools’ financial positions as well.

We take seriously the stewardship of the recourses of the Conference and endeavor to balance the needs of the Church in Alberta while still maintaining strong a financial position

Keith Richter

Treasurer/VP for Finance