Treasurer's Report YEAR OF 2020
While many of us look forward to putting 2020 behind us and moving beyond the pandemic, there has also been much to be grateful for. And while offerings slowed considerably in March and April relative to the normal giving patterns, they began to pick up again as many in the congregation adjusted to online and other types of giving. So, it is a great joy to bear witness this year to God’s wonderful provision and steadfast faithfulness with regards to our finances. We have ended the year with a surplus from operations of $167,782. The 2020 total offerings were $2,267,220. This included bequest offerings of $156,282. And due to the limitations on gatherings, general and ministry spending was approximately $146,000 below budget. In the year, a total $90,770 of production equipment for livestreaming services was purchased. $21,903 of this was expensed in 2020, and the remaining $68,867 was capitalized and is to be expensed over five years,
further contributing to the surplus. And, we ended the year with a net increase to the General Fund of 87,445. In addition to the normal offerings, we also received the third tranche of General Bequest fund, which was $292,500. In 2018 the General Bequest Fund was established for a single, large bequest of $3,150,000. These funds are internally restricted and are to be drawn down evenly over approximately ten years to help support and extend various ministry initiatives. In 2020 $280,000 was allocated from this General Bequest Fund into the General Fund. The General Bequest funds, along with the Building funds, have been deposited into investment accounts with RBC. In 2020, these accounts generated unrealized gains of $178,587, due to the increase in market value on the investments, and interest and investment income $39,708. While these amounts are recorded as investment income per Canadian accounting standards,
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they remain in the General Bequest Fund and have been reinvested for future use. The trustees are incredibly grateful to the St John’s investment committee, Andrew Konnert, Christine Klukas, Dick Richards, Ewan Wilding and Krista Friebel, for their continued guidance and stewardship of these gifts. Working with the investment advisors at RBC they’ve developed and implemented a conservative investment policy designed primarily to preserve the value of the fund over the long-term. On behalf of the trustees let me extend much gratitude for the hard work of the many staff and volunteers at St. John’s. It has been wonderful to witness God raising up a talented and dedicated production team, new small group leaders and lay volunteers. We are also thankful for the amazing generosity of the congregation in continuing to financially support the many ongoing gospel ministries, through which God continues to work holding us together as a community gripped by the Gospel of Jesus Christ. It is a privilege to serve with such a wonderful and faithful group and to proclaim together, “How precious is your steadfast love, oh God!” (Ps 38:7)
