RWUC: Budget

Budget Progress

Figures on this page have been updated to July 31, 2018.

Operating Fund

Revenue:

Donations & Bequests

209,607

Property Income

43,391

Investment Income

41,948

Fundraising

6,811

Government Grants

Transfer from Kitchen Renewal Fund

1,675

Transfer from Reserve Fund

Total Revenue

303,432

 

Expenses:

Ministry and Personnel

250,322

Music

9,711

Family Ministries

691

Communications

2,452

Property

34,870

Capital Projects

2,502

Designated Fund Expenditures

27,517

Presbytery & Conference

20,968

Spiritual Formation POD

295

Stewardship

Administration

19,506

Spirited Arts Movement

37

Board Expenses

112

Worship

1,573

Total Expenses

370,556

 

Surplus (Shortfall)

(67,124)

 

Treasurer's Report - July, 2018

Low cashflow continued to be an issue in July, which is expected during summer months. Current cashflow is adequate to meet operational needs.

Donations are $44,000 YTD short compared to this year’s budget. We had planned for moderate growth in the 2018 budget, but so far, this has not happened. We are $12,965 YTD short compared to last year’s actual number, so we haven’t been keeping pace with last year either. Fundraising is also $2,275 short of 2017. Property Income is $3,100 ahead of budget and $6,900 ahead of 2017.

Expenses are running at $9,800 under budget. Property is $7,300 under budget, but this is due to the timing of capital projects during the year, which will be completed in the fall. Administration is now on budget due to a decrease in computer services expense, which has offset unbudgeted advertising costs of $2,450.

Overall, RWUC is running $29,750 short of budget for 2018. I anticipate this deficit to increase over the summer, firstly because of the cyclical nature of donations (although we budgeted with this in mind - donations are low compared to 2017) and property expenses will increase as capital projects are completed.

There has been some recovery of early year losses on our fund investments, which totalled $1,693,980 at the end of July. However, this is still down $21,000 from December 31, 2017. Investment Income for the year is $41,950.

— Donna Chmielewski
Treasurer

E.I. Clarke Memorial Fund

The E.I. Clarke Memorial Fund ("EIC Memorial Fund") was established on 1968 Nov 18, from a donation of $15,000 from Edwin Irwin Clarke.

The purpose of the fund is "to promote and assist directly and indirectly in the amelioration of instances of social need as brought to the attention of the Trustees and particularly as brought to their attention by the incumbent minister, within the City of Edmonton."

Terms of the fund are such that "capital of the EIC Memorial Fund shall be kept intact and administered as... provided and there shall be no encroachment thereon for any purpose whatever..." Robertson-Wesley continues its commitment to spending only the income from the Fund and for the purposes stipulated.

Originally, the EIC Memorial Fund was to be administered by a Trust Fund Committee headed by the Senior Minister, the Treasurer of the Church, and three adult persons appointed by the Official Board of the Church.

For more details about the EIC Memorial Fund, please see the Wesley & Clarke Funds page of the Robertson-Wesley web site.

Estimated market value at July 31, 2018: $405,287.

Wesley Trust Fund

The purpose of the Wesley Trust Fund is to "promote social development work consistent with the purposes of the United Church of Canada in the Oliver District and beyond."

Terms of the fund are such that "capital shall be kept intact and administered as...provided and there shall be no encroachment thereon for any purpose without the prior written approval of the Official Board of the Church." Robertson-Wesley continues its commitment to spending only the income from the Fund and for the purposes stipulated.

Originally, the Trust Fund was to be administered by a Trust Fund Committee headed by the Treasurer of the Church and four adult persons appointed by the Official Board of the Church.

For more details about the Wesley Trust Fund, please see the Wesley & Clarke Funds page of the Robertson-Wesley web site.

Estimated market value at July 31, 2018: $515,510





Robertson-Wesley Reserve Fund

On May 21, 2013, the Board of Robertson-Wesley United Church ("Church Board") approved combining the Emergency, Non-Capital, Deficit Reduction, Internal Endowment, and Capital trust funds into the Roberson-Wesley Non-Designated Reserve Fund ("the Fund"). This would provide the church with flexibility to respond to emergent situations and to help the church fulfil its mission of becoming a welcoming and inclusive congregation vital to the community it serves. Sources of these funds were principally bequests and surpluses from past operations.

The Board may make spending decisions based on urgency and need where no other funding possibilities exist at that time. The short to medium term goal of the Fund is to fund emergencies, to build community support, and to fund operating deficits where actual expenditures exceed revenues. The long-term goal is to use the Fund strictly for special projects of a capital or non-capital nature and for outreach and worship. The fund has most recently been used to fund annual operating deficits, emergency roof and sewer repairs, replacement of the computer server and almost all outdated computer equipment central to the operations of the Church.

In accordance with the minutes of 2013 May 21, the Fund may only be used if its value exceeds $500,000, due either to spending or market conditions. Should the value fall below, spending may only occur through Special Resolution of the Church Board, presumably for emergencies or to fund operating deficits.

Estimated market value at July 31, 2018: $537,317

Anniversary Legacy Fund

The fund was established for the following purposes:

  1. To provide the funding Robertson-Wesley United Church was required to contribute in order to secure Historical Designation funding from the City of Edmonton in 2015.
  2. To establish an investment fund from which the income earned is to be used to provide operating revenues for the church.

The Church Board has the authority to change the purpose and use of the funds at its discretion.

Estimated market value at July 31, 2018: $22,385

Helen Mack Outreach Fund

The Helen Mack Outreach Fund ("HEM Outreach Fund") was established in 2007 with funds bequeathed by Helen Elizabeth Mack to Robertson-Wesley's Outreach program for its purposes including, but not limited to, monthly community dinners.

Since its inception, the HEM Outreach Fund has disbursed funds in support of Choral Morphosis, Magic Pantry, Bissell Sandwich Program, Messy Wednesdays, refugee sponsorship, seed money in support of the Spiritual Arts Collective, Habitat for Humanity, Operation Friendship, and, of course, the Community Dinner, among other programs.

The gift that Helen Mack left Robertson-Wesley has been a critical part of the Church's outreach program, which is administered by the Outreach Committee.

For more information about the HEM Outreach Fund, please see the Helen Mack Fund page of the Robertson-Wesley web site.

Estimated market value at July 31, 2018: $107,025

Other Funds

Robertson-Wesley United Church is also the steward of a number of smaller funds ranging in value from $5,000 to $26,000 each, including the Crawford Trust, Geggie Endowment, Falkenberg, Music Endowment, and Kawalilak Funds. Each of these funds has a designated purpose as determined by the benefactor and is held in medium to long-term investments professionally managed by the Investors Group and RBC Dominion Securities. As such, values are subject to market fluctuations.

Mission and Service Fund

Funds donated to or raised for the Mission and Service Fund are remitted directly to Mission & Service of the United Church of Canada and are not included in the revenues or expenses of Robertson-Wesley United Church.

As at July 31, 2018

Mission & Service—Congregation

8,651

Mission & Service—UCW

1,500

Total

10,151

Pledges

We are all encouraged to make a pledge, which is simply a statement of the amount we intend to contribute. It is not a binding commitment, but an expression of intention which is nevertheless helpful in our planning and facilitates accurate budgeting.

For 2018

Pledges

Amount

Local expenses

62

$175,803

Mission and Service

35

$15,136

We are happy to receive a new pledge at any time of the year. Pledge Form

FAQ

Who keeps track of all our money?
The church has a network of volunteers including a Finance committee, counters, an accountant, envelope stewards, and a treasurer who track and report financial matters.
Where does the money come from for running the church?
All funds are raised locally through member and visitor tax-deductible offerings, fund-raising initiatives, and building rentals. We encourage donors to provide an address and name so that tax-deductible receipts can be provided for up to 50% in tax savings. The church receives no funding from the United Church of Canada or government, although periodically we receive generous grants through application for designated purposes, such as the Municipal Historical Resource Grant, Canada Summer Jobs Project, and the Provincial Summer Temporary Employment Program (STEP) grant.
Your Questions
Please direct questions about the financial statements on this page to:
Garth van Herwaarden, RWUC Financial Manager
email: financial.manager@rwuc.org