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2013 ANNUAL REPORT

127 HESPELER RD, CAMBRIDGE, ON N1R 3G9 519-621-6310 calvarycambridge.com


CALVARY’S STAFF (Those serving in 2013) David Aide Maryanne Bonnell David Courey Hugo & Celia Gomez Maureen Grant Adam Goudreault Greg Heath Graham Kivell Jamie Nelson Boyce Newell Veda Newell Joanna Ratz John Ratz Liz Vanner Paul Williams

CALVARY’S BOARD (Those serving in 2013) Phil Calberry (Chair) David Hatt Prakash Jayakumar Arthur Matos Max Purkiss Eyon Richards David Schuetzkowski (Treasurer)

PROPERTY CORPORATION BOARD (Those serving in 2013) Rick Potter Harley Hatt David Heath


Letter from the Pastor 2013 was an interesting year to put it mildly. 

A Year of Focus As the New Year began we decided that we needed to clarify the vision for Calvary. After a period of prayer and seeking God’s face the leadership resolved to focus on what we’ve called our “r3 Vision” of Real People - Real Life - Real God. The staff started the year by escaping the routine of office life to spend a couple of days away to pray and focus on where God was leading us. We prayed, we dreamed, we prayed, we defined, we prayed. In June, the staff and the Board gathered for a day of talking and defining the future around the r3 Vision. At an All Church Leadership Town Hall meeting we began to roll out the vision along with the broad strokes of the implementation strategies. Real People: We believe that Calvary should be a place where all people find acceptance. We also believe that Calvary should be a place where we challenge each other to grow and become who God wants them to be. We realize that these concepts result in Calvary becoming a place of Messy CommUnity. Real Life: We believe that Calvary should be a place where all people can acknowledge that they are limited and broken in our humanity. We also believe that God has provided each believer with spiritual gifts so that we can serve God and others effectively. Because of these two concepts, we believe that Calvary is becoming a place where we Serve AnyWay. Real God: We believe that God is involved in the everyday, mundane details of our lives. We also believe that God is actively involved in miraculous and unexpected ways in our loves. We believe that these truths result in Calvary being filled with individuals who are on an ExtraOrdinary Journey.

A Year of Change With the start of the new year, Joanna Ratz joined the staff and began to give leadership to the Children’s Ministries of Calvary. Joanna has a great ability to bring alignment and organization and is working to shore up the r3 Kids ministries. Of course, the resignation of David Courey was an unforeseen part of God’s plan for Calvary. He and Eileen finished their ministry at Calvary well and have now transitioned to their new home as Global Workers in Brussels, Belgium. We are excited that we are able to provide substantial missions support to those that we’ve sent from among our own. We said farewell to Jamie and Michelle Nelson as they departed to begin their next chapter as the Lead Pastor of Living Way Church in Englehart, Ontario. Jamie provided five years of leadership to our Student Ministries. Staff transitions are always difficult in the midst of the lead pastor transitions. However, we were fortunate to have had a great Student Ministries intern through the spring and we were able to bring Adam Goodreault on staff as Interim Student Ministries Pastor. Adam has stepped in with his energy and style and has begun building great relationships with the students.


A Year of Ministry Through your efforts, Calvary continued to accomplish the purposes for which God has placed us in Cambridge. Throughout 2013 we collected over 5200 pounds of food for our local food bank and provided tangible care for families throughout Cambridge. We partnered with the Cambridge Food bank to distribute almost 1000 backpacks in the fall, and food and gifts at Christmas for hundreds of needy families in our community. We also partnered with Samaritans purse and collected 450 shoe boxes for Operation Christmas Child. We sent a mission team to New Brunswick and two teams to Haiti. Spring 2013 was extremely busy at Calvary. March concluded with our Good Friday and Easter services. The worship choir led us in a beautiful and reflective worship service on Good Friday designed to remind us that the cross gets in the way of life. “The Big Picture” presentation of God’s great plan from Creation to present day on Easter Sunday was seen by almost 2400 people. One of the highlights of the spring was our Inspire Justice Conference. We hosted over 500 conference participants to facilitate a broader understanding of what it means to “do justice” within our communities. Keynote speakers included Tony Campolo and Shane Claiborne who challenged our hearts and minds. We had over 80 people from Calvary serving over the weekend, proving that Calvary is a church that serves others! May saw the GIANT Sleepover for the r3 Kids in grades one through five. Our annual Soapbox Derby in August was amped up to include a Motorcycle Show in the afternoon. We introduced a reorganization of our Children and Student ministries in September. Those who are in grade five or six have had a specialized ministry formed to meet their specific needs. “Project 56” meets every Sunday morning during our second service. The students in grades seven through twelve now meet together on Sunday evenings. This new structure is going well and we are seeing growth in both groups. The focus for the fall was less about events and more about ministry seasons being launched with leader and volunteer investment. On the forefront of our activities preparations and planning for the transitional season r3 Kids introduced a midweek schedule including a kids worship team and kids choir which has sung a few times on Sundays in the sanctuary. The year wrapped up with our Christmas series called “It’s a Wonderful Life” and culminated on Christmas Eve with three services and close to 1700 people attending. More important than any of the events and activities are the continual stories of life-change that are shared with the pastors.. People are meeting with God, submitting to his Lordship and starting out on that extraordinary journey. Couples are setting things right before God, families are being restored and marriages are being healed.

Thanks to the Team Calvary has a wonderful staff who have served faithfully and sacrificially. Please be sure to express your appreciation to the staff, most of whom put well in excess of the expected hours. Yours in Christ, John Ratz


r3 BUSINESS

6


Calvary Pentecostal Assembly

ANNUAL BUSINESS MEETING For year ending Dec. 31, 2013. Chairman – Phil Calberry AGENDA 1.

Opening Prayer

2.

Establishing of Voting Bar and Scrutineers

3.

Determination of Quorum

4.

Minutes of Previous Meetings

5.

Annual Report a.) Financial Statements b.) Appointment of Auditor for 2014 c.) Ministry Reports d.) Pastoral Search Report

6. Adjournment

7


Annual Business Meeting For Year Ending Dec. 31, 2012 Held on March 3, 2013 1. The meeting began at 6:15pm with the congregation singing Great is They Faithfulness. 2. Pastor David opened in prayer and gave a brief devotional on Acts 2. 3. The voting bar was established as the centre two sections of the sanctuary. 4. A motion was made to accept the following people as scrutineers: George Fagan, Barbara Forshaw, Thom Gray, David Hatt, Harley Hatt, David Heath MSC 5. A motion was put for to accept Veda Newell as the recording secretary.

MSC

6. Quorum was established with 90 people in attendance. 7. A motion was put forth to accept the minutes of the last meeting as distributed.

MSC

8. The nominess for the board were introduced to the congregation: Prakash Jayakumar, Arthur Matos and Eyon Richards. Pastor David explained that we will be voting to affirm these 3 people for the 3 positions available on the board. There was a fourth nominee but he withdrew at the last minute. Pastor David thanked the efforts of the nominating committee: Phil Calberry, Arvid Fosse, Jeremy Gill, David Hatt and Ruthann Hatt. 9. The balltos were prayed over, distributed and then collected by the scrutineers. The ballot was declared closed. 10. David Schuetzkowski came forward to present the financial statements. The only question concerning the finances was whether the roof repairs would be the only big financial project for 2013. The roof analysis has suggested that the roof repairs may amount to $108,000 in 2013. This should be the only big project for 2013. A motion was put forth to accept the financial statements for 2013 as distributed. MSC 11. The scrutineers returned with the results from the vote. Elected to the board were Prakash Jayakumar, Arthur Matos and Eyon Richards. 12. A motion was put forward to destroy the ballots

MSC


13. Pastor David explained the changes to the constitution that were suggested in order to comply with the CNCA act. In order for this resolution to pass it requires a vote of 75% of the quorum. The resolution below was put forth for a vote to the membership in attendance:

Special Resolution of Members to continue the Corporation under the provisions of the

Canada Not-for-profit Corporations Act and authorizing the directors to apply for a Certificate of Continuance, and to approve updated by-laws.

BE IT RESOLVED AS A SPECIAL RESOLUTION THAT: i. The directors of the Corporation are authorized and directed to make an application under the CNCA for a Certificate of Continuance of the Corporation; ii. The Articles of Continuance (transition) of the Corporation, which have been submitted to this meeting are approved; iii. The General Operation By-law No.1 of the Corporation, as submitted to this meeting in its amended, and updated form, being referred to as General Operation By-Law No. 2013-1, is approved effective on the date that the Corporation continues under the CNCA. iv. Any one of the officers and directors of the Corporation is authorized to take all such actions and execute and deliver all such documentation, including the articles of Continuance (transition), the notice of registered office and of directors, which are necessary or desirable for the implementation of this resolution. 14. The scrutineers distributed the ballots for the special resolution. Once all votes were cast the ballots were collected and declared closed. 15. Pastor David put forth a motion to accept the ministry reports as distributed and mentioned the highlights of the year are the stories of individuals in who God is at work. MSC One question directed at Pastor David was if there was a ministry to shut ins or those in the hospital. Pastor David confirmed that Pastor David Aide regularly visits our senior shut ins and Hank Vanderloo also visit those in the hospital who list Calvary as their church home. 16. The scrutineers returned with the results of the vote on the special resolution. 97% voted in favour of acceptin the resolution. 17. A motion was put forth to destroy the ballots.

MSC

18. Pastor David concluded the meeting by offering his thanks to the staff, board and members of the congregation that make the ministries of the church happen. 19. The meeting closed inprayer and was adjourned at 7:40 pm.


Special Business Meeting Held on October 20, 2013

1. The meeting began at 6:00PM. 2. The scrutineers were established as Brian Fox, Ruthann Hatt, Roger Hollingworth, Arthur Matos and Doug Zimmerman. 3. The centre two sections of the sanctuary were declared the voting bar. 4. Quorum was reached with 84 members in attendance. 5. Pastor David opened the meeting with prayer. 6. A motion was made to accept Veda Newell as the recording secretary.

MSC

7.

Pastor David explained that the purposed of calling this meeting was to ask the congregation to vote on the following motion: ‘Moved to extend each current board members term by one year culminating at the Annual Business Meeting in 2015’

8.

The floor was opened for discussion concerning this motion. Pastor David also explained that Max Purkiss has stepped down from his position as a board member due to the time needed to effectively carry out his term. This would leave a 7th seat open on the board. Phil Calberry is also up for election in March 2014 and is currently the Chairman of the Board as well as the Chairman of the Pulpit Committee. By accepting this motion a level of stability on the board would be created for the future senior pastor.

Q. Would the 7th seat be filled by anyone?

A. Under the current constitution it is possible for the board to appoint someone to fill that position.

Q. Will 2 more people have to come off the board in 2015?

A. No. All spots will be extended by one year. Those who are up for reelection in 2014 will be up for reelection in 2015 if this one year extension is approved by the membership.

Q. Are all of the current board members willing to extend their term by one year?

A. All members were in agreement.

Q. Is there a contingency board member available in case it is necessary for another board member to resign before his term is up?


A. Should that happen the board has the ability to appoint someone but they may choose to come to the membership with such a change.

Q. Do you think there’s a possibility that we won’t have a Senior Pastor by September 2014?

A. It is a possibility, but Pastor David felt very confident that the senior pastor position would be filled by that time.

Q. Will Pastor David have the opportunity to assist the board with the transition to a new pastor?

A. Pastor David responded by saying that he has a good working relationship with the board and would likely have some conversations with them but he also trusts them to be Godly men who will make wise decisions on our behalf.

Q. Do you think it’s stretching to have only 6 board members? Would it not be more prudent to fill that 7th seat?

A. The board could appoint someone to the 7th seat should the need arise. Perhaps we should deal with the motion at hand and then discuss the need to fill the 7th seat.

9. The ballots were distributed. 10. The ballots were collected and the vote was declared closed. 11. Further discussion ensued regarding the need to fill the 7th seat on the board. David Schuetzkowski addressed the members to say that being on the board is a very emotional job and anyone who would be appointed must be aware of how emotional it can be.

A comment was made that perhaps we should trust the board to decide whether or not the 7th seat needs to be filled.

Phil Calberry addressed the membership regarding the empty 7th seat. The board felt it wisest to leave the 7th seat empty as a process should be completed to fill it and our current process for selecting board members is very long. To divide the board’s time and energy between selecting a 7th board member and a senior pastor may delay the selection of the senior pastor as both could not be done at the same time effectively.

12. The scrutineers returned with the results of the vote. 92% of the membership were in favour of extending the term of the current board members. 13. A motion was made to destroy the ballots.

MSC

14. A motion was put forth to leave the 7th seat on the board empty until either March 2015 or a new senior pastor arrives. MSC 15. The meeting was declared closed at 6:56PM and a motion was made to adjourn.

MSC


CALVARY PENTECOSTAL ASSEMBLY>

financial statements

>YEAR ENDED DECEMBER 31, 2013

McClurkin Ahier & Company LLP CHARTERED ACCOUNTANTS


CALVARY PENTECOSTAL ASSEMBLY>

financial statements

>YEAR ENDED DECEMBER 31, 2013

index

................................................................................................................................................................................................................................................................ Independent auditor's report 1-2 Statement of financial position ................................................................................................................................................................................................................................................................ 3 Statement of operations and changes in fund balances ................................................................................................................................................................................................................................................................ 4 Statement of cash flows ................................................................................................................................................................................................................................................................ 5 Notes to financial statements ................................................................................................................................................................................................................................................................ 6-9


INDEPENDENT AUDITOR’S REPORT

To the Members of Calvary Pentecostal Assembly: Report on the Financial Statements We have audited the accompanying financial statements of Calvary Pentecostal Assembly, which comprise the statement of financial position as at December 31, 2013, and the statements of operations and changes in fund balances and cash flows for the year then ended, and a summary of significant accounting policies and other explanatory information. Management's Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with Canadian accounting standards for not-for-profit organizations, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. Auditor's Responsibility Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with Canadian generally accepted auditing standards. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity's preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified audit opinion.


Basis for Qualified Opinion In common with many not-for-profit organizations, Calvary Pentecostal Assembly derives revenue from donations from interested persons, the completeness of which is not susceptible to satisfactory audit verification. Accordingly, our verification of these revenues was limited to the amounts recorded in the records of Calvary Pentecostal Assembly. Therefore, we were not able to determine whether any adjustments might be necessary to donation revenues, excess of revenues over expenses, and cash flows from operations for the year ended December 31, 2013 and current assets and fund balances as at December 31, 2013. Qualified Opinion In our opinion, except for the possible effects of the matter described in the Basis for Qualified Opinion paragraph, the financial statements present fairly, in all material respects, the financial position of Calvary Pentecostal Assembly as at December 31, 2013, and the results of its operations and its cash flows for the year ended in accordance with Canadian accounting standards for not-for-profit organizations. Report on Other Legal and Regulatory Requirements As required by the Canada Not-for-Profit Corporations Act, we report that, in our opinion, these principles have been applied on a basis consistent with that of the preceding year.

Waterloo, Ontario February 13, 2014

LICENSED PUBLIC ACCOUNTANTS CHARTERED ACCOUNTANTS


CALVARY PENTECOSTAL ASSEMBLY>

statement of financial position

>DECEMBER 31, 2013

2013

assets current

Cash Accounts receivable Prepaid expenses

$

capital assets (Note 3)

93,702 14,104 9,094

2012

$

120,513 14,583 12,113

116,900

147,209

288,510

339,675

$

405,410

$

486,884

$

47,177 10,108 94,735

$

38,212 11,288 44,437

liabilities current

Accounts payable and accrued liabilities Government remittances payable Deferred contributions (Note 4)

152,020

93,937

253,390

392,947

-

-

253,390

392,947

commitments & contingencies (Notes 6 & 7)

fund balances operating restricted funds Stewardship/L.Y.F.

$

405,410

$

486,884

Approved on behalf of the board: Director

Director

3


CALVARY PENTECOSTAL ASSEMBLY>

statement of operations and changes in fund balances

>YEAR ENDED DECEMBER 31, 2013

2013

2012

total

total

50,065 -

$ 1,242,827 101,090 100,520 31,232

$ 1,404,824 75,906 75,803 26,768

1,425,604

50,065

1,475,669

1,583,301

181,261 5,247 27,193 112,116 44,876 88,421 567,450 150,753 42,066 52,289 10,779

332,775 -

181,261 5,247 27,193 112,116 44,876 88,421 567,450 150,753 42,066 332,775 52,289 10,779

161,601 7,227 28,648 87,703 54,402 77,772 551,373 174,835 40,135 343,650 60,235 16,474

1,282,451

332,775

1,615,226

1,604,055

operating

revenue

Donations Missions donations Departmental ministries Other income

$ 1,192,762 101,090 100,520 31,232

expenses

Departmental ministries Discipleship Fellowship Missions Outreach Office and administration Personnel Property Worship License agreement (Note 8) Amortization Donation of capital assets

excess of revenue over expenses for year

$

fund balance, beginning of year

143,153

$

$ (282,710)

392,947

Interfund transfers (Note 9)

fund balance, end of year

restricted stewardship L.Y.F.

(282,710) $

253,390

$

$ (139,557)

$

(20,754)

-

392,947

413,701

282,710

-

-

-

$

253,390

$

392,947

4


CALVARY PENTECOSTAL ASSEMBLY>

statement of cash flows >YEAR ENDED DECEMBER 31, 2013

2013

operating activities

Excess of Revenue over Expenses for Year

$ (139,557)

Adjustments for: Amortization

2012 $

(20,754)

52,289

60,235

(87,268)

39,481

479 3,019 8,965 (1,180) 50,298

(3,106) (3,402) (18,987) (2,675) 18,165

(25,687)

29,476

(1,124)

(15,064)

Decrease in cash

(26,811)

14,412

Cash Balance, beginning of year

120,513

106,101

Changes in non-cash working capital: Decrease in accounts receivable Decrease in prepaid expenses Increase in accounts payable and accrued liabilities Decrease in government remittances payable Increase in deferred contributions

investing activities Purchase of capital assets

cash balance, end of year

$

93,702

$

120,513

5


CALVARY PENTECOSTAL ASSEMBLY>

notes to financial statements

>DECEMBER 31, 2013

1. organization Calvary Pentecostal Assembly, the "Church", is an incorporated charitable organization for income tax purposes and operates a local church in Cambridge, Ontario.

2. significant accounting policies Basis of Accounting - These financial statements have been prepared in accordance with Canadian accounting standards for not-for-profit organizations. Fund Accounting - The Church reports its activities using the following funds: The Operating Fund reflects contributions received and expenses incurred towards the operation and administration of the Church and its various ministries. The Stewardship funds reflect revenues, expenditures, assets and liabilities related to the raising and expenditure of funds for capital asset additions. Revenue Recognition - The Church follows the deferral method of accounting for contributions. Unrestricted contributions are recognized as revenue when received. Restricted contributions are recognized as revenue when the expense is incurred. Departmental ministries and other revenue includes rental revenue, day camp fees, retreat revenue, Cafe sales and other miscellaneous revenue. Rental revenue is recognized when the space is occupied by the renter. Day camp revenue is recognized proportionately over the duration of the camp. Retreat revenue is recognized when the retreat takes place. Cafe revenue is recognized when the sales transaction is complete. Miscellaneous revenue is recognized as earned. Financial Instruments

Measurement - The Church initially measures its financial assets and liabilities at fair value, except for certain non-arm's length transactions. The Church subsequently measures all its financial assets and financial liabilities at amortized cost. Changes in fair value are recognized in the statement of operations. Financial assets measured at amortized cost include cash and accounts receivable. Financial liabilities measured at amortized cost include the accounts payable and accrued liabilities. The Church has not designated any financial asset or liability to be measured at fair value.

Impairment - Financial assets measured at cost are tested for impairment when there are indicators of impairment. The amount of the write-down is recognized as operating cost. The previously recognized impairment loss may be reversed to the extent of the improvement, directly or by adjusting the allowance account, provided it is not greater than the amount that would have been reported at the date of the reversal had the impairment not been recognized previously. The amount of the reversal is recognized as income from operations. Transaction costs - The entity recognizes its transaction costs in excess of revenue over expenses in the period incurred. However, financial instruments that will not be subsequently measured at fair value are adjusted by the transaction costs that are directly attributable to their origination, issuance or assumption. 6


CALVARY PENTECOSTAL ASSEMBLY>

notes to financial statements

>DECEMBER 31, 2013

Capital Assets and Amortization - Capital assets are recorded at historical cost. Amortization, commencing in the year following acquisition, is provided in the accounts using the following methods and annual rates: Asset Furniture and equipment Computer Equipment

Method Declining balance Declining balance

Rate 15 % 40 %

Contributed Services - The Church is dependent upon many hours contributed by volunteers. Because of the difficulty of determining their fair value, contributed services are not recognized in these financial statements. The Church receives contribution of materials, the fair value of which may or may not be reasonably determinable. Contributed materials are recognized as donations when fair values can be determined. No contributed materials were recognized as donation revenue during the year. Disclosure and Use of Estimates - The preparation of financial statements in accordance with Canadian accounting standards for not-for-profit organizations requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting period. These estimates are reviewed periodically, and as adjustments become necessary, they are reported in the statement of operations in the period in which they become known. Estimates are used when accounting for certain items such as revenues, allowance for doubtful accounts, useful lives of capital assets and asset impairments.

3. capital assets cost

Furniture and equipment Computer equipment

accumulated amortization

net

net

2013

2012

$ 1,120,623 47,675

$

835,683 44,105

$

284,940 3,570

$

335,223 4,452

$ 1,168,298

$

879,788

$

288,510

$

339,675

7


CALVARY PENTECOSTAL ASSEMBLY>

notes to financial statements

>DECEMBER 31, 2013

4. deferred contributions Deferred contributions represent unspent resources externally restricted for ministry purposes and the building renovations in the current period that is related to subsequent periods. Changes in the deferred contributions are as follows: ministries building 2013 2012 (Note 5)

renovations

total

total

Balance, beginning of year $ 44,437 Amounts received during the year 128,412 Amounts recognized as revenue (157,199)

$

79,085 -

$

44,437 207,497 (157,199)

$

26,271 154,055 (135,889)

Balance, end of year

$

79,085

$

94,735

$

44,437

$

15,650

5. deferred contributions - ministries donations received

beginning

Benevolence Missions Other ministries

$

2,359 20,090 21,988

$

5,380 89,007 34,025

$

44,437

$

128,412

recognized as revenue

$

ending

(7,112) (101,090) (48,997)

$

627 8,007 7,016

$ (157,199)

$

15,650

6. commitments Long term lease commitments - The Church is obligated under leasing contracts for equipment which it operates. The leases expire in 2017 and the future minimum lease payments are as follows: 2014 2015 2016 2017

$

25,028 15,738 14,021 3,505

$

58,292

7. contingencies The Church is contingently liable for the bank demand instalment loan of Calvary Pentecostal Assembly Charitable Property Corporation. The assets of the charitable property corporation, which have fair market values exceeding the amounts of the obligation, are available to satisfy such obligations.

8


CALVARY PENTECOSTAL ASSEMBLY>

notes to financial statements

>DECEMBER 31, 2013

8. license agreement Under the terms of a license agreement made April 30, 2008 with Calvary Pentecostal Assembly Charitable Property Corporation, the Church will have exclusive use of the license facilities for the activities of the Church. This is a twenty year agreement with automatic renewals every five years thereafter at the option of either party. The license fee will be established annually in sufficient amount to enable the property corporation to cover its expense. The Church will be responsible for all the operating costs of the property.

9. interfund transfers During the year, the governing board approved the transfer of $282,710 from the operating fund to the stewardship fund to be used towards the monthly payments on the license agreement.

10. pension plan The Church contributes to a defined contribution pension plan. The assets of the plan are held separately from those of the Church in an independently administered fund. The pension expense is equal to the contributions paid by the Church. The contributions paid and expensed by the Church for the year amounted to $8,419 (2012 - $8,711). The Church also funded an additional $2,062 (2012 - $10,902) to the Pension Fund of the Pentecostal Assemblies of Canada to cover a going concern deficit in the Plan.

11. financial instruments Risk Management - The significant risk to which the Church is exposed is liquidity risk. Liquidity Risk - Liquidity risk is the risk that the Church will not be able to meet its obligations associated with financial liabilities. Cash flow from operations provides a substantial portion of the Church's cash requirements.

9


2013 World Missions Disbursement Summary (Combination of all Church Departments)

CHURCH MISSIONS FUNDS

Undesignated PAOC Missions Alejandro Cetrulo $10,000 David Courey $5,959 Mike Martin $15,576 Aaron Pilon $13,920 Village of Hope Zimbabwe $10,000 George Werner $3,500 $58,955

DESIGNATED MISSIONS DONATIONS

Aaron Pilon $3,080 Costa Rica –airfare/accommodations $12,027 Costa Rica – project $4,706 David Courey $4,041 First Nations $400 Haiti – project $494 Loads of Love $740 Mike Martin $2,424 Mission to Haiti Canada $1,200 New Brunswick – transport/accomodations $2,025 New Brunswick – project $687 The Simple Way $5,000 Philippines Relief $4,406 Village of Hope Kisumu $500 $41,730 CHURCH SUPPORTED MISSIONS Cambridge Self-Help Food Bank $1,500 Cambridge Pregnancy Centre $1,500 Costa Rica $3,626 Haiti $1,591 Master’s College & Seminary $2,400 New Brunswick $557 Miscellaneous Support $257 $11,431 TOTAL CHURCH MISSIONS FUNDS

$112,116

OTHER DEPARTMENTS Project 56 – Haiti $181 R3 Kids – Haiti $769 WM – Eternal Change (a.k.a. ‘Pennies’) $768 Cal Bombay Ministries $50 Servants Heart Ministries $50 Canadian Bible Society $1,807 $3,525 TOTAL COMMUNITY OUTREACH & WORLD MISSIONS

$115,641



Abr 2013