Finance update

During its meeting Nov. 24–26, 2016, the Executive Board of the Canadian Conference of Mennonite Brethren Churches appointed Howie Wall, Tony Martens and Matt Dyck as the EB members to the CCMBC Legacy Inc. interim board of directors. Harold Froese and Len Penner were also appointed as external members to the interim board. Members will serve as Legacy directors until the CCMBC annual general meeting in 2017.

Following the Executive Board meeting, the interim board of directors of CCMBC Legacy Fund Inc. met to conduct the required business during their annual meeting. Jim Davidson, interim CFO of CCMBC, was appointed as interim president and CEO of CCMBC Legacy Fund Inc.

The board planned a moderated conference call Dec. 13, 2016. Constituents and stakeholders were invited to listen in and ask questions regarding governance, policies and the transition of the Stewardship Fund to Legacy.

CCMBC senior leadership team and Executive Board have made operational changes to CCMBC and Legacy finances through an integrated process. Davidson, as CCMBC CFO and Legacy CEO, along with Ron Toews, interim Executive Director, will oversee the transition of responsibilities from CCMBC operations to Legacy. As part of the transition, CCMBC administrative and support staff will move under Legacy’s structure, effective Jan. 1, 2017. Also beginning Jan. 1, 2017, churches accessing conference financial services (accounting services, payroll) will be charged a small user fee.

“Since Gathering 2016, the Executive Board, CCMBC leadership and staff have been working diligently to address the concerns of the constituency,” says Davidson. “The policies, procedures and controls to ensure stewardship of the resources that have been entrusted to us have been reviewed and in a few situations have been amended. The conference is financially sound, and efforts are being made to rebuild the operating surpluses of both CCMBC ministry and Legacy operations to a level that will sustain these operations in the future.”

One Comment on “Finance update

  1. Jim Davidson’s assurance that the “conference is financially sound” based on the Oct.31, 2016 financial report is not convincing to me. It did not include a Balance Sheet or Income Statement for CCMBC or the Stewardship Fund, or any Budget for 2017 as per Conference Amendment. One fact did become evident in the report that total investments of $260,837,525. do not cover funds on deposit of $261,823,013., a shortfall of security of $985,488.for the depositors.

    The comment of Jim Davidson that

    or any summary of Church Ministry losses.

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