Legacy Fund Inc. update
CCMBC Legacy Fund Inc. (Legacy) is now underway. This report will provide you with an update of the status of the project and the introductory project plan and timeline.
Delegates at Gathering 2014 provided direction for management to move forward to investigate the alternatives of how the deposit funds and the investment portfolio could be managed in order to provide security to our depositors and be in compliance with regulatory agencies.
Our journey started at Gathering 2012 when we committed to review the stewardship department with a focus on compliance, governance and risk management. We engaged third-party support from legal and accounting firms to assist in reviewing and drafting a proposal for a new entity.
The board’s recommendation to form Legacy (presented at Gathering 2014) took all three focus areas into consideration.
CCMBC has filed the incorporation documents for Legacy, and is in the process of completing our filing with the Canadian Revenue Agency (CRA) for Not for Profit – Charity status.
The Finance and Governance Committees have been working on the governance (board of directors and committee) and management (officers, management and staff) structure alternatives.
It is our hope that these activities will be completed before CCMBC’s study conference, AGM and special meeting in October.
We are also planning more intensive and detailed work in conjunction with our financial and legal consultants and industry advisors. We will define the details of the products, processes, controls and reporting we need to have in place to ensure that we are compliant from a CRA and regulatory perspective.
It is the current plan to have all of the documentation in place (subject to approval at the AGM) by the end of December 2015 and that Legacy will be fully functioning as a separate entity sometime in mid-2016.
AGM and special meeting
Our staff is developing a Legacy budget to present at the AGM as a subset of the total conference budget. This will provide our current perspective on what Legacy and the CCMBC budget will look like in the future.
At the AGM and special meeting in October, we will provide a breakout session to address delegates’ questions, comments and concerns. We will also provide regular updates to depositors, informing them of our progress.
This is a fairly complex undertaking and will result in a stable funding platform to ensure a stable deposit fund that will provide a trustworthy investment opportunity and funding for ministry (church and pastor residence mortgages) for our MB churches in Canada in the years to come.
We continue to pray over and discern the process that we may understand the project and have the wisdom to make appropriate decisions at the right stages.
—Jim Davidson, Interim Chief Financial Officer