Jim Davidson, formerly chief financial officer of CCMBC, now chief executive officer of Legacy, answered a few questions about CCMBC Legacy Fund Inc. (Legacy).
What is the CCMBC Legacy Fund Inc.?
On Jan. 1, 2018, CCMBC Legacy Fund Inc. commences the full operation of CCMBC resourcing ministry. Incorporated since 2015, with CRA registered charitable status since 2017, Legacy will continue serving MB churches and conferences as under Stewardship Ministries, but organized under a separate legal and financial structure, to comply with government regulations.
Legacy is owned 100% by CCMBC, managed by a board of directors appointed by CCMBC.
“At the user end, the most significant change will be the letterhead,” says Davidson.
Who is on the board?
Nov. 1, 2017, CCMBC delegates exercised responsibilities concerning Legacy by voting on motions to approve the auditor,
Legacy budget, and an independent director.
The board consists of three appointees from CCMBC Executive Board’s finance and audit committee (Howie Wall, Matt
Dyck, Tony Martens) and two independent directors (Dan Guggenheimer, elected at the SGM; one appointed in 2018, to
be ratified at Gathering 2018).
Going forward, CCMBC’s direction to and representation of Legacy comes through CCMBC’s Executive Board secretary
Who are the staff?
The Legacy management team consists of Jim Davidson, Bertha Dyck as chief financial officer, JP Hayashida as director of transition support, and Norbert Bargen who manages the mortgage ministry, facilities, and investment properties. The staff formerly attached to Stewardship Ministries now operate under Legacy.
“The functionality does not change,” says Davidson. “Legacy will take care of bookkeeping, receipting, tax returns, payroll, accounting (for churches); administer benefits and pensions; and manage mortgages.”
“We’re working on a management agreement between Legacy and CCMBC to pay for services (audit fees, insurance, accounting fees),” says Davidson. “This will demonstrate what is required to make CCMBC sustainable, capable of operating independently without relying on additional funding from Legacy.”
Legacy has to operate on a sustainable basis based on net revenue from its registered funds (RRSPs, RRIFs, TFSAs), mortgages, recoveries for payroll and accounting, and some supplemental investments.
Revenue and expenditures generated by unregistered funds (other deposit accounts) will be segregated, with net earnings going into Legacy’s investment reserve.
“This gives us the opportunity – if the executive board chooses – to direct money from investment reserves to ministries in 2019,” says Davidson.
Mortgages are self-funding and contribute to general overhead.
“Legacy enables us to continue our critical, long-standing ministry of providing mortgages to MB churches, active MB pastors, and MB-sponsored Bible camps,” says Davidson. This service will remain the same.
“We want to continue to provide ministry to the conference, but we have to make sure we do it right, to be compliant with the government’s regulatory agencies,” says Davidson.