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Church records $777,000 deficit

May 28th, 2008 by

Hmm…

Church records $777,000 deficit
Residential schools refund prevents much larger loss

The national office of the Anglican Church of Canada has reported a deficit for the fifth straight year in 2007, with a shortfall of $777,195; the amount is $290,768 more than the loss recorded in 2006 at $486,427.

The deficit would have been $1.97 million had General Synod not received a refund last year of $1.17 million from the federal government as part of the revised Indian Residential Schools Settlement Agreement, the financial statements showed.

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Posted in Anglican Church of Canada

3 Responses to “Church records $777,000 deficit”

  1. 1
    Kelvin says:
    May 29, 2008 at 5:45 pm

    It is interesting to see such a significant shortfall. For clarity though it should be noted that closing down the Anglican Book store was a significant contributor to this, about $350,000. If we take out the Government refund for residential schools and the book store loss, the ACoC would have about a 1.6M deficit last year.

    Five years of consecutive deficits is a bad sign for the ACoC. They don’t have as many assets as the diocese, i.e. church buildings to sell. At some point the line of credit with the bank will no longer be extended and radical changes will have to be made. Closing the Anglican book centre may be the first step in that direction.

  2. 2
    Ellie M. says:
    May 30, 2008 at 8:05 am

    No wonder they want the Southern Cone properties so badly. . .

  3. 3
    Charles says:
    May 30, 2008 at 8:44 am

    I don’t think an exodus of biblically faithful Anglicans will help General Synod, since they are the only ones who actually tithe! I think that over time, the loss of faithful Anglicans will result in many a red account balance– so seize their buildings, I say!

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