Abr 2013

2013 ANNUAL REPORT127 HESPELER RD, CAMBRIDGE, ON N1R 3G9519-621-6310 calvarycambridge.com

CALVARY’S STAFF(Those serving in 2013)David AideMaryanne BonnellDavid CoureyHugo & Celia GomezMaureen GrantAdam GoudreaultGreg HeathGraham KivellJamie NelsonBoyce NewellVeda NewellJoanna RatzJohn RatzLiz VannerPaul Williams

CALVARY’S BOARD(Those serving in 2013)Phil Calberry (Chair)David HattPrakash JayakumarArthur MatosMax PurkissEyon RichardsDavid Schuetzkowski (Treasurer)

PROPERTY CORPORATION BOARD(Those serving in 2013)Rick PotterHarley HattDavid 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

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r3 BUSINESS

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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 Reporta.) Financial Statementsb.) Appointment of Auditor for 2014c.) Ministry Reportsd.) Pastoral Search Report

6. Adjournment

Annual Business MeetingFor 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 MeetingHeld 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



McClurkin Ahier & Company LLP

CHARTERED ACCOUNTANTS



indexIndependent 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 thestatement of financial position as at December 31, 2013, and the statements of operations and changes in fundbalances and cash flows for the year then ended, and a summary of significant accounting policies and otherexplanatory information.

Management's Responsibility for the Financial Statements

Management is responsible for the preparation and fair presentation of these financial statements in accordance withCanadian accounting standards for not-for-profit organizations, and for such internal control as managementdetermines 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 ouraudit in accordance with Canadian generally accepted auditing standards. Those standards require that we complywith ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financialstatements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financialstatements. The procedures selected depend on the auditor's judgment, including the assessment of the risks ofmaterial 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 financialstatements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose ofexpressing an opinion on the effectiveness of the entity's internal control. An audit also includes evaluating theappropriateness of accounting policies used and the reasonableness of accounting estimates made by management, aswell 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 qualifiedaudit opinion.

Basis for Qualified Opinion

In common with many not-for-profit organizations, Calvary Pentecostal Assembly derives revenue from donationsfrom 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 PentecostalAssembly. Therefore, we were not able to determine whether any adjustments might be necessary to donationrevenues, excess of revenues over expenses, and cash flows from operations for the year ended December 31, 2013and 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 Assemblyas at December 31, 2013, and the results of its operations and its cash flows for the year ended in accordance withCanadian 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 havebeen applied on a basis consistent with that of the preceding year.

Waterloo, Ontario LICENSED PUBLIC ACCOUNTANTSFebruary 13, 2014 CHARTERED ACCOUNTANTS


statement offinancial position

>DECEMBER 31, 2013

2013 2012

assets

currentCash $ 93,702 $ 120,513Accounts receivable 14,104 14,583Prepaid expenses 9,094 12,113

116,900 147,209

capital assets (Note 3) 288,510 339,675

$ 405,410 $ 486,884

liabilities

currentAccounts payable and accrued liabilities $ 47,177 $ 38,212Government remittances payable 10,108 11,288Deferred contributions (Note 4) 94,735 44,437

152,020 93,937

commitments & contingencies (Notes 6 & 7)

fund balances

operating 253,390 392,947

restricted fundsStewardship/L.Y.F. - -

253,390 392,947

$ 405,410 $ 486,884

Approved on behalf of the board:

Director Director

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statement of operations andchanges in fund balances

>YEAR ENDED DECEMBER 31, 2013

restricted

stewardship 2013 2012

operating L.Y.F. total total

revenueDonations $ 1,192,762 $ 50,065 $ 1,242,827 $ 1,404,824Missions donations 101,090 - 101,090 75,906Departmental ministries 100,520 - 100,520 75,803Other income 31,232 - 31,232 26,768

1,425,604 50,065 1,475,669 1,583,301

expensesDepartmental ministries 181,261 - 181,261 161,601Discipleship 5,247 - 5,247 7,227Fellowship 27,193 - 27,193 28,648Missions 112,116 - 112,116 87,703Outreach 44,876 - 44,876 54,402Office and administration 88,421 - 88,421 77,772Personnel 567,450 - 567,450 551,373Property 150,753 - 150,753 174,835Worship 42,066 - 42,066 40,135License agreement (Note 8) - 332,775 332,775 343,650Amortization 52,289 - 52,289 60,235Donation of capital assets 10,779 - 10,779 16,474

1,282,451 332,775 1,615,226 1,604,055

excess of revenue over expenses for year $ 143,153 $ (282,710) $ (139,557) $ (20,754)

fund balance,beginning of year 392,947 - 392,947 413,701

Interfund transfers (Note 9) (282,710) 282,710 - -

fund balance, end of year $ 253,390 $ - $ 253,390 $ 392,947

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statement of cash flows>YEAR ENDED DECEMBER 31, 2013

2013 2012

operating activitiesExcess of Revenue over Expenses for Year $ (139,557) $ (20,754)

Adjustments for:Amortization 52,289 60,235

(87,268) 39,481

Changes in non-cash working capital:Decrease in accounts receivable 479 (3,106)Decrease in prepaid expenses 3,019 (3,402)Increase in accounts payable and accrued liabilities 8,965 (18,987)Decrease in government remittances payable (1,180) (2,675)Increase in deferred contributions 50,298 18,165

(25,687) 29,476

investing activitiesPurchase of capital assets (1,124) (15,064)

Decrease in cash (26,811) 14,412

Cash Balance, beginning of year 120,513 106,101

cash balance, end of year $ 93,702 $ 120,513

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r3 BUSINESS


notes to financial statements >DECEMBER 31, 2013

1. organization

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

2. significant accounting policies

Basis of Accounting - These financial statements have been prepared in accordance with Canadianaccounting 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 andadministration of the Church and its various ministries.

The Stewardship funds reflect revenues, expenditures, assets and liabilities related to the raising andexpenditure 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 arerecognized as revenue when the expense is incurred.

Departmental ministries and other revenue includes rental revenue, day camp fees, retreat revenue, Cafesales and other miscellaneous revenue. Rental revenue is recognized when the space is occupied by therenter. Day camp revenue is recognized proportionately over the duration of the camp. Retreat revenueis recognized when the retreat takes place. Cafe revenue is recognized when the sales transaction iscomplete. Miscellaneous revenue is recognized as earned.

Financial Instruments

Measurement - The Church initially measures its financial assets and liabilities at fair value, except forcertain non-arm's length transactions. The Church subsequently measures all its financial assets andfinancial liabilities at amortized cost. Changes in fair value are recognized in the statement ofoperations.

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 ofimpairment. The amount of the write-down is recognized as operating cost. The previously recognizedimpairment loss may be reversed to the extent of the improvement, directly or by adjusting theallowance account, provided it is not greater than the amount that would have been reported at thedate of the reversal had the impairment not been recognized previously. The amount of the reversal isrecognized as income from operations.

Transaction costs - The entity recognizes its transaction costs in excess of revenue over expenses in theperiod incurred. However, financial instruments that will not be subsequently measured at fair valueare adjusted by the transaction costs that are directly attributable to their origination, issuance orassumption.

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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 methodsand annual rates:

Asset Method RateFurniture and equipment Declining balance 15 %Computer Equipment Declining balance 40 %

Contributed Services - The Church is dependent upon many hours contributed by volunteers. Becauseof the difficulty of determining their fair value, contributed services are not recognized in thesefinancial statements.

The Church receives contribution of materials, the fair value of which may or may not be reasonablydeterminable. 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 withCanadian accounting standards for not-for-profit organizations requires management to makeestimates and assumptions that affect the reported amount of assets and liabilities and disclosure ofcontingent assets and liabilities at the date of the financial statements and reported amounts ofrevenues and expenses during the reporting period. These estimates are reviewed periodically, and asadjustments become necessary, they are reported in the statement of operations in the period in whichthey become known.

Estimates are used when accounting for certain items such as revenues, allowance for doubtfulaccounts, useful lives of capital assets and asset impairments.

3. capital assets

accumulated net netcost amortization 2013 2012

Furniture and equipment $ 1,120,623 $ 835,683 $ 284,940 $ 335,223Computer equipment 47,675 44,105 3,570 4,452

$ 1,168,298 $ 879,788 $ 288,510 $ 339,675

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4. deferred contributions

Deferred contributions represent unspent resources externally restricted for ministry purposes and thebuilding renovations in the current period that is related to subsequent periods. Changes in thedeferred contributions are as follows:

ministries building 2013 2012(Note 5) renovations total total

Balance, beginning of year $ 44,437 $ - $ 44,437 $ 26,271Amounts received during the year 128,412 79,085 207,497 154,055Amounts recognized as revenue (157,199) - (157,199) (135,889)

Balance, end of year $ 15,650 $ 79,085 $ 94,735 $ 44,437

5. deferred contributions - ministries

donations recognizedbeginning received as revenue ending

Benevolence $ 2,359 $ 5,380 $ (7,112) $ 627Missions 20,090 89,007 (101,090) 8,007Other ministries 21,988 34,025 (48,997) 7,016

$ 44,437 $ 128,412 $ (157,199) $ 15,650

6. commitments

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

2014 $ 25,0282015 15,7382016 14,0212017 3,505

$ 58,292

7. contingencies

The Church is contingently liable for the bank demand instalment loan of Calvary PentecostalAssembly Charitable Property Corporation. The assets of the charitable property corporation, whichhave fair market values exceeding the amounts of the obligation, are available to satisfy suchobligations.

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8. license agreement

Under the terms of a license agreement made April 30, 2008 with Calvary Pentecostal AssemblyCharitable Property Corporation, the Church will have exclusive use of the license facilities for theactivities of the Church. This is a twenty year agreement with automatic renewals every five yearsthereafter at the option of either party. The license fee will be established annually in sufficientamount to enable the property corporation to cover its expense. The Church will be responsible forall 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 tothe 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 heldseparately from those of the Church in an independently administered fund. The pension expense isequal to the contributions paid by the Church. The contributions paid and expensed by the Churchfor 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 goingconcern 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 obligationsassociated with financial liabilities. Cash flow from operations provides a substantial portion of theChurch's cash requirements.

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2013 World Missions Disbursement Summary

(Combination of all Church Departments)

CHURCH MISSIONS FUNDSUndesignated 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 $41,730CHURCH 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

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