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Finance and Administration
Overview
Responsibility for the financial and administrative matters of the Diocese, including but not limited to matters related to property, investments, insurance, and
Parish Fair Share, as well as the effective management of finances, including the budget, payroll and employee benefits, is the purview of the Director
of Financial Affairs, with oversight from both the Financial Affairs and the Risk & Audit standing committees. The overall function of safeguarding Synod assets is of prime importance.
Consolidated Trust Fund
The Consolidated Trust Fund (CTF) of the Incorporated Synod of the Diocese of Ottawa is one of the Diocese's three separate funds. CTF holds and manages investments for parishes, Synod, third parties and for various cemeteries. Synod is a registered charitable organization and is exempt from income taxes.
CTF Financial Statements - December, 2010 (pdf)
ECOPS (Equalized Cost of Priestly Services)
Equalization among parishes has long been an accepted principle and practice in the Diocese of Ottawa. Adopted at Synod 2010, ECOPS is the financial assessment system we have carefully developed to strengthen our congregations, ministry and mission.
ECOPS enables clergy appointments to be guided principally by ministry gifts and their "fit" with a parish. With ECOPS our bishop is able to appoint senior, experienced clergy with particular gifts to any parish in the Diocese without affecting that parish's ECOPS payments.
With ECOPS, the amount parishes pay for priestly services is a function of their share of the total diocesan cost of priestly services (excluding housing) and not a function of their particular incumbent's stipendiary costs. The Parish Fair Share percentage under ECOPS is the three-year average of a parish's assessable income expressed over the total of all the parishes' net assessable income.
Report on Equalized Cost of Priestly Services - October, 2010 (pdf)
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Finance
The Accounting Department at the Synod office is responsible for:
- the receipt and disbursement of funds;
- the annual Parish Fair Share (PFS) process, including the recording of all Statistical Return data;
- the calculation and charging of each parish's commitments, including ECOPS, PFS, Insurance premiums, etc.;
- the central payroll function for the Diocese and the Community Ministries;
- the maintenance of the Consolidated Trust Fund (CTF) transactions (buying and selling of securities and bonds), and the payment of dividends to CTF unit holders;
- transactions within the Church Extension Fund e.g. interest calculations on loans;
- the Accounts Receivable function;
- preparation of monthly internal financial statements and the annual statements for the Incorporated Synod of the Diocese of Ottawa, the Church Extension Fund and the CTF;
- maintaining appropriate accounting records;
- providing administrative support to parishes and the Diocese in the areas of CTF deposits and withdrawals, stipends, benefits, pensions, salaries, contracts, accounting controls, tax matters, insurance coverage, and Diocesan loans.
The Director of Financial Affairs manages these functions and is supported by two Accountants and an Accounting Assistant.
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Financial statements
Parishes are responsible for their own annual financial reports, which should be audited under the terms specified in Bylaw B.5.02 Section 9, and also Regulation 5.06.
At the end of each fiscal year, Deloitte & Touche LLP audit three financial reports for the Diocese:
- Incorporated Synod of the Diocese of Ottawa. Financial data on Community Ministries, mortgages/promissory notes and parish capital assets are included in this document.
- Consolidated Trust Fund (CTF), which helps parishes manage and invest their trusts, income from bequests, and proceeds from the sale of rectories or other parish property
- Extension Fund, which provides loans to parishes for capital projects.
Consolidated Financial Statements, Synod - December, 2010 (pdf)
CTF Financial Statements - December, 2010 (pdf)
Extension Fund Financial Statements - December, 2010 (pdf)
Four fiscal policies, in particular, bring parishes onto ground watched closely by the Financial Affairs Committee:
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Gifts of securities
A charitable gift of publicly traded securities such as stocks, bonds and mutual funds made directly to
your church or to the Incorporated Synod, either now or as a bequest in your will, offers significant
income tax savings which can reduce the actual cost to you of such a charitable gift.
Direct gifts of such securities result in no taxable capital gain compared to a taxable capital gain of 50%
if sold and the funds donated. Please check
HERE for the procedure to follow and the required form is
HERE.
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Human resources
The human resources function of the Diocese is multi-faceted. Appointments of clergy are handled through the Bishop's office, as too are the areas of clergy education, wellbeing, and evaluations.
Compensation and benefit payments for clergy and lay staff are dealt with through the Accounting Department in the Synod office.
More info.
The Pension and Benefits Program is overseen by the Financial Affairs Committee's Benefits Subcommittee. They deal with issues of pay and benefits not just for the clergy but also other diocesan employees.
Conflict resolution and other human resource issues are handled through the Bishop's office.
Clergy Personnel Policies manual.
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Insurance
The Insurance Subcommittee of the Risk & Audit Committee is tasked with the
review and recommendation for approval of policy coverage and premiums. It also considers any issues related to insurance coverage in the Diocese.
The coverage for each parish is set out in a policy document issued each year to the parishes. A summary of the types of coverage currently in place is:
- Property, based on replacement or functional values
- Crime
- Commercial general liability (occurrence basis), up to $2 million
- Commercial umbrella liability, up to $8 million
- Abuse
- Directors' and officers' indemnity, up to $2 million
- Employment practices
- Mechanical breakdown (boiler)
- Loss of income
The general liability insurance covers all employees including voluntary workers while engaged in activities on behalf of the Diocese or parish.
It is important to note that, in order to keep premium costs at an affordable level, deductibles at the parish level are $2,500. The Diocese covers deductibles between $2,500 and $25,000 from its Insurance Reserve Fund.
All losses are to be reported immediately as they occur to the insurance broker, PBL Insurance Limited, and any major additions or deletions to buildings and contents are to be made known to them. The contact person is Robert Fournier at 613-748-4383, Ext. 410.
Third party liability insurance coverage
This plan, which is not part of the general policy described above, is offered as a service to parishes to enable those people and organizations not
connected to our parishes, who use or rent parish facilities, to have liability protection.
The parish and its parishioners are fully covered for all church activities and church-sponsored events through the Diocesan policy, up to a maximum of $10
million. Coverage does not extend to others when they are not part of a church-sponsored activity.
The church cannot be responsible for the actions of these groups or people if something untoward happens to them, or if they cause damage to the property.
Ecclesiastical Insurance will only pay out on claims where it can be proved that the parish was negligent.
User Group Program Overview and Rates
Third Party Liability Insurance Form
Clarification about Third Party Liability Insurance
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Investments
The Consolidated Trust Fund (CTF) of the Anglican Diocese of Ottawa was established in 1970 to bring together the trust funds held by the Diocese and its parishes for the purpose of providing cost-effective professional investment management for the combined funds. The Financial Affairs Committee (FAC) is responsible for the sound management of the CTF. To this end, FAC has appointed an Investment Subcommittee to monitor closely the CTF's management and investment performance on behalf of FAC, ensuring that the Fund is managed in a way consistent with the policies established by FAC and with all applicable legal requirements, and to provide policy advice to FAC as appropriate.
More information and deposit form
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Loans
The Church Extension Fund provides loans to parishes for construction of new buildings, and the expansion or renovation of existing buildings.
The Fund is administered by the Financial Affairs Committee and therefore applications, with appropriate documentation, must be
submitted through the Director of Financial Ministry. More information
Properties
FAC (Financial Affairs Committee) submissions
Parishes must obtain the approval of the Financial Affairs Committee (FAC) before withdrawing any significant amount from the Consolidated Trust Fund (CTF), undertaking any mid- to large-size capital projects, withholding a gift or bequest, or receiving a loan from the Church Extension Fund (CEF). The committee is also pleased to respond to other specific finance-related requests from parish treasurers and wardens. It meets on the third Wednesday of each month (summer excluded). Your covering letter should summarize the request, clearly stating if it seeks
- a withdrawal from the Consolidated Trust Fund,
- an approval for a project,
- permission to withhold a gift or bequest, or
- some other decision
The deadline for submissions is:
- first Monday of the month (July and August excluded) at the Synod office
Before making a submission be sure to review the
Application Form instructions
and the Decision Rights details.
For the application form, click here
For the Decision Rights Matrices, click here
Synod office
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The Anglican Diocese of Ottawa
71 Bronson Avenue, Ottawa ON K1R 6G6
Tel: 613-232-7124 Fax: 613-232-7088
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