Vision Ministries Canada Annual Report

 

Financial Highlights – Fiscal Year 2020

We praise God for His provision of finances during this unusual fiscal year of 2020 (Jul 2019 – Jun 2020). Even in a pandemic, and perhaps because of those conditions, the nourishing of mature churches and young plants has become ever more essential.  During this period, VMC has evaluated its activities to focus on relationships and endeavours that assist churches in staying on mission and encouraging people to follow Jesus.

For fiscal year 2020, the VMC General Fund Operating Excess of revenue over expenses was $9,663 vs budget of $4,319. Operating Excess has followed a similar quarterly trend curve compared to previous years.

Total Overall revenue (General and Project Funds) dropped 9% compared to the previous year.

Project fund revenue supporting church planting was down 2% from prior year ($1,347,090 vs $1,372,971).

VMC was blessed to benefit from the Canadian Emergency Wage Subsidy (CEWS) as well as a strong response to a major fundraising effort in the spring. Without the support of our donors and this subsidy, the loss was projected at approximately $50,000. We are thankful that God has provided these means to continue the mission!

 

 

General Fund Revenue was down by 20% ($750,802 vs $939,728)

Excluding the recognition of past years’ deferred revenue from project funds in 2019, the operating revenue was down by 14% vs prior year ($750,802 vs $875,704)

  • Individual and Corporate giving was down -18% vs previous year, but 5% above forecast. A major fundraising effort in May-June made a significant difference in the end result
  • Church giving was down from prior year including a 23% drop in Affiliated Church giving ($125,901 vs $174,605). We understand this may be due to the pandemic impact on church revenue and related cautiousness in spending
  • A drop in Other Revenue was more than offset by $62,776 provided to the General fund from the Canadian Emergency Wage Subsidy (CEWS). An additional $57,096 of CEWS subsidy was distributed to in-trust church plants with salaried pastors
 

 

 

 

General Fund Expenses were below budget by 16% and down 11% from prior year, with reduced spending in most categories as cost reduction measures were implemented

  • Program, Administrative, and Travel expenses were controlled tightly during this period, spending in areas that made sense given the pandemic impact (i.e. Church webinar instead of Thinking Shrewdly conference)
  • Although proportionately greater than the previous year, spending on Wages and Benefits was lower than prior year ($522,533 vs $530,264) and also 6% lower than budget, due to postponing the addition of new part-time front-line ministry staff until October 2020
  • Church Planter grants were down 24% over prior year ($70,444 vs $92,705) due to the pandemic impact on planting opportunities

Project Fund grants totaled $190,968 (i.e. National, Regional, and Project disbursements) to support church planting