REPORT OF THE FINANCIAL MANAGEMENT AND DEVELOPMENT COMMITTEE
This report covers the period from the 1998 General
Synod to March 2001.
FUNCTION AND ORGANIZATION
The functions and responsibilities of the Financial
Management and Development Committee are set out in Canon VI and the
strategic plan. These include:
to manage and control funds and investments
to direct and oversee administrative and
to study the financial needs, problems and
opportunities, as well as the local circumstances and resources of
to develop resources to assist dioceses in
financial management, financial development, gift planning,
administration, legal, personnel and property issues
to coordinate and propose budgets for all
components of the national church, in consultation with the
appropriate committees and councils
to present financial needs to dioceses
to oversee the Anglican Appeal
to facilitate networks of diocesan finance
officers and financial development volunteers and staff
to maintain and coordinate accounting systems
to appoint bankers
to coordinate work with other groups through the
Mission Coordination Group.
During the period under review, the work of the committee has been
carried out both by the committee and a number of sub-committees and
task force groups appointed by it. These include:
Chair's Advisory Committee to handle matters
which arise between meetings of the full committee
Investment Committee to oversee the consolidated
investment fund in cooperation with the investment managers
Grants Sub Committee responsible for receiving
and considering applications for grants under a number of trusts
Planned Giving Sub Committee to oversee the
development of Planned Giving as a major source of revenue for both
the national church and the dioceses
Anglican Appeal Sub Committee to oversee the
conduct of Anglican Appeal fundraising and to promote participation
in the Appeal.
In addition the FMD Committee has representation on
the Audit Committee of General Synod.
THE WORK OF THE COMMITTEE
During the period the FMD Committee met eight times, (twice by
teleconference). Sub-committees met regularly as required. Meetings
of FMD Committee are normally held at Church House in Toronto over
weekends to reduce travel and facility costs.
At each meeting the committee has a full agenda receiving current
financial information and receiving reports from various
sub-committees as well as The Anglican Book Centre and The Council of
the North. In addition, major initiatives and action undertaken by
the committee include;
Monitored the negotiations to sell the property at 600 Jarvis
Street and recommended to the Officers acceptance of the final
Initiated a review of salary levels of the Primate and
bishops for action By Council of General Synod.
Introduced Proportional Giving in accordance with General
At each meeting, received information on residential schools
and advised the Officers of the appropriate action to take
concerning financial matters.
Initiated a review of the Consolidated Trust Fund to separate
investments held on behalf of dioceses and others.
Introduced a Major and Planned Gifts Policy for adoption by
the Church. This was subsequently approved by Council of General
Approved the sale of General Synod's annuity portfolio to a
commercial insurance company.
With the approval of Council of General Synod, initiated a
consultation process to determine options for the future financing
of the Church. This a continuing process and it is anticipated
that a presentation will be made to General Synod in July.
As required by Canon VI, the audited Consolidated Financial
Statements of The General Synod of the Anglican Church of Canada for
the fiscal years 1998 and 1999 have been received and approved by the
Council of General Synod. The audited statements for 2000 will be
submitted to General Synod
Robert Dickson, Chair
James Cullen, C.A., Treasurer