FINANCES & STEWARDSHIP
The elders and staff of Hope Church Toronto West do their best to honour the Lord with finances. If you have further questions regarding the budget or financial statements please contact firstname.lastname@example.org
1. Organization and Charitable Status
Hope Church Toronto West is an incorporated charity registered with the Canada Revenue Agency. Each year the church files an Annual Information form with the Charities Directorate in compliance with federal regulations. Hope Church Toronto West is a member of the Canadian Council of Christian Charities (CCCC).
2. Annual Budget Process
Each fall an operational budget is prepared for review, analysis, questions, and approval by the executive staff and elders. Each ministry is required to present a budget alongside a ministry plan for the year. The operating budget is fundamental to our accountability, transparency, and integrity. Staff compensation is approved by non-staff elders and is compared with industry standards in North America to ensure it falls within acceptable parameters when compared to the overall budget of the church.
3. Monthly Financial Executive Review
Monthly financial statements are prepared and compared to the operational budget to ensure spending is in line with the fulfillment of Hope Church Toronto West’s mission. Each quarter, as necessary, the operational budget is updated to reflect any changes in priorities throughout the year.
4. Annual Audit
To ensure maximum transparency and assurance Hope Church Toronto West retains an independent auditor to conduct annual audits of its financial statements. These financial statements are audited in accordance with Generally Accepted Auditing Standards (GAAS) and prepared in accordance with International Financial Reporting Standards (IFRS). Historical audited financial statements can be accessed at the bottom of this page.
5. Published Unaudited Quarterly Financial Statements
To ensure the church body is aware of the most recent financial status of Hope Church Toronto West, we prepare quarterly unaudited financial statements. The unaudited financial statements for the most recent year can be accessed at the bottom of this page.
6. Expense Authorization Process
Hope Church Toronto West has a strict expense authorization to ensure financial accountability for operational and capital purchases. Purchases in excess of specific thresholds must be approved by the Finance Department, Executive Pastors and the Senior Pastor.
7. Confidential Donor Information
Donor information is kept in strict confidence. Per our policies, elders and pastors do not have access to donor information and this information is kept in strict confidence by our Finance Department staff. Donor information is not sold, nor is it made available without the prior consent of the donor except where disclosure is required by law.
You can use the buttons below to download and view a PDF of our financial statements: