Financial Update
Financial Update for the 8 months ended August 31, 2025 – Church of the Ascension
We are providing this financial update to the congregation so that you are aware, and also so that
you can help us manage the realities of our finances through your ideas, your connections and
your offerings as you are able.
Above you will find a graph outlining the receipts and expenses for the first 8 months of this
year, indicating that total expenses exceeded total receipts by $17,400 or 25%.
For the year, the Church budgeted for a $11,140 deficit. At the end of August, or 2/3 (66.6%) of
the year, our receipts were 57.5% of the budget.
While deficits are never easy to discuss, each year at this time our financial situation is gloomier
than our final year end results. That is not to say that we expect the deficit to disappear, only to
say we expect it will lessen for the following reasons:
- Givings during the last two months of the year always increase
- The annual bazaar, this year in November, adds an additional $2,000 in fundraising
revenue
- Insurance payments of $900 per month finish for the year at the end of October
- Our final 1/4ly property tax payment for the rectory of $1,700 is paid in September
- Relief clergy costs will end at the end of September
In September, the church’s annual alarm inspection indicated several deficiencies that need to be
addressed for an unexpected cost of $300. The rectory gas stove required replacement this
month with an additional expense to disconnect and cap the gas line and add a stove circuit. To
cover the rectory costs, the corporation requested that $5,000 be transferred to the Rectory fund
held at the Diocese to our Property fund – our Property fund which has a deficit of
approximately $80,000 has been funded from cash from other funds; however, given our current
financial situation any extraordinary property expenses will require funding through our external
funds going forward. Some good news is that our fluorescent lights in the hall may be replaced
through a government program for no cost to the parish which should reduce hydro costs in the
future.
To reiterate what was stated when we reported at the end of the first quarter, what we ask from you is:
- Please speak to the wardens if you have ideas for how we can bring in new rental tenants. This
is not simply for raising money, but also for developing community connections and sharing the
community and hope we hold as a church.
- Please speak to the treasurer if you require clarification on our finances.
- If you have fundraising ideas that you would like to take the lead on, let us know.
- Consider increasing your usual givings if you are able to do so and haven’t already this year.
- Switch to pre-authorized giving if you haven’t done so yet. If you require more information
about pre-authorized giving, there are pamphlets at the church or you can find the information
online at https://www.ascensionportperry.com/pages/give, item number 3, entitled “Monthly
Pre-Authorized Giving (PAG).
We are all in this together and so we will be inviting the congregation to become more involved
as we navigate our future together.
The Corporation
The Reverend Canon Ruthanne Ward (Incumbent), Occo van Tijn (warden), Aeneas Lane
(warden) Dan Cappellani (warden), Kyle Deegan (warden), Susan Tremayne-Moon (treasurer).
Hit "Read More" for the second graph