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St.
Sophie |
Cathédrale
orthodoxe ukrainienne |
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Home Page Financial Secretary’s Annual Report for the Year 2008 The deteriorating physical condition of our Cathedral took the forefront in this financial year. Continuing challenges persisted in that not only the interior work had to be completed but the exterior brickwork was starting to be seriously affected by the infiltration of water on one side of the building. The budget for the year had projected a figure of $77,000 for major renovations and we were targeting at minimizing this by taking on much of the coordination and management of the work needed to be done ourselves. This effort resulted in the final figure being a respectable $60,361. This would have had a positive impact on the original expected deficit of $29,900 but unfortunately there was an additional and unexpected $72,358 as a result of the brickwork repairs. Total major renovations for the year cost an unprecedented $132,719. Fund-raising was less than inspiring for the year. The budget of $175,000 was missed by $30,000 as only $145,000 was donated. The 2007 donations were $162,000 and there was hope for a small increase over this figure but unfortunately this did not occur and the reverse happened. This in itself would not have totally mitigated the shortfall but would have positively contributed to keeping it lower. In the end there was no alternative but to withdraw $68,000 from our reserves ($35,000 from the Investment Fund & $33,000 from the Bequest Fund). The $36,227 windfall, from the initiation of a Forestry Management Program under the auspices of the Quebec government, helped immensely in contributing unexpected funds towards the renovations. This Program is intended to generate additional money in order that they be invested for the future sustainability of St-Sophie. As the base of members erodes and costs increase, there will be serious questions asked in the next years as to the survival of the parish. The Forestry Management Program was highly successful even though it was a learning experience for those of us involved. The plan is to take out approximately 8-10% of the trees on a yearly basis thus allowing for the regeneration of the forest over every 10-15 year period. If we are to look forward to being able to sustain St-Sophie in the years to come alternate sources of funds need to be considered. In this case we have a renewable resource available to the Parish and it is important to take advantage to exploit it responsibly for the better good of the parish. The Camp Program was better run financially than in the previous year. All payments, including advances for supplies, were made by cheque and receipts supported the purchases. There were certain issues that will require a greater focus by the Executive Council as the program becomes more successful from year to year. Our financial management improved from the year previous but there is still work to be done to make it more responsible. As a result certain parameters for the handling of monies will be implemented as well as continued:
There may be other areas that will require strengthening and this will be done as required. I wish to thank the membership for the confidence that they have allowed me and may we all pray for God to preserve our Parish into the future. Financial Secretary, Dan Stechysin Bequest Fund Donors Year Donor Amount 2008 Estate of Maria Yacovitch-Tatarchuk $ 1,000.00 2008 Estate of Nina Zerebecki 4,548.00 2008 Estate of Catherine Hawryluk 3,000.00 2006 Peter Onyszchuk 5,000.00 2005 Wladimir Safianyk 1,000.00 2003 Estate Nina Pelenska 39,250.00 2003 John Kormylo in memory of wife Carol 2,000.00 2002 Estate of Anna Smoly 1,000.00 2001 Estate of Anna Kulynycz 1,000.00 2000 Estate of Lydia Gut 2,200.00 Estate of Mrs. A. Demitrak 2,000.00 1999 Temerty Foundation 1,271.00 1998 Estate of Zoya Solod 5,000.00 Estate of W. Meketey 5,000.00 1997 Estate of Maria Sirota 5,000.00 1996 Estate of Ilko Barabash 5,000.00 Estate of Wasyl Gulewicz 18,372.00 Estate of Wasyl Wysocky 18,128.00 Index to the Annual Reports |
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