finances and stewardship

finances and stewardship

The Hope Church Toronto North do their best to steward the funds it receives to honour the Lord financially. If you have further questions regarding the budget or financial statements please contact: elders@hopetorontonorth.com.

 

Please note that currently, Hope Church Toronto North is considered a ministry under Hope Church Mississauga.

 

1. Organization and Charitable Status 

Hope Mississauga 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 Mississauga is a member of the Canadian Council of Christian Charities (CCCC).

 

2. Annual Budget Process

As of 2020, Hope Church Mississauga's operational budget is prepared for review, analysis, questions, and approval by the elders in the month of June. 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 church industry standards in the GTA to ensure it falls within acceptable parameters recommended by CCCC when compared to the overall budget of the church.

 

3. Quarterly Financial Review

Quarterly financial statements are prepared and compared to the operational budget to ensure spending is in line with the fulfilment of Hope Mississauga’s mission. Each quarter, as necessary, the operational budget is updated to reflect any changes in priorities and/or circumstances throughout the year.

 

4. Annual Audit

To ensure maximum transparency and assurance Hope Mississauga retains an independent auditor to conduct annual audits of its financial statements. These financial statements are audited in accordance with Canadian generally accepted auditing standards and prepared in accordance with Canadian accounting standards for not-for- profit organizations. 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 Mississauga, 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 Mississauga 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 Department Head, the Senior Pastor, or the Elders.

 

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.