The committee met as required during 2016. The members of the committee are Ken Edwards (Chair), Ellen Pearson, and James Prichard. There are two ex officio non-voting members, Lorna Kearns and Robert Hulse. The committee is guided by an investment policy statement prepared by the members of the church corporation.
The investment funds managed by the committee are as follows:
|
|
Dec 31 2015 Market Value |
Dec 31 2015 Cost |
Dec 31 2016 Market Value |
Dec 31 2016 Cost |
|
The Beaufait Fund |
$698,530 |
$661,642 |
$1,068,289 |
$ 914,305 |
|
The Harold Thomasson Choir Fund |
200,756 |
216,865 |
243,293 |
223,646 |
|
The St John the Evangelist Endowment Fund |
936,018 |
904,465 |
$1,241,574 |
$1,096,441 |
|
The St John’s Cemetery Fund |
322,691 |
216,481 |
337,323 |
210,488 |
|
The St John’s Rectory Fund |
368,460 |
261,172 |
381,799 |
251,721 |
|
|
$2,526,455 |
$2,260,625 |
$3,272,278 |
$2,696,601 |
The investment committee is directly responsible for the funds managed by RBC Dominion, which includes The Beaufait Fund, The Harold Thomasson Choir Fund, and The St John the Evangelist Endowment Fund. The committee is not directly responsible for the funds managed by Russell Investments which includes The St John’s Cemetery Fund and The St John’s Rectory Fund as these funds are under the control of the Diocese of Niagara which has a committee that monitors the activities of the manager.
The Gerald Punnett in Trust account which held the proceeds from the sale of the Henderson Street property amounting to $280,776 was transferred to the general account in 2014 to provide interim financing for the Parish Centre. As parishioners met their pledges, funds were returned to the investment committee for reinvestment. After a final installment of $28,521 is received I 2017, the committee will have received a total of $206,360 for reinvestment, with the Henderson Fund contributing $74,516 to the Parish Centre Fund building project.
During the year the committee received $32,078 from the Barbara Hazlett Estate and $19,156 as the final amount from the Burke Estate which has been invested as provided by the terms of their wills.
The income from the various funds are used to finance the general operations of the parish.
If any member of the parish has questions or concerns they can direct them to a member of the committee who will strive to answer them.
Respectfully submitted,
Ken Edwards, Chair