THE PENTECOSTAL ASSEMBLIES OF CANADA FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2013
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1 FINANCIAL STATEMENTS
2 Chartered Accountants and Business Advisors People Count. LLP INDEPENDENT AUDITOR S REPORT To the members of: The Pentecostal Assemblies of Canada We have audited the accompanying financial statements of The Pentecostal Assemblies of Canada, which comprise the statement of financial position as at December 31, 2013, and the statements of operating funds activity, operating funds balances, trust funds and property fund activity and fund balances and cash flows for the year then ended, and a summary of significant accounting policies and other explanatory information. Management s Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with Canadian accounting standards for not for profit organizations and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. Auditor s Responsibility Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with Canadian generally accepted auditing standards. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained in our audit is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion, these financial statements present fairly, in all material respects, the financial position of The Pentecostal Assemblies of Canada as at December 31, 2013, and the results of its operations and its cash flows for the year then ended in accordance with Canadian accounting standards for not for profit organizations. Guelph, Ontario March 19, 2014 I~L~ LLI Chartered Accountants Licensed Public Accountants FERGUS I GUELPH KITCHENER
3 Statement of Operating Funds Activities Year ended December 31, 2013 Revenue (note 5) Donations - Missionaries International Missions Mission Canada Donations (note 18) District tithes Bequests Sales and services (note 18) Investment revenues Credential fees Shared Operations Funding Funds (note 3) (note 3) (note 3) Designated Total Total $ $9,805,462 $ - $9,805,462 $9,873, , , ,710 2,590,329 4,714,878 7,305,207 6,114,549 1,412,307-1,412,307 1,330, , , , ,338 1,180, ,349 1,374,340 1,634, , , , , , , ,305 6,080,494 10,237,983 5,601,278 21,919,755 20,692,714 Expenditures International Missions Missionary support and ministry Projects Fellowship Services (notes 6, 18) Mission Canada Distributions to other ministries 1,906,947 9,353,612-11,260,559 11,732,408 3,776,275 3,776,275 2,621,051 2,349, ,902 2,808,463 3,022,767 1,083, ,739 69,895 1,506,500 1,407,183 9,894 9,894 11,731 5,340,374 9,706,351 4,314,966 19,361,691 18,795,140 Excess of revenue over expenditures 740, ,632 1,286,312 2,558,064 1,897,574 Gain on investment in PFSG (note 19) 14,347 14,347 40,222 Excess of revenue over expenditures $ 754,467 $ 531,632 $1,286,312 $2,572,411 $1,937,796 See notes to financial statements
4 Statement of Operating Funds Balances Year ended December 31, 2013 Shared Designated Designated Operations Funding Internal External Total Total (note 3) (note 3) (note 3) (note 3) (unrestricted) (internally restricted) (internally restricted) (externally restricted) Fund balance, beginning of year Interfund transfers (note 7) Excess of revenue over expenditures $ (249,225) $ 2,522,989 $ 137,446 $ 2,481,893 $ 4,893,103 $2,924,139 (473,302) 369, ,755 (228,349) 53,573 31, , , ,436 1,026,876 2,572,411 1,937,796 Fund balance, end of year $ 31,940 $ 3,424,090 $ 782,637 $ 3,280,420 $ 7,519,087 $ 4,893,103 See notes to financial statements
5 Statement of Financial Position Year ended December 31, 2013 ASSETS Current assets Cash and short-term deposits Accounts receivable & accrued revenues Due from (to) other funds Inventory and prepaid expenses Mission loans receivable (note 8) Operating Trust Property Funds Funds Fund Total Total $ 2,274,919 $ $ $ 2,274,919 $ 1,195, , , , , , ,015 (141,533) 113,015 99,429 7,440,326 7,440,326 5,582,583 3,039,591 7,480,305 10,519,896 7,481,561 Controlled entity (note 19) 1,369 1,369 Loans and mortgages held to fund annuities (note 9) - 1,511,385 1,511,385 1,304,236 Loans and mortgages held (note 10) 1,450,361 12,828,664 14,279,025 14,309,447 Land, property and equipment (note 11) - 3,000,000 2,046,976 5,046,976 5,468,714 1,451,730 17,340,049 2,046,976 20,838,755 21,082,397 TOTAL ASSETS $ 4,491,321 $ 24,820,354 $ 2,046,976 $31,358,65t $ 28,563,958 LIABILITIES AND FUND BALANCES Current liabilities Accounts payable and accrued liabilities Due to related parties (note 18) Loans payable - current portion (note 13) $ 208,808 $ 62,295 $ $ 271,103 $ 368,820 45,289 45, ,092 2,268,413 2,268,413 4,440, ,097 2,330,708-2,584,805 4,908,981 Controlled entity (note 19) - 12,978 Gift annuities and gift agreements (note 9) 1,389,624-1,389,624 1,214,128 Revocable gift agreements (note 15) 4,000-4,000 4,000 Global Worker repatriation (note 16) 590, , ,524 Loans payable (note 13) 2,140,596-2,140,596 1,277,155 Other loans (note 14) (3,281,863) 3,281, (3,281,863) 7,406,807-4,124,944 3,055,785 TOTAL LIABILITIES (3,027,766) 9,737,515-6,709,749 7,964,766 FUND BALANCES Unrestricted 31, ,940 (249,225) Internally restricted - shared funding 3,424, ,424,090 2,522,989 - other funds 782, , ,446 Externally restricte~- designated funds 3,280, ,280,420 2,481,893 - trust funds (note 17) 15,082,839-15,082,839 13,537,375 Invested in property and equipment - 2,046,976 2,046,976 2,168,714 TOTAL FUND BALANCES 7,519,087 15,082,839 2,046,976 24,648,902 20,599,192 TOTAL LIABILITIES AND FUND BALANCES $ 4,491,321 $ 24,820,354 $ 2,046,976 $31,358,651 $ 28,563,958 See notes to financial statements
6 Statement of Cash Flows Year Ended December 31, 2013 Operating activities Excess of revenue over expenditures Add (deduct) items not involving cash Amortization Write down of land value Investment in PFSG (note 19) Actuarial adjustment on annuities ,049, , ,000 (14,347) (194,505) ,974, ,049 (40,222) (162,160) 4,299,383 2,159,650 Net change in non-cash working capital items Accounts receivable Inventory and prepaid expenses Due from (to) related parties Accounts payable and accrued liabilities (87,700) (82,901) (13,586) 19,204 (54,803) 97,464 (97,717) 260,929 (253,806) 294,696 Cash flows ~om operating activities 4,045,577 2,454,346 Financing activities Gift annuities issued Global Worker repatriation New loans payable Repayment of loans payable 370, ,000 43,200 31,271 2,760,765 2,856,436 (4,068,980) (3,151,690) Cash flows from financing activities (895,014) 26,017 Investing activities Issuance of mission loans receivable Collection of mission loans receivable Net change in annuity loans and mortgages Net change in loans and mortgages Purchase of property and equipment (2,489,620) (2,886,262) 631, ,301 (207,149) (175,050) 30,422 (1,321,542) (36,787) (65,705) Cash flows from investing activities (2,071,257) (3,932,258) Net change in cash and short-term deposits during the year 1,079,306 (1,451,895) Cash and short-term deposits, beginning of year 1,195,613 2,647,508 Cash and short-term deposits, end of year $ 2,274,919 $ 1,195,613 Cash and short-term deposits is comprised of: Cash Marketable securities 2,204,616 1,106,370 70,303 89,243 $ 2,274,919 $ 1,195,613 See notes to financial statements
7 1. NATURE OF THE ORGANIZATION The Pentecostal Assemblies of Canada (the "PAOC") was established by letters patent issued by the federal government on May 17, 1919 and is registered as a charitable organization with the Canada Revenue Agency, and as such is exempt from income taxes under the Income Tax Act (Canada). The purpose and objectives of the organization are to: (a) (b) (c) (d) (e) (f) (g) (h) (i) (J) conduct public worship; provide places of worship; provide a basis of fellowship among Christians of like faith approving all scriptural teaching, method and conduct; organize and conduct schools of religious instruction; carry on missional work for the spreading of the gospel; carry on charitable and philanthropic work of every kind; publish, sell and distribute Christian literature; collect, solicit and accept funds or other subscriptions for the carrying on of the work of the organization, and for any other religious or benevolent purposes; exercise any of the powers usually conferred on duly incorporated benevolent societies by either federal or provincial authorities; and to exercise the right to own, hold in trust, use, sell, convey, mortgage, lease or otherwise dispose of such property, real or personal as may be needed for the execution of the work, and to invest and keep invested such funds as may be placed at its disposition for the furtherance of the objectives of the PAOC, and to dispose of the entire undertaking of the organization. 2. RELATED PARTIES The following are organizations related to the PAOC: Pentecostal Financial Services Group Inc. Pentecostal Financial Services Group Inc. ("PFSG") is a wholly-owned subsidiary of the PAOC and was incorporated on March 24, 2005 under the Canada Business Corporations Act. The PAOC and PFSG also share common premises and administration services. PFSG is subject to credit and liquidity risks arising from its mortgages receivable and loans payable. Emerqency Relief and Development Overseas Effective December 1, 2005, the PAOC operation for Emergency Relief and Development Overseas ("ERDO") was incorporated by letters patent as a separate legal entity. ERDO was also registered as a charitable organization with the Canada Revenue Agency, and as such is exempt from income taxes under the Income Tax Act (Canada). ERDO is related to the PAOC through the membership level of the organizations. ERDO was established to provide short term relief in times of severe emergency and innovative assistance for communities experiencing extreme poverty. ERDO consists of four organizations including ERDO, SIPHO, SIPHO Foundation and SIPHO Services.
8 2. RELATED PARTIES (continued) THE PENTECOSTAL ASSEMBLIES OF CANADA The Pension Fund (1969) of The Pentecostal Assemblies of Canada The Pension Fund (1969) of The Pentecostal Assemblies of Canada (the "Pension Fund") is a multiemployer defined benefit pension plan, of which the PAOC is a member. Specified contributions made by eligible employees are matched by the employers. PAOC Mission Link PAOC Mission Link was established as a Canadian charity to manage and direct the donations toward international mission activities from the German churches of the PAOC. This charity continues to support many of PAOC s current global workers, as well as on-going projects around the world and is related to the PAOC through the membership level of the organizations. Villages of Hope: Africa Society Villages of Hope: Africa Society is a Canadian charity which facilitates the establishment and administration of excellent care for children at risk, by partnering with various African based organizations. The organization has developed a set of standards for quality childcare, and holds each village accountable to those standards. The organization is related to the PAOC through the membership level of the organizations. 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The financial statements have been prepared by management in accordance with Canadian accounting standards for not for profit organizations. The more significant accounting policies are outlined below. Use of estimates The preparation of financial statements in conformity with Canadian accounting standards for not for profit organizations requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenditures during the year. Significant estimates requiring the use of management estimates and assumptions relate to useful life of assets. Actual results could differ from these estimates. Fund accountinq The organization s accounts follow the principles of restricted fund accounting, under which resources for particular purposes are classified, for accounting and reporting, into funds corresponding to those purposes. Operating Funds Operating Funds include Operations, Shared Funding and Designated Funds. Operations consist of donations, other revenues, and related expenditures pertaining to the operations of the organization which are not included in other funds. Shared Funding includes donations designated for the approved budgets of missionaries. Designated Funds include donations designated for approved PAOC projects. Trust Funds Trust Funds are comprised of endowment funds and externally restricted funds. The income earned on these accounts represent either unrestricted, restricted or endowment amounts. Income and expenditures are recognized in accordance with specifications made by the donor subject to their initial approval by the PAOC at the time of donation.
9 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) Property Fund The Property Fund consists of assets, liabilities, donations, amortization and gains and losses related to the property and equipment of the PAOC. Revenue recoqnition Unrestricted donations, bequests and district tithes are recognized as revenue in the year received or receivable if the amount to be received can be reasonably estimated and collection is reasonably assured. Designated donations are recognized as revenue of the appropriate designated fund in the year received. Contributions of encroachable capital are recognized as revenue of the Trust Funds in the year received. Sales and service, credential fees and investment revenue are recorded as earned. Inventory Inventory is recorded at the lower of cost and net replacement cost, with cost being determined on a firstin, first-out basis. Property and eauipment Property and equipment are recorded at cost less amortization. Contributed property and equipment are recorded at fair value at the date of contribution. Amortization commences in the year subsequent to the year in which the asset is purchased or received and is calculated to depreciate the cost of the assets over their estimated useful lives on a straight-line basis as follows: International office building 2.5% Furniture, fixtures and office equipment 10% Computer equipment 50% Allocation of administration expenditures The PAOC allocates the following expenditures to the three main divisions of the organization based on the following: i) Accounting - based on time spent by employees on each department ii) Computers / information technology - based on number of users in each department iii) Premises - based on square footage used by departments iv) Human resources support and reception - based on number of staff in each department and the number of calls received for each department The details of the allocation are disclosed in note 20. Financial instruments Measurement of financial instruments The organization initially measures its financial assets and liabilities at fair value, except for certain nonarm s length transactions. The PAOC s financial instruments are comprised of cash and short term deposits, accounts receivable and accrued revenues, mission loans receivable, loans receivable from PFSG, loans and mortgages held to fund annuities, loans and mortgages held, accounts payable and accrued liabilities, amounts due from (to) related parties, promissory notes payable, gift annuities and gift agreements, revocable gift agreements, global worker repatriation in Trust Funds, and loans payable.
10 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) Financial instruments (continued) The mission loans receivable, amounts due from (to) PFSG, ERDO and the Pension Fund, the promissory notes payable and the loans receivable from PFSG are measured at carrying value, as these are related party balances. The mortgages held to fund annuities, loans and mortgages receivable and loans payable are measured at amortized cost using the effective interest method, with gains and losses recognized in the excess of revenue over expenditures when the asset or liability is repaid or written off. The effective interest method allocates the interest income or expense over the term of the investment or debt, using the rate that exactly discounts the estimated future cash receipts or payments through the expected life of the financial instrument, to the net carrying amount of the financial asset or financial liability. Gift annuities and gift agreements, revocable gift agreements, and the global worker repatriation balance in the Trust Funds are measured at fair value, with gains and losses recognized immediately in the excess of revenue over expenditures. The global worker repatriation balance in the Trust Funds is recorded at carrying value as there are no set terms of repayment. Impairment Financial assets measured at amortized cost are tested for impairment when there are indicators of impairment. If an impairment has occurred, the carrying amount of financial assets measured at amortized cost is reduced to the greater of the discounted future cash flows expected or the proceeds that could be realized from the sale of the financial asset. The amount of the write-down is recognized in excess of revenue over expenditures. The previously recognized impairment loss may be reversed to the extent of the improvement, directly or by adjusting the allowance account, provided it is no greater than the amount that would have been reported at the date of the reversal had the impairment not been recognized previously. The amount of the reversal is recognized in excess of revenue over expenditures. Foreign operations, assets and measurement uncertainty The PAOC has consistently followed the policy of expensing all costs for overseas operations, and property and equipment through International Missions expenditures, unless these amounts represent advances which are to be repaid to the PAOC. This policy is based upon the practice that such assets, while generally redeployable under the direction of the International Missions Committee, are not always accessible for redeployment due to foreign property titling regulations, and international fund transfer and foreign currency exchange limitations. While the PAOC may specifically assign title to national ministries overseas, it generally retains control of title while considering an orderly transfer of assets to stable national ministries overseas. Accordingly, these assets and operations are not included in the financial statements. Contributed services The value of contributed services is not reflected in these financial statements as the fair value of these services cannot be reasonably estimated. Investment in Subsidiaries Following CICA Handbook Section 4450, reporting controlled and related entities by not-for-profit organizations, the long term investments in subsidiaries have been accounted for using the equity method of accounting as well as providing the appropriate disclosure.
11 4. OBJECTIVES, POLICIES AND PROCESSES FOR MANAGING CAPITAL The PAOC s capital is comprised of the net amounts invested in unrestricted funds, internally restricted funds - shared funding, externally restricted funds - designated funds, externally restricted funds - trust funds, and invested in property and equipment. Unrestricted funds The Board s objective is to maintain an unrestricted fund balance sufficient to meet both the annual operational budget requirements, and the annual maintenance of property and equipment. The Assistant Superintendent for Fellowship Services (Treasurer) and the Director of Finance and Accounting prepare the annual budget (which includes the property requirements). The Board then approves this budget and the Assistant Superintendent for Fellowship Services monitors the results against the forecast and notifies the Board when changes to plans are required. Internally restricted funds - shared fundinq The objective of the internally restricted funds, or shared funding fund, is to hold these global worker balances from year to year in order to care for the ongoing personal and ministry requirements of them. Each global worker family is required to prepare an annual budget, which is approved by their Regional Director. These budgets are monitored throughout the year by the Assistant Superintendent for International Missions, and are adjusted accordingly as required. Externally restricted funds - desiqnated funds The externally restricted funds - designated are all the funds set aside by the Board to fulfill the donor wishes in providing for projects or ministries. Each project or ministry must be carrying out the charitable objectives of the PAOC. The Officers monitor these funds to ensure they are being distributed for their intended purposes. Where the funds are not required in the short term, the Treasurer invests their balances in accordance with Board policy, which allows that they be held in short term, low risk and highly liquid financial instruments. Externally restricted funds - trust funds The externally restricted funds - trusts are maintained in accordance with the terms of their contributors. The Board has established investment policies for these funds, and its main objective is to assure the maintenance of the contributed capital, in order to secure healthy investment revenues annually. The policy allows funds to be invested in money markets or church mortgages. The annual revenues from these investments are then distributed to various PAOC projects and programs, as per the original terms of their contributors. Invested in property and equipment The organization invests in property and equipment in order to facilitate the highly technical service needs of the organization and its constituents, and to maintain a building accommodating these services. The Officers of the PAOC are responsible for this investment, and direct all decisions made to improve or upgrade computer systems, as well as all building improvements. These costs are ultimately approved by the Board in the annual budget approval process, to ensure they are in keeping with the current strategies of the organization.
12 OPERATING FUND REVENUE THE PENTECOSTAL ASSEMBLIES OF CANADA Operating Funds revenue classified by the department to which it is directed consists of: 2013 International Mission Fellowship Missions Canada Services Total 2012 Total Donations $ 11,731, , ,654 12,828,312 $ 12,697,325 Designa~d donations 4,063,782 17, ,811 4,714,878 3,685,161 Bequests 568,435 54,396 76, , ,338 16,363, , ,324 18,242,880 16,884,824 Distri~ tithes 438, ,300 1,412,307 1,330,673 Sales and services 121, , ,761 1,374,340 1,634,638 Credential fees - 434, , ,305 Investmentrevenue 174,841 34, , , ,274 b) Total donations consist of: $ 16,659,728 1,877,376 3,382,651 21,919,755 $ 20,692,714 Operations $ 2,590,330 $ 2,429,388 Shared Funding 10,237,983 10,267,937 Designated Funds 4,714,878 3,685,161 Beques~ 699, ,338 $ 18,242,880 $ 16,884, FELLOWSHIP SERVICES Fellowship services provides the administrative infrastructure to support the operations of the International Missions, Mission Canada, the International office, and administration of the shared, designated, trust and property funds. During the year, fellowship services expenditures consisted of the following main categories: Administration $ 1,438,042 Communications/publications 517,070 Stewardship 306,486 Committees 87,963 $ 1,611, , ,858 4O,890 $ 2,349,561 $ 2,318,742
13 7. INTERFUND TRANSFERS The net transfer to (from) the Operating Funds resulted from the following transactions: Trust Funds Annuity Fund $ 90,359 $ 66,423 PAOC Endowment Fund 30,450 Property Fund Purchase of property and equipment (36,787) (65,705) 8. MISSIONS LOANS RECEIVABLE Mission loans receivable consist of the following: 53,572 $ 31,168 Interest bearing $ 7,350,326 $ 5,492,583 Non-interest bearing 90,000 90,000 $ 7,440,326 $ 5,582,583 The mission loans receivable are denominated in Canadian dollars, are due on demand, and include loans in or owing from: Catalyst 21 Enterprises Inc. King of Kings Ministries Inc. Random Access Network The Russian Church of Christians of Evangelical Pan Africa Christian University Dares Salaam Pentecostal Church Property- Harare House - Dominican Republic The Pentecostal Bible College in Kenya Jubilee Christian Centre Cornerstone Assembly of God, South Africa Harare Central Church Loan, Zimbabwe House - Turkey Kitwe, Zambia Tabernacle of David Assembly Pentecostal Assemblies of God, Uganda ISTEK Church of Christians of Evangelical Faith Murman Watoto Church The Pentecostal Assemblies of Zambia Christian Life Ministries $ 2,6O2,499 $ 872, ,900 1,489, ,000 64,380 2,547, ,313 32,406 12,332 6,902 $ 7,440,326 $ 5,582,583
14 9. GIFT ANNUITIES Gift annuities are agreements whereby, in return for providing an initial payment to the PAOC, the donor is issued annual payments of agreed amounts, until written notice is received to terminate the annuity, or notice is received of the death of the annuitant. Upon termination, the net balance of the annuity is distributed under PAOC s discretion, within the terms of the annuitant s directions. Mortgages of $1,511,385 ( $1,304,236) are held to fund the gift annuities. The estimated obligation for gift annuity payments is $1,389,624 ( $1,214,128). New gift annuities issued during the year totaled $370,000 ( $290,000). Gift annuities terminated during the year totaled $90,000 ( $100,000). 10. LOANS AND MORTGAGES Loans and mortgages totaling $ 3,116,595 ( $4,158,707) are contractually owing from member churches of the PAOC through trustees who act as agents for both the borrower and the investor. The trustees are current or former officers of the PAOC. The remaining loans are owing from PFSG. The loans and mortgages are due at various dates between January 14, 2014 and September 25, 2016 ( March 31, 2013 and September 19, 2015) and earn interest at rates in the range of 4.7% and 6.5% ( % and 6.5%). It is management s intention to reinvest the funds as they come due. 11. LAND, PROPERTY AND EQUIPMENT (a) Land, property and equipment consists of the following: Accumulated Cost Amortization Net Net Trust Fund Land $ 3,300,000 $ $ 3,300,000 $ 3,300,000 Property Fund International Office Land 392,851 Building 2,266,301 Furniture, fixtures, office and computer equipment 3,007,099 Other property, (b) 2 392, , ,384 1,543,917 1,599,495 2,896, , , ,666,253 3,619,276 2,046,976 2,168,714 $ 8,966,253 $ 3,619,276 $ 5,346,976 $ 5,468,714
15 11. LAND, PROPERTY AND EQUIPMENT (continued) (b) Other property THE PENTECOSTAL ASSEMBLIES OF CANADA Other property consists of one donated mineral right and various overseas properties. As a result of the nature of these acquisitions and their indeterminable value, the PAOC has recorded these properties at a nominal amount of two dollars. 12. PROMISSORY NOTES PAYABLE In order to finance the accumulated Operating Funds deficit, during 2005, the PAOC Operating Funds borrowed from the Trust Funds. The amount borrowed was secured by promissory notes, and the International Office assets with a carrying value of $2,047,924 were pledged as collateral. During the year, $246,011 ( $235,411) of the balance was repaid and a further $0 ( $0) was borrowed, bringing the balance owing to zero. The promissory notes consist of the following: Promissory note payable to the Endowment Fund (Wordcom), due on demand, bearing interest at 2.9%, interest payable monthly $ - $ 149,660 Promissory note payable to the Endowment Fund (Fellowship Services), due on demand, bearing interest at 2.9%, interest payable monthly 60,892 Promissory note payable to the Endowment Fund (Mission Canada), due on demand, bearing interest at 2.9%, interest payable monthly 35,459 $ - $ 246,011 Interest in the amount of $4,927 ( $13,962) on behalf of these promissory notes has been recorded in administration expense (note 6).
16 13. LOANS PAYABLE Loans payable consist of unsecured amounts advanced by private individuals or private organizations to assist in financing specific projects and include the following: Loan payable, bearing interest at4%, due May 1, 2015 $ 37,507 $ 57,564 Loan payable, bearing interest at 5%, due August 13, ,230 63,694 Loan payable, bearing interest at 4%, due August 10, ,562 83,660 Loan payable, bearing interest at 4%, due November 3, ,491 Loan payable, bearing interest at 2%, due September 27, 2014 Loan payable, bearing interest at 3.5%, due December 31, ,000,000 1,000, , ,957 Loan payable, bearing interest at 4%, due September 1, , ,000 Loan payable, bearing interest at 4%, due October 1, ,000 Loan payable, bearing interest at 4%, due June 30, ,000 Loan payable, bearing interest at 4%, due June 30, ,000 Loan payable, bearing interest at 2%, due October 14, ,850,000 Loan payable, bearing interest at 2%, due December 19, ,000,000 1,000,000 Loan payable, non-interest bearing, due on demand 381, ,858 4,409,009 5,717,224 Less: current portion 2,268,413 4,440,069 $ 2,140,596 $ 1,277,115
17 13. LOANS PAYABLE (continued) THE PENTECOSTAL ASSEMBLIES OF CANADA Interest in the amount of $240,650 ( $231,726) related to the above loans payable has been recorded in interest expense of the Trust Funds. Future minimum principal repayments over the next five years are as follows: 2014 $ 2,268, , , , ,469 The~affer 803,759 $ 4,409, OTHER LOANS Other loans totaling $3,281,863 were borrowed by the trust funds from the operating fund. The loan is bearing interest of 2% and is due June 23, REVOCABLE GIFT AGREEMENTS Revocable gift agreements stipulate that the donor is entitled to withdraw a portion of the capital and accrued interest until their death, at which time the remaining principal and accrued interest is donated to the PAOC. The organization reflects the donation and accrued interest as a long-term liability until the death of the donor, at which time the funds are recognized as revenue. 16. GLOBAL WORKER REPATRIATION Global worker repatriation balance is a fund to which monthly contributions are made for 83 global worker families ( ). These funds are invested in loans and mortgages (note 10). Each global worker family s total investment in these funds is withdrawn to assist with their financial needs upon their return to Canada when they retire from service overseas.
18 17. TRUST FUNDS - CHANGES IN FUND BALANCES Name John & Lydia Rebman Trust Fund PAOC Endowment Fund McKay Trust Fund Overseas Loan Fund The Health Care Endowment Fund Gummer Trust Fund Santrec Trust Fund Harrison Trust Fund Church Planting Trust Fund Hutchinson Trust Fund Putrus Trust Fund Kirk Trust Fund Non-Quon Fund Memorial Fund Dean Trust Fund Annuity Fund Buchanan Trust Literature Fund Revocable Trust Fund Audrey Shields Trust Fund January 1,2013 Opening Transfers December31,2013 Balance Increase Decreases In(Out) Ending Balance 4,720, , ,061 4,680,383 3,532, , ,090 3,633,955 2,209, ,477 54,067 2,266, , , ,513 1,061, , ,910 20, , ,453 31,676 13, , ,336 15,460 16, , , , , , , , ,554 (8,931) , ,013 4,922 4, , , ,035 70,338 (71) ,920 41,794 (1,593) ,995 24, , ,259 (90,359) 35,871 25,815 1,274-27,089 14, ,585 6, ,910 3, ,397 $ 13,537,375 $ 2,644,479 $ 669,956 $ (90,359) $ 15,082,839 The availability of the above fund balances for operations of the PAOC is restricted in that a number of the funds only allow the interest earned on the principal donated to be used for the PAOC ministries. As at December 31, 2013, this restricted portion amounted to $11,156,922 ( $11,147,999).
19 18. DUE FROM (TO) RELATED PARTIES AND RELATED PARTY TRANSACTIONS Due from PFSG Due (to) ERDO Due (to) the Pension Fund Due (to) VOH Due (to) from Mission Link $ 86,145 $ 141,514 (1,034) (49,451) (70,658) (120,867) (24,905) (97,490) (34,837) 26,202 $ (45,289) $ (100,092) The balances due from (to) related parties are unsecured, non-interest bearing and have no set terms of repayment. Included in donations revenue are contributions of $300,000 ( $153,098) received from PFSG. Included in sales and service revenue is $86,012 ( $100,745), $151,758 ( $157,955), $115,459 ( $91,510) paid to the PAOC for management and administrative functions by PFSG, ERDO and the Pension Fund, respectively.
20 19. FINANCIAL INFORMATION OF RELATED PARTIES The operations of the Pension Fund have been presented and reported upon separately from the PAOC. The operations of PFSG have not been consolidated in the accounts of the PAOC. PAOC is the sole shareholder and therefore controls PFSG. PFSG has not been consolidated in PAOC s financial statements. The investment has been accounted for using the equity method. There was a gain on investment in PSFG of $14,347. (Loss) Gain on investment in PFSG Net income $ 70,347 $ 75,058 Dividends (84,000) (52,200) Refundable tax 28,000 17,364 $ 14,347 $ 40,222 A financial summary at December 31, 2013 is as follows: Financial Position Assets $ 60,347,638 $ 58,276,184 Liabilities $ 60,346,268 $ 58,289,161 Share capital 1 1 Retained earnings (deficit) 1,369 (12,978) Total liabilities and deficit $ 60,347,638 $ 58,276,184 Results of Operations Revenue $ 2,971,839 $ 2,799,087 Expenses 2,901,492 2,724,029 Net income $ 70,347 $ 75,058 Cash Flows Cash used in operations $ 79,931 $ (83,044) Cash provided by financing and investing activities (5,921) 8,343 Increase (decrease) in cash $ 74,010 $ (74,701)
21 20. ALLOCATION OF ADMINISTRATION EXPENDITURES Certain of the administration expenses of Fellowship Services have been allocated among the International Missions, Fellowship Services and Mission Canada divisions as follows: Accounting Computers/information technology Premises Human resources support and reception 2013 International Fellowship Mission Missions Services Canada Total $ 244,997 $ 144,563 $ 59,385 $ 448,945 82,421 52,450 42, ,205 20,190 23,608 13,314 57,113 29,679 28,635 18,493 76, Total $ 489, ,928 70,856 79,994 During 2013, the allocation was based on the actual usage of each department. 21. GIFTS OF LIFE INSURANCE POLICIES AS CHARITABLE DONATIONS The PAOC is the owner and partial beneficiary of lifeinsurance policies gifted in accordance with provisions of the Income Tax Act (Canada). Number of policies in good standing Face value of policies Cash surrender value $ 2,062,300 $ 173, COMMITMENTS The PAOC is committed to 2016 under operating leases for office equipment. payments required over the next three years are as follows: 2014 $ 45,O8O , ,080 Future minimum annual Each year an actuarial valuation is completed for the Pension Fund (1969) of the Pentecostal Assemblies of Canada. This is a multi-employer defined benefit pension plan, of which PAOC is a member. It was determined that the plan has a contribution shortfall that must be allocated between participating employers/organizations in an equitable manner until the shortfall is eliminated. It is unknown at this time PAOC s allocation of the contribution shortfall. 23. LINE OF CREDIT The PAOC has access to $3,000,000 in an unsecured line of credit, at an interest rate of prime. Although no balance was outstanding at year end, the PAOC draws on this line of credit from time to time.
22 24. FINANCIAL INSTRUMENTS THE PENTECOSTAL ASSEMBLIES OF CANADA It is management s opinion that the PAOC is not exposed to significant currency risks arising from its financial instruments. PAOC is exposed to liquidity and credit risk with respect to its loans and mortgages as well as the loans payable. The organization s investments in short-term deposits, the mission loans receivable, mortgages held to fund annuities, and loans and mortgages are subject to market risks as the value of these investments will change with market fluctuations. The extent of the organization s exposure to these risks did not change in 2013 compared to the previous period.
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