Financial Stewardship

ORGANIZATION AND CHARITABLE STATUS

Redemption Bible Chapel is a registered charity with the Canada Revenue Agency, and incorporated in the province of Ontario. Each year the church files an Annual Information form with the Charities Directorate in compliance with federal regulations.

ANNUAL BUDGET PROCESS

Each fall, an operational budget is prepared for review, analysis, questions, and approval by the elders. Each ministry is required to present a budget for the year, based on a zero-based budgeting process. The operating budget is fundamental to our accountability, transparency, and integrity. Staff compensation is approved by non-staff elders and is compared with industry standards in North America to ensure it falls within acceptable parameters when compared to the overall budget of the church.

MONTHLY FINANCIAL REVIEW

Monthly financial statements are prepared and compared to the operational budget to ensure spending is on track and any anomalies are flagged.

ANNUAL AUDIT

To ensure maximum transparency and assurance Redemption Bible Chapel is operating according to all regulations, RBC hires a professional accounting firm, experienced in audits, to conduct an annual audit of its financial statements. Since RBC is incorporated, an independent audit is also required by law. RBC’s year-end is December 31, and the audit is usually completed by June each year. For a copy of the audited financial statements, contact the office at info@rbclondon.ca.

CONFIDENTIAL DONOR INFORMATION

Donor information is kept in strict confidence. Per our policies, elders and pastors do not have access to donor information as our Finance team keeps this information in strict confidence.