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Annual Budget Process
Each fall, an operational budget is prepared for review, analysis, questions and approval by the Executive Staff and the Elders. 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 industry standards in North America to ensure it falls within acceptable parameters when compared to the overall budget of the church.
Monthly Financial Executive Review
Monthly financial statements are prepared and compared to the operational budget to ensure spending is in line with the fulfillment of Harvest Bible Chapel Toronto West’s mission. Each quarter, as necessary, the operational budget is updated to reflect any changes in priorities throughout the year.
To ensure maximum transparency and assurance, Harvest Bible Chapel retains an independent auditor to conduct annual audits of its financial statements. These financial statements are audited in accordance with Generally Accepted Auditing Standards (GAAS) and prepared in accordance with International Financial Reporting Standards (IFRS). Historical audited financial statements can be accessed at the bottom of this page.
Published Unaudited Quarterly Financial Statements
To ensure that the church body is aware of the most recent financial status of Harvest Bible Chapel Toronto West, we prepare quarterly un-audited financial statements. The unaudited financial statements for the most recent year can be accessed at the bottom of this page.
Expense Authorization Process
Harvest Bible Chapel Toronto West 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 Finance Department and the Senior Pastor.
Confidential Donor Information
Donor information is kept is strict confidence. Per our policies, Elders & 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.
Any questions regarding the budget or the financial statements can be addressed to firstname.lastname@example.org.
“Each one must give as he has decided in his heart, not reluctantly or
under compulsion, for God loves a cheerful giver.”
2 Corinthians 9:7