(Brooke’s generosity Blog)
February 16, 2020

As the annual meeting approaches, thoughts go to financial issues. We look through the eyes of faith, and also with prudent and reasonable decisions that will help us shape our future.

Is Knox financially healthy?”

The answer is yes. The overall health is excellent. There are short term stresses that arise because of the three year “Brightening Our Future” (BOF) campaign. In 2017, givings to the BOF were amazing as the strongest giving came at the start, as requested. This seems to have caused a reduction in ministry and mission givings.

Overall, Knox is better off today than before. Assets are much higher than debts. We have our highest net-worth now. (We live to provide mission and ministry not to manage a building.)

Why do we keep having deficits?
Our deficits in operations arose because we chose to pay down debt rapidly. We did amazingly well. With the focus on BOF, we lost some energy on the regular mission and ministry givings. Every year for 10 years we had a large capital surplus, but we were short on mission and ministry funds.

Why borrow to finance operations?
The 2020 budget has a plan to borrow $50,000. This will get Knox through to the end of the BOF campaign. This is both responsible and prudent. This gets us to where we need to be in 2121 and 2022. The mortgage is open for renegotiation in 2022. The balance owing will be much reduced by 2022. The reduction is due to principal payments made each month, but the greater impact comes from the generous donations from BOF that went directly to lowering debt. Thank you.

We are a generous congregation. We respond to God’s call to be a beacon of hope in the middle of Canada’s 10th largest urban community. The table below shows actual givings to Knox by Knox people. (2020 is projected) All rental income and other income is excluded.

Year Mission ministry Brightening Our Future Special Appeal Total Givings
2015 864,792     864,792
2016 867,602     867,602
2017 835,928 343,576   1,179.504
2018 798,706 266,474   1,065,180
2019 764,463 245,474 103,551 1,113,488
2020 793,808 125,000   918,808


As can be seen in the table, givings to mission and ministry declined while the BOF givings were the focus. The BOF finishes on June 30, 2020. Then we will have potential to grow core givings to mission and ministry. At the end of previous campaigns in 2011 and 2014 we experienced significantly increased givings. (At higher levels than before the pre-campaign baseline.) We expect this again, but we do not know the extent. In 2020 the budget plans for a modest achievable increase in givings. The 2020 budget approved by session, will be considered at the annual meeting.

Mortgage payments going up? Down? Staying the same?
The end of the BOF this summer leaves Knox with a mortgage/loan payment of about $21,700 per month. Our previous mortgage (2012-2017) was $30,000 per month. Through BOF we paid down debt an average of more than $22,000/month for 30 months. We also paid the mortgage. We will not (at first) see changes in payments. We are in God’s hands. Always.