2022 Financial Overview
Our desire is to be a community that demonstrates a commitment to financial stewardship and accountability. The following report is an overview of Soul Sanctuary’s finances from January through December 2022.
2022 Overview
Revenue - $1,708,322.97
General Giving - 57% ($966,692.06): This category includes a) regular tithes and donations given to the General Fund, b) all non-receiptable donations, c) contributions towards the Legacy Offering.
Missions Giving - 19% ($322,699.23): This category includes donations designated for our local and global missions partners, including but not limited to our relief efforts in Ukraine.
Building Fund - 1% ($13,201): This category includes donations designated to the support and improvement of our facility at 2050 Chevrier Blvd.
Program Income - 9% ($160,955.76): This category includes income gained through programatic functions of Soul Sanctuary, including camp registration fees, youth ministry events, government grants, and internship program tuition.
Rental Income - 14% ($244,774.90): This category includes income generated through the rental of our facility at 2050 Chevrier Blvd.
Expenses - $1,584,843.66
Ministry and Operations - 20% ($321,165.53): This category includes ministerial and operational costs including expenses related to church gatherings, events, ministries, camps, technology upgrades, transaction fees, and more.
Employee Compensation - 33% ($527,441.21): This category includes payroll, benefits, and RSP contributions for all employees of Soul Sanctuary, including our summer staff and Facility Team.
Missions - 21% ($336,508.90): This category includes all funds disbursed to our local and global missions partners.
Facility - 10% ($160,672.92): This category includes all facility specific expenses including property taxes and utilities.
Mortgage - 15% ($239,055.10): This category includes the principal and interest of our mortgage payments for our facility at 2050 Chevrier Blvd.
Comments
Our $123,479.31 surplus is entirely generated by Legacy Offering giving in November/December 2022. These funds will be disbursed as Legacy projects continue in 2023.
Historically Soul Sanctuary has experienced a large giving increase in the month of December. It is important to note that while the Legacy Offering took place in November/December and raised over $120,000 in that time, our General December giving remained consistent year over year. Meaning that on the whole, regular tithes were not diverted to the Legacy Offering.
Mortgage Principal Balance
Comments
Our starting mortgage principal was $3,438,537.61 in 2014.
Our remaining principal is $2,396,320.61.
Our monthly mortgage payment is fixed at $20,100.
Revenue Trend Since 2015
Comments
2022 is marked by a noticeable increase in revenue, largely due to designated missions giving to support our partners in Ukraine.
2022 rental revenues were the highest to-date, despite limited rentals in January-March due to health restrictions.
2022 marked our first Legacy Offering, adding to overall revenue increase.
General Giving (tithes) has maintained a consistently positive trend line since Soul started in 2004.
Large Projects
In spring 2022 Soul Sanctuary undertook a LED lighting retrofit where all of our incandescent lighting fixtures were changed to LED. This change serves to decrease our electricity usage over the long term, making our facility more efficient.
In summer 2022 a series of our offices were updated from single-use offices to multipurpose meeting spaces. Our offices now include a multipurpose classroom, a counselling room that also serves as a quiet workspace, and a multipurpose meeting room that serves as a collaborative workspace, a counselling room, and a place for Life Groups to meet.
In late 2021/early 2022 we brought in an RSP matching program for all full time staff, a previous program existed only for staff credentialed with the Pentecostal Assemblies of Canada. In early 2023 we implemented a four year plan to increase the salaries of our ministry staff with the expressed purpose of ensuring our ministry staff are adequately and equitably compensated.
In early 2023 we began the installation of security cameras inside our facility, with exterior cameras to be added once the snow melts.
Financial Records
As a Canadian charity our T3010 Registered Charity Information Returns are publicly available through the Canada Revenue Agency.