WestCoast Challenge – January 2017 Financial update

In the November Annual General Meeting the Association passed the 2017 budget with a projection of a -$25,000 General Fund balance. As I reported in the meeting, expenses have been increasing but the contribution from many member churches has not increased for the last few years. My hope is that the member churches would step up their contribution generously.

On another note, 2017 will be the last year of the More Than Legacy III promotion. 50% of the money donated through this promotion will go to the long term investment fund that would generate funds for the future. The remaining 50% will be used for general operation purposes. The long term investment fund had generated $20,000 interest to supplement the General Fund expenses in 2016. We hope that a larger capital in the long term investment fund would generate more interest for the general operation.