A Financial Update

Stan Cox
Stan Cox

A huge percentage of our income is from the generous giving of our members and friends. Compared to the period from January 1 to July 31, 2019, our regular income up to the end of July 2020 is about $10,000 lower.

The Federal Government responded to COVID-19’s economic impact with a number of initiatives. Our board executive agreed that I should apply for the two for which we as a charitable organization are eligible: the Canada Emergency Wage Subsidy and the Canada Emergency Business Account.

As a result, over and above our regular income, we now receive help with 75 per cent of our wage expenses, to the tune of $3,400 monthly from CEWS, totaling $14,850 thus far in 2020. A new application has to be submitted each month. From CEBA we deposited this month $40,000 CEBA’s a one-time Federally sponsored interest-free loan through CIBC until December 31, 2022. If we repay $30,000 on or before that date, the balance of $10,000 is forgiven, and is ours to keep as a one-time grant.

This financial help from the Federal Government is temporary. And we receive it as from God’s gracious hand. At the same time, the Renewal Fellowship still counts on the faithful stewardship of God’s people for their regular generous gifts.

Support Renewal:

  • Consider adding us to the congregation’s annual missions budget.
  • Encourage one other person to become a member of the Fellowship.
  • Make donations through the PAR plan on our website. Or make a one-time or occasional donation by credit card or by cheque.