Synod finances stable, but not happy

Synod Director of Finance, Investment and Property, Robert Packer, reminded 30th Synod members that the Synod is not a simple organisation to be able to give an overview of its financial health.
"Managing the different services the Synod has and presenting one picture is very difficult," he said.

During the report from the Finance Investment and Property (FIP) Board, Mr Packer indicated that the 2011-2012 audited financial statements were included in the Synod information, but spoke to current results.

"The Queensland Synod remains in a stable, but still not happy financial position," he said.

While the Synod's financial position is a lot better than a few years ago, a small deficit is forecast for the year ending 30 June 2013.

Assisting continue the services of the Congress Community Development and Education Unit (CCDEU) will likely cost around $8 million. While this is a worthwhile expense, it means the Synod is less able to plant new congregations or sustain similar financial costs without borrowing internally or externally.

Andrew McBryde, FIP Board chair, said that a recently discovered, significant fraud had reinforced the need to constantly remind office bearers across the whole of the Synod of the importance of following policies and procedures.

Proposed changes to the Australia Prudential Regulation Authority (APRA) may mean the Synod could be required to make changes to some U.C.I.S products. Other operational risks include the Australian Charities and Not-for-profit Commission financial reporting requirements and proposed reforms on charitable investment fundraisers.

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