The Redemption Newmarket Elders and staff do their best to honour the Lord with finances. If you have further questions regarding the budget or financial statements please contact Pastor Myles Holmes at firstname.lastname@example.org
Spending of funds is confined to Elder approved programs and projects. Each contribution directed toward an approved program or project will be used as restricted with the understanding that when the need for such a program or project has been met, or cannot be completed for any reason as determined by the Elders, the remaining restricted contributions will be used where the Elders deem it to be most needed.
Donor information is kept in strict confidence. Per our policies, Elders and Pastors do not have access to donor information and this information is kept in strict confidence by our Finance Department staff. Donor information is not sold, nor is it made available without the prior consent of the donor except where disclosure is required by law.
Redemption Newmarket has a strict expense authorization to ensure financial accountability for operational and capital purchases. Purchases in excess of specific thresholds must be approved by the Senior Pastor.
To ensure maximum transparency and assurance Redemption Newmarket retains an independent auditor to conduct annual audits of its financial statements. These financial statements are audited in accordance with Generally Accepted Auditing Standards (GAAS). Historical audited financial statements can be accessed at the bottom of this page.
Monthly financial statements are prepared and compared to the operational budget to ensure spending is in line with the fulfillment of Redemption Newmarket’s mission. When necessary, Elder approval is obtained and the operational budget is updated to reflect any changes in priorities throughout the year.
Each fall an operational budget is prepared for review, analysis, questions, and approval by the executive staff and Elders. Each ministry is required to present a budget alongside a ministry plan for the year. The operating budget is fundamental to our accountability, transparency, and integrity. Staff compensation is approved by non-staff Elders and is compared with industry standards in North America to ensure it falls within acceptable parameters when compared to the overall budget of the church.
Redemption Newmarket is an incorporated charity registered with the Canada Revenue Agency. Each year the church files an Annual Information form with the Charities Directorate in compliance with federal regulations.