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Creating Financial Policies for your Church
On June 4, 2024, CCMBC Legacy Fund hosted its first Webinar. This webinar, tailored specifically for the financial teams serving our MB churches and organizations, focused on establishing church building reserve funds and the importance of establishing an investment policy for your church. Please see below for a recording of this webinar, as well as a PDF of the slides that were shown during the webinar.
We hope to host more webinars in the future. If you have any ideas for future topics that you believe CCMBC Legacy Fund could speak on to further support our CCMBC churches, we would love to hear them!
The CCMBC Pension Plan is moving to Canada Life!
On behalf of the CCMBC Pension Advisory Committee, we are pleased to announce that the CCMBC Pension Plan is moving to Canada Life this October 2024.
At CCMBC, we are committed to offering enriching benefits, including a pension plan that is designed with your best interests in mind. This includes providing good investment choices, low fees, and flexible service. And now, we’re looking to honour this ongoing commitment alongside our partners at Canada Life and Fidelity Investments Canada.
Click HERE to learn more about these upcoming changes.
CCMBC Legacy Fund Inc. (Legacy) is seeking a permanent, full-time Accounting Analyst to join our team at our head office in Winnipeg. We offer competitive remuneration and a comprehensive benefits package including group health insurance and matching pension contributions. Click HERE to learn more!
A Legacy in the Making
Bertha’s career with CCMBC began in 1990. As a lifelong member of the MB Church, Bertha had been involved in analytical areas that she was gifted in and in 1990 was treasurer at her local church. During that time, she was approached by a friend, Jake Neufeld about a job opportunity with CCMBC.
“I told him I needed time to think about it,” she remembers. “I did a lot of prayer and deliberation that week.”
After her period of deliberation Bertha decided to take the job.
“Ultimately it came down to, ‘what would I miss out on if I didn’t do it,’” she says, “How can I compete with God?”
After only two days and one evening of training at the very start of the job, Bertha worked happily as an accountant for many years with CCMBC. Several times she was approached by her supervisor about advancing in her career, though the only way he could promote her was if she completed the CGA program. At first Bertha felt no reason to go forward with it, but eventually she felt the pull to further education. She was inspired, and knew that in order to do her job more effectively it was time to jump in.
“I know a woman whose mother graduated university at 53 and I thought I could do that!”
Thus she began her journey in the CGA program in 2007 and was promoted to Comptroller shortly thereafter in 2009. By 2018 Bertha had fully completed the CGA program.
After working as Comptroller for several years, Bertha was appointed as the CFO for Legacy and CCMBC. CCMBC Legacy Fund, and subsidiary CCMBC Investments Ltd, help to fill in those gaps so that focus can be returned to sharing the message of Christ, not on wondering if there will be funding for a building or meeting place. To date, and under Bertha’s direction, CCMBC Investments has provided more than 700 loans to MB churches and pastors so they can make a difference in their communities and spread the gospel throughout Canada.
During the 32 years Bertha spent working for CCMBC, there were many changes that she was part of that affected not only her direct work, but also the community and churches around her. The CCMBC offices moved from the second floor of the MBBC building to their current location on Taylor Ave in Winnipeg- thankfully no more kitchen vent through her office in the new building! Bertha was also present for a few changes in governance and structure over the years. Looking back, there are leaps in technology too such as transitioning from dial up internet to a switch box in the late 1990s, Y2K, moving to Microsoft Windows, and updates to IBM programs.
One more recent outstanding achievement for Bertha was during her time as CFO. She oversaw the reorganization of the deposits system, and transition to CCMBC Investments Ltd, which was finalized in August 2019. Shortly thereafter in October 2019, the approval was given to be compliant with the collaborative model.
“In some ways it was a personal effort but in many ways it was a team effort,” Bertha says.
By the spring of 2020 the world and workplace looked much different. COVID-19 had changed the way many people worked and lived. One might think that this abrupt transition would have challenged Bertha. Quite the opposite! Bertha’s steady spirit and constant work ethic allowed her to accept the changes quite smoothly.
“It really didn’t affect me, work got done just more from home!”
Leaving Her Mark
As a person looks back on their career and into retirement, they may ask how they will be remembered, and what kind of impact they had on their workplace during their career. Bertha believes her personal legacy to be the knowledge that she served God, community, constituency, and colleagues well.
“I believe that I was called to the role,” she says. “I have always tried to do the best job I can. It was technical, but I still viewed it as a ministry role.”
On the morning of her retirement celebration Bertha read in Genesis 12:1:
The Lord had said to Abram, “Go from your country, your people and your father’s household to the land I will show you.”
Bertha remembered these words and shared them with her CCMBC and Legacy colleagues in a heartfelt speech, “Similarly, I feel God telling me to go from this workplace and to wait on him for what he has in store for my future,” she remarks, “I feel blessed to have had the opportunity to serve our Lord in this environment. I believe I was called to this place, not just by Jake, but by God, and I hope He will say, well done, good and faithful servant, because that is what I have strived to be.”
Bertha is thankful for the opportunity she was given to serve the Mennonite Brethren churches and community for 32 years, and to have met new people through networking and attending conferences both in Canada and the US. There were many things that sustained her throughout her career, faith and family of course, but also the fact that she learned to live and thrive in periods of change, and she was never bored. Bertha learned quite a variety in her work, like different types of accounting for charities, leases, and investments, as well as facility and real estate purchases.
“I love to learn,” she says.
The Future
Of all the things Bertha will miss about full time work, the piece she will miss the most is the people.
“Really I’ll miss just being in the office!” she says, “the day to day of being around my coworkers.”
She will also miss using the analytical part of her brain on a daily basis and in such an intensive way. “When I’m analytical I’m in my happy place,” she chuckles.
In this new chapter, Bertha is looking forward to a few things. First on her list is some travel and mission work, then a good old fashioned house purge. She also plans to dive deeper into her existing passions like working on her garden, crafting-particularly anything with a pattern, and spending more time at the cottage. She is looking forward to spending more time with her family and grandchildren. In these first few months of retirement, she will gladly reflect on Matthew 25:23
“His master replied, ‘Well done, good and faithful servant! You have been faithful with a few things; I will put you in charge of many things. Come and share your master’s happiness!’
Well done, Bertha. Congratulations on your retirement.
This story was originally published in the MB Herald.
The TFSA contribution limit for 2023 has been officially released by CRA. The annual contribution limit has been increased to $6,500, the first increase since 2019.
With the TFSA limit announced today, the total contribution room available in 2023 for someone who has never contributed and has been eligible for the TFSA since its introduction in 2009 is $88,000. If you are unsure of your available contribution room, please call CRA’s Tax Information Phone Service at 1-800-267-6999.
If you would like to open a new TFSA or contribute to an existing TFSA with CCMBC Investments, please visit our Invest With Us webpage to learn how, or contact our office at 1-888-669-6575.
I’m pleased to announce the appointment of Jim Bell as CFO of CCMBC Legacy Fund, its subsidiaries, and CCMBC effective September 1, 2022. The search committee is grateful for your prayer support, and we believe the Lord has led us to Jim as the right individual to enhance and provide financial oversight to positively impact the ministry of the Canadian Conference of Mennonite Brethren Churches. Jim succeeds Bertha Dyck, who is retiring on October 15, 2022, having faithfully served our MB family for 32 years. Jim most recently served as CEO of Siloam Mission and is the former President/COO/VP of Finance & Administration of Winnipeg Football Club. Jim is a CPA/CGA and earned a Bachelor of Commerce (Hons) from the University of Manitoba. Jim resides in Winnipeg and is an active member of Eastview Community Church.
Jim writes, “As a servant leader I place significant emphasis on building solid relationships with all stakeholders and staff. I look forward to serving alongside our conference leadership, serving our MB family, and glorifying our Lord.”
Please join me in welcoming Jim as CFO and I invite you to support him in prayer as he begins his ministry in our MB family.
Michael Dick,
Board Chair of CCMBC Legacy Fund Inc.
As the Chair of the Board of CCMBC Legacy Fund, Inc. and CCMBC Investments Ltd. I’m pleased to announce the appointment of Jason Krueger as President/CEO effective November 16, 2020. The search team is grateful for your prayer support in our search process and we believe the Lord has led us to Jason as the right individual to lead us in this important ministry at this time. Jason is a Chartered Financial Analyst and also has a Master of Arts in leadership. He formally was the President of the Canadian Baptist of Western Canada Foundation. Jason resides in Calgary.
Jason writes, “I have a deep appreciation of how Legacy supports the ministry needs of CCMBC, its churches and pastors, to encourage Kingdom growth. I understand the regulatory environment and ministry considerations that led to the creation of the framework that Legacy operates within. The objectives and activities of the organization I recently led were comparable to those of Legacy; we went on a similar journey with our staff, board and denominational leadership. Prayer-filled collaboration is paramount to accomplishing the conference’s missional objectives. Our efforts are for His glory.”
Please join me in welcoming Jason as President/CEO of Legacy/Investments and I invite you to support him in prayer as he begins his ministry in our MB family.
Michael Dick, Chair
CCMBC Legacy Fund, Inc. & CCMBC Investments Ltd. Board of Directors
This article was originally published by the MB Herald.
CCMBC Investments, One Year Later
As you know, on August 30, 2019, CCMBC completed a reorganization of our long-standing deposit program and your accounts now operate under our new company, CCMBC Investments Ltd. We are pleased to say that the transition to CCMBC Investments was a success, and over this past year CCMBC Investments has been operating efficiently and effectively.
We are so thankful to all our account holders for their patience and understanding during our transition. A special thanks to those account holders who have invested with us post-reorganization and have been gracious and flexible while working with our new investment process and exempt market dealer, Capstone Asset Management. If you have not yet invested in your accounts since our reorganization to CCMBC Investments, and would like to, please do not hesitate to contact our office to find out how (email: legacy@mbchurches.ca or phone: 1-888-669-6575).
COVID-19 and CCMBC Investments
The year 2020 brought changes to every aspect of our lives. As we all learned to adapt to our new normal during the COVID-19 lockdowns, CCMBC Investments adapted quickly and continued to offer support to our account holders and our MB churches, specifically those churches who hold mortgages with us. In March, we sent an email update to our account holders about how COVID-19 was affecting CCMBC Investments. If you did not receive an email update from us, please let us know by emailing us at legacy@mbchurches.ca so that we can add your email address to our mailing list. We hope to communicate by email more frequently in the days ahead, so it is important for us to have a current email on file for each of our account holders. A copy of the email sent in March can be found on our website at www.ccmbclegacyfund.com/news.
Since March, we have been pleased with the performance of our investments. On the mortgage side, we have found many churches have been able to maintain their giving income. It is important for you to note that even if we have offered a loan payment deferral, deferral is not the same as forgiveness. Interest is still accruing on these loans and offering payment deferrals will not affect your rate of return. In addition, our mortgage loans are secured on title against the physical asset.
Excess funds that are not immediately required for mortgage loans are invested according to our guidelines and as governed by our staff and board. These funds are invested with a focus on capital preservation and have performed in line with how we would expect them to in a time of economic downturn.
Our account holders have seen a steady rate of return and no reduction in principal balance over the last six months.
July 1 Interest Rate Change
Consistent with prior years, and now as outlined in our Offering Memorandum, our rates did not change suddenly during the economic hardships, and your investments continued to earn a rate of 2.90% until the 6-month term ended on June 30. Our rates are always subject to change on January 1 and July 1 of each year. The new rate for July 1, 2020 to Dec 31, 2020 is 1.40%. This is based on the Bank of Canada overnight lending rate, plus 1.15%. We trust you will find this is a reasonably competitive rate for an investment that is not locked in, has no term and no fees.
Ministry Partners
We would like to thank every one of you for being ministry partners with us. You may not feel like you are actively participating in ministry when you invest your funds with us, but that is precisely what you are doing! Through your investments, we can provide funding to our MB Churches, camps, schools and pastors, often allowing for opportunities that wouldn’t otherwise be possible. We wish we could share every story with you! That is not always possible, but here is a short comment from one of our pastors:
We had the opportunity to serve in a community that has historically been very difficult for an established church to thrive. CCMBC worked to help us achieve our goal of moving into [this community]. This has enabled us to get to know people in a deeper way. Our mission in life is to help people see the hope that is in Jesus. One of the best parts of that is the relationships we form and then getting to learn from those we meet, and all grow together. Lord willing, we look forward to many years of BBQ’s, kids’ camps, and other community building events with our new neighbours.
Thank you for investing to make a difference!
Blessings,
Bertha Dyck
Chief Financial Officer
RRIF MINIMUM WITHDRAWALS REDUCED 25% FOR 2020
On March 18, 2020, the Government of Canada announced portions of its COVID-19 Economic Response Plan, including details of Bill C-13, the COVID-19 Emergency Response Act which included proposed changes to the calculation of the 2020 required minimum withdrawal for registered retirement income funds (RRIFs). Recognizing current market conditions may impact many seniors’ retirement savings, the bill reduces minimum withdrawals from RRIFs for 2020 by 25%.
To help clients understand the impact of these changes on their clients’ RRIFs, CWB Trust Services has prepared the following Frequently Asked Questions:
1. How will the reduced minimum apply for an annuitant that is transferring their RRIF from one institution to another?
The relinquishing institution should pay the minimum unless instructed otherwise by the annuitant. The annuitant can request the minimum payout to be reduced by 25% less than the original calculated amount. For annuitants who do not choose to reduce their minimum payments, the original calculated minimum can still be applied without withholding tax.
2. How will the reduced minimum apply for annuitants with scheduled payments?
Annuitants may request to reduce their remaining schedule of payments to meet the reduced minimum amount.
3. For investors who have already received their full 2020 minimum, can they recontribute the 25% reduction back to their RRIF?
At this time, CRA has indicated that re-contributions of the 25% will not be permitted.
4. Is this reduction mandatory or optional?
The 25% reduction in the annual minimum payment is optional.
5. Are Life Income Fund minimum payments included in this?
Yes, LIFs would follow the same minimum requirements and options.
6. Are these changes effective January 1, 2020 or on a go-forward basis?
This change is applicable for 2020 only and only in those situations where the full minimum amount has not yet been paid to an annuitant.
7. What happens if annuitants have already taken their annual minimum payment prior to March 2020?
This change will not apply to them as they have already received their 2020 minimum required payment.
8. Is the taxable amount on any excess based on the unreduced minimum, or the newly reduced 25% minimum?
Withholding tax will be due on amounts greater than the unreduced minimum amount.
Clients looking for additional clarity on the Act and its impacts on RRIFs are encouraged to visit the Government of Canada’s official page here: https://www.canada.ca/en/revenue-agency/services/tax/registered-plans-administrators/registered-retirement-savings-plans-registered-retirement-income-funds-rrsps-rrifs/economic-statement-measure-annuitants-rrsp-rrif.html
To our valued Investors,
As we are all making adjustments to the new realities in our lives due to COVID-19, we want to communicate to you that we will continue to provide services to our investors.
We have had inquiries from investors with questions about how the fall in the equity markets is affecting their investments with CCMBC Investments. We would like to assure you that your investments continue to pay interest and dividends as outlined in the Offering Memorandum (OM). Currently the interest rate on the Notes is 2.9%. This is subject to change on July 1 and January 1 of each year based on the Bank of Canada Overnight Rate at that time. The Preferred Shares dividend rate remains constant at 1%.
Also, as noted in the OM, your investments are used to provide mortgage loans to MB churches, other MB entities, and MB pastors. Any excess funds are invested in a diversified portfolio that is focused on capital preservation. At this time, the portfolio is not exposed to the public equity markets. Currently, approximately 60% of CCMBC Investment Ltd’s assets are held in MB mortgages.
As you could expect, some churches may need to defer payments for a short time as their donations come in at a slower rate. The loans are still earning interest and we expect to collect full payments at a later date.
In an effort to practice social distancing, while balancing service to you with the self-care of our employees, we are providing opportunities for our staff to work from home or alternate days in the office. While we focus on meeting your needs, we ask for your grace and patience as our response times may be longer than you have experienced in the past.
We continue to thank you for your investment in ministry by supporting the work of the churches through the funding of mortgages.
Blessings and peace to you,
Bertha Dyck, Chief Financial Officer
Jim Davidson, Chief Executive Officer
