As has been customary for the past several years, the CCCB did not release its financial statements to the media this year. That information can be found at www.cra-arc.gc.ca under the CCCB’s corporate name Concacan Inc. (Source)
According to the CCCB’s (CONCACAN INC.) 2010 charity financial return, the CCCB has shown a surplus in its operations. In fact, it has recorded a healthy “profit” for the past several years according to their charity financial returns at CRA’s website.
I’m not sure what Msgr. Pat Powers means about “budget deficits” being incurred by the CCCB several years ago. What budget deficits? All I see is a healthy bottom line every year with approx. $1M in surplus every year for several years now. Their gross revenue also keeps going up, up, and up, with over $9M in revenues for 2010. What exactly does the CCCB spend this money on? That’s something that Canadian Catholics would really like to know. Is that the reason detailed financial statements are not released to the public? In case we want to question or complain about how our money is being spent? What’s there to hide? I think the whole Catholic institutional and “social justice” edifice needs a lesson in transparency. Maybe they can spend some of that surplus on education sessions on that topic.
One more thing. According to the 2010 Return, the CCCB had $13.6M in long term investments (see their balance sheet below). “Long term investments”, for the uninitiated, is the accounting term that is used for investments which will not be redeemed for cash within one year. In other words, they’re investments which are held for a longer or indeterminate duration but are still generally liquid; that is, you can cash them out without great difficulty. They usually come in the form of stocks, bonds, and mutual funds. This asset has been growing steadily through the years and has jumped over $2M since 2008 ($11.2M).
What’s this money for? For pensions? Whose pensions? I thought each individual diocese is responsible for supporting their own priests’ pension costs. I know that’s the case here in Ottawa. And if it is for pensions, why is the corresponding liability not reported?
And if it’s not for pensions (which it’s likely not), then what is all of this money going to be used for?
Social justice? Certainly not for the unborn. That’s for sure. The holocaust is all around us, but the CCCB’s investment balance just keeps rising.
It’s good that we have our priorities straight.
2010 CCCB Financial Position @ Dec.31
|Cash, bank accounts, and short-term investments||4100||$ 611,771|
|Amounts receivable from non-arm’s length parties||4110||$ 8,614|
|Amounts receivable from all others||4120||$ 832,032|
|Investments in non-arm’s length parties||4130|
|Long-term investments||4140||$ 13,585,026|
|Land and buildings in Canada||4155||$ 2,725,062|
|Other capital assets in Canada||4160||$ 1,835,181|
|Capital assets outside Canada||4165|
|Accumulated amortization of capital assets||4166||$ -2,499,381|
|Other assets||4170||$ 2,708,230|
|Total assets (add lines 4100 to 4170)||4200||$ 20,674,817|
|Amount included in lines 4150, 4155, 4160, 4165 and 4170 not used in charitable programs||4250|
|Accounts payable and accrued liabilities||4300||$ 3,490,771|
|Deferred revenue||4310||$ 26,857|
|Amounts owing to non-arm’s length parties||4320|
|Other liabilities||4330||$ 1,152,980|
|Total liabilities (add lines 4300 to 4330)||4350||$ 4,670,608|