The Authority
of
The Financial Management Committee
of
The General Assembly​
​The General Assembly 2022 adopted legislation The Spiritual Baptist Church of Canada Endowment & Trust, to create a new permanent agency of the General Assembly known as The Financial Management Committee to manage the Spiritual Baptist Church of Canada Consolidated Trust Fund and the Spiritual Baptist Church of Canada Trust Fund.
The legislation provided for the creation of the Financial Management Committee that is overseen by the Executive Committee of the General Assembly of the Spiritual Baptist Church of Canada to better address the evolving financial requirements of the Church.
The Financial Management Committee is comprised of appointees with deep financial industry backgrounds stemming from asset management, investments, trading, not-for-profit governance, and analytics. The Financial Management Committee is overseen by the Chair and supported by the Vice-Chair. Furthermore, The Financial Management Committee has an Investment Subcommittee, Audit Subcommittee, and Appropriations Subcommittee whose mandate is to provide The Financial Management Committee with best-practice financial industry advice.​
The Church's Trust Funds
The Spiritual Baptist Church of Canada Consolidated Trust Fund
The General Assembly 2022 legislation brought together the various Funds and Trusts accounts of the General Assembly, Archdioceses, Dioceses, Church Missions, and Church Agencies ("Participating Church Entities") with the formation of The Spiritual Baptist Church of Canada Consolidated Trust Fund (the "Consolidated Trust Fund"). The Consolidated Trust Fund manages the individual Funds and Trusts for the benefit of the Participating Church Entities in accordance with defined investment policies approved by the Executive Committee.
Participating Church Entities retain full ownership of invested funds while they are vested in the Consolidated Trust Fund and may deposit or drawdown invested funds pursuant to procedures adopted by the Financial Management Committee.
The Spiritual Baptist Church of Canada Trust Fund
The General Assembly 2022 legislation further provided for the creation of The Spiritual Baptist Church of Canada Trust Fund (the "Trust Fund"), an investment vehicle designed to hold and manage various assets of the Church including real estate properties, buildings, scholarships, endowments, bursaries, monetary gifts, contributions from congregations, and monetary contributions from fundraising activities.
The Trust Fund is the primary source for funding the approved budgets of the General Assembly and is central to the ongoing expansion of the Church in the jurisdictions mandated in the Constitution and Canons. All surplus monetary assets vested in the Trust Fund is invested in the Consolidated Trust Fund by right of Canonical Law.