Parish-to-parish loans make history

by Ana Watts

Diocesan Council was thrilled to see “a unique sharing of resources for our common journey in Christ” included in the finance committee’s report to the May 13 meeting in Shediac. The first ever parish-to-parish loans in the history of the diocese were called an example of shared ministry at its finest.

The Parish of St. George carries a bank debt incurred when the church was re-built following a fire. The payments compromise the parish’s cash-flow. Recently, when the time came to renew the $233,000 debt, another parish (the name has yet to be released) offered to lend the parish of St. George the money to pay off the mortgage. The arrangement will provide the lending parish with a return on its investment and provide the borrowing parish with more favourable terms, lower payments and greatly improved cash flow. The new debt will be secured by a mortgage and guaranteed by the diocese. The diocese currently guarantees the bank loan.

Two parishes in the Shediac deanery are also working out the details on a $70,000 loan. No guarantee is required in this instance.

“I think this is wonderful, just wonderful,” said diocesan council vice-chair Hazel MacKenzie. “I think we are finally getting the idea of shared ministry.”

Finance committee Gerald McConaghy credited Canon Fred Scott, diocesan treasurer, for his good work in support of these recent developments. The council responded with applause.

The finance committee has discussed the possibility of a parish with available capital lending funds to another parish for approved capital projects and was pleased with these recent developments.

Council passed the motion necessary to provide the St. George loan guarantee.

As it prepared for Diocesan Synod in Saint John, June 4-6, council was advised a code of pastoral conduct would not be presented for approval. In fact, the final document will not be a code, but will be included in the bishop’s pastoral guidelines.

The code document has been in the works for several years. The first draft, written by former chancellor (legal advisor to the diocese) Beverley Smith, did not meet with clergy approval. The clergy agreed such a document was necessary and formed a working group to write their own document. Present chancellor Clyde Spinney recently met with the clergy working group to review the new document but he found it unacceptable as a code. He said it lacked the necessary standards to be supported by a canon or church law. The clergy and the chancellor agreed to a compromise. The document, with a changed form but the same substance, will be included in the bishop’s pastoral guidelines. The changes in format, however, will not be complete in time to present the document to next month’s synod.

 

Diocesan Communications
26 May 2009