20 Canadian Mennonite March 2, 2009
MCC not immune to from Canada was reduced because of
the recent sharp drop in the value of the
Canadian dollar relative to the U.S. dollar.
global economic flu Nearly half of MCC Binational’s funding
for its international program comes from
Canadian contributions made in Canadian
International program spending being cut dollars, while MCC Binational’s budget
and spending is in U.S. dollars.
by $2 million US in upcoming fiscal year
MCC’s financial reserves were also re-
duced by losses in the financial markets.
By Aaron Epp
MCC’s investments have been made in
accordance with a policy recommended
M ennonite Central Committee
(MCC) may have been “cash rich”
last June, but that statement is no longer
U.S., it is not yet clear what the size of the
budget cuts in Canada will be.
“We’ve developed a
by the audit and finance committee of
the MCC Binational board, which the
board approved, Klassen explained. “On
true. Amid the global economic crisis, the three-fold approach to the whole, MCC is known for being more
organization is reducing its budget in the this, or if you want, a stool cautious than aggressive in how we use the
coming year. with three legs,” Don money that has been given to us,” she said,
The budget for MCC’s international Peters, MCC Canada’s adding that each MCC has its own reserve.
program, which carries out relief, develop- executive director, said MCC Binational started its fiscal year with
ment and peacemaking work in more than by phone at the begin- 3.8 months worth of average spending in
50 countries around the world, will be re- ning of February, when its reserves, and hopes to end this March
duced by about $2 million US and admin- Peters asked how MCC Canada with 2.5 months left.
istrative expenditures are also being cut, expects to weather the For the 2007-08 fiscal year, MCC and
according to the organization. Overall, the economic storm. The first approach is Ten Thousand Villages took in nearly $105
total budget for MCC Binational, the part working diligently to invite people to con-