Financial Update - January 31, 2019
As we look ahead to our March Giving Challenge, we wanted to report on where we stand financially five months into our fiscal year. Here are some highlights as of January 31, 2019:
Autogiving income (66% of our total budgeted income) is exactly on target.
Staff continue to manage expenses exceptionally well, despite starting with a tight budget.
In addition to regular income reflected above, we have received some targeted gifts to further build our reserves and to invest in specific projects to help grow the Fabric community and our reach.
A targeted gift along with future giving commitments has enabled us to begin the long-overdue process of bringing salaries in line with our staff’s skills and expertise and increasing their hours to better reflect the scope of their jobs.
We continue to work on tapping into funding sources outside of our community, including Thrivent action grants and choice dollars and a grant through Augsburg’s Innovation Hub project.
Friends of Fabric have given $30,000 to kick off our March Giving Challenge and to motivate everyone in our community to participate in reaching our Giving Challenge goals.
SEPTEMBER 1, 2018 UPDATE
September 1, 2018 marked not only the launch of Fabric but also the start of our new fiscal year. So, as we move into this new season, it’s a good time to report out on our 2017/18 fiscal year and provide an overview of our budget for the year ahead. Church shouldn’t be all about money, but for us to be a healthy organization, equipped to do what we need to do, it takes money - along with a lot of other things, like time, effort and expertise. We’re thankful for all the ways our community and friends contribute.
2017 – 2018 Fiscal Year Results
We ended the year with income exceeding expenses by $2,662. Our income exceeded $329,000—all but $459 of which came from our community and friends.
We also received more than $44,000 in special gifts beyond our operating budget, which we used to increase our reserve fund from $8,600 to $20,800 and to set aside funds for capital needs, including improving our music and Sunday morning experience, strategic marketing in conjunction with the launch of our new name, growth of our high school ministry program, and investment in innovation.
We exceeded both of our March giving challenge goals by increasing automated giving by $2,447 per month and raising nearly $27,700 of one-time gifts.
Before the March Giving Challenge, our monthly automated giving was $16,600/month; by the end of the fiscal year, it is up to $19,400/month from 78 households. We enter the 2018/19 fiscal year in very stable financial shape because of this growth in automated giving—a level we couldn’t even have dreamed of two years ago. Thank you!
2018 – 2019 Fiscal Year Budget
Our budget for the 2018-2019 fiscal year is just over $360,000.
As with last year, nearly 100% of our budget comes from donations from our community and friends.
See upper left for (1) a breakdown of our expected income sources; and (2) of our expenses by broad categories.
We will provide regular updates throughout the fiscal year.
New Possibilities and How You Can Help
If you haven’t already, consider starting regular giving. We encourage you to try automated giving through your bank. Learn more here. It is free and easy!
If you are a Thrivent member, did you know that you have access to Thrivent Choice dollars and other resources that you could use to benefit Fabric? If you want to learn more, please call us at 612.822.0300 or email Katy.
We’re beginning to explore additional easy and free ways (e.g. Venmo and Zelle) to give monthly or during the gathering. Let us know if you’re an expert or have other ideas!