September 1, 2019 marked the start of our 2019/2020 fiscal year. Here’s an update of how we fared in the 2018/2019 fiscal year and what’s coming up for 2019/2020.
All but $540 of our income was given by the Fabric community and friends of Fabric.
Monthly autogiving averaged $20,348 June-August 2019 vs $19,332 for the same three months in 2018; however, the number of households participating in autogiving dropped from 78 to 68.
We saw drops in offering income in the last half of the fiscal year, which is due in part to increased autogiving income.
The Board committed to a salary increase for non-clergy staff (almost entirely supported by ongoing targeted giving) and to providing compensation intended to partially offset health insurance costs for ¾ time staff.
We invested in some long-needed light and sound upgrades at Field Community School. In exchange for Fabric fronting the cost of that equipment, Minneapolis School District will provide 16+ months of free rent at Field.
We have a $379,000 budget for 2019/2020, a 5% increase over 2019/2020.
The budgeted increase in expenses will cover slight increases in our regular costs and the staff salary and health insurance improvements made partway through the 2018/2019 fiscal year.
The budgeted increase in income is expected to come primarily from the Fabric community (some of which is already part of our restricted savings) as well as from interest on our savings and from Thrivent Action Grants.
Our initial budget had about a $5,000 shortfall. We closed the gap by revising our originally budgeted offering income upward. This stretch goal aligns with the Board’s focus on increasing the reach of Fabric. As always we will monitor carefully actual vs. budgeted income and expenses and provide updates to the community.
Based on feedback from the community, the budget reflects a restructuring of the annual giving challenge (watch for more information coming soon!).
While we will have free rent at Field this year because of our capital investment in light and sound equipment, we will use the monthly savings to replenish the reserves used to pay for those upgrades.
What Can You Do
Let us know if you’re a Thrivent Member so we can connect with you about Thrivent Action Grants and Thrivent Choice dollars.
Look for information about our revamped Giving Challenge.
Spread the word about the impact of Fabric in your life. Share ideas, podcasts, and social media posts with others, and invite them to your Group or to meet you on a Sunday morning.