Money Matters 7/1/2024
Money Matters: A New Fiscal Year, A Renewed Commitment
As we close out the 2023-2024 fiscal year and embark on a new financial chapter for Second Unitarian Church (2U), let's celebrate our successes, acknowledge our challenges, and embrace a renewed commitment to generosity and growth.
Celebrating Past Successes
And now, we celebrate! Our "One Church, Many Hearts" campaign has been a success, with over 60% of our members increasing their pledge commitments and exceeding last year's pledge by $34,000. Your generosity allows us to maintain our staffing levels, invest in our building, and continue to build our beloved community.
We also celebrate overcoming financial challenges. 2U started the last fiscal year with a deficit, in part, due to lower space sharing revenue (rental income). This placed pressure on our 2023-2024 fiscal year budget, whereby we projected a year-end deficit of almost $30,000. However, the 2U Finance Committee took steps to meet weekly and focused on cost-control. We now anticipate that we’ll end the 2023-2024 church fiscal year with a much lower deficit, and possibly a slight surplus! (We are currently reconciling the fiscal year-end numbers and we will have them for you at our next Anvil publication).
Facing Challenges with a Growth Mindset
Despite this success, we acknowledge the challenges that lie ahead. We did not reach our full pledge goal for the coming fiscal year, and we are facing rising costs, particularly in healthcare and electricity. Additionally, unexpected construction delays and permitting issues have impacted our anticipated rental income.
As we discussed and voted on at our Annual Meeting 2024, these financial constraints necessitated some difficult choices in the coming year, impacting on some of our beloved programs.
We are confident that with your continued support, we can navigate these challenges and emerge even stronger.
A Path Forward
Here are some ways you can help and a possible path forward:
Increase your pledge if possible. Every contribution, no matter the size, makes a difference.
Participate in RaiseRight. With the approval of the 2U Board of Trustees, the 2U Finance Committee and the Stewardship Ministry will be partnering with RaiseRight, a fundraising platform that allows our members and friends to support Second Unitarian Church through everyday purchases. RaiseRight provides an online marketplace where you can purchase gift cards from hundreds of popular retailers at face value, with a percentage of each purchase automatically donated back to our congregation.
Engage in the life of our community. By exploring your faith, practicing inclusivity, and seeking out justice, you contribute to the vibrant spirit that makes 2U a beacon of hope.
Goals and Priorities for the New Fiscal Year (2024-2025)
To ensure our financial health and sustainability, we have set the following general goals for the 2024-2025 fiscal year:
Reduce or eliminate the $13,000 deficit by May 2025.
Be in the position to give cost-of-living increases to church staff in the 2025-2026 budget by May 2025.
Have 100% of members complete the pledge form by April 2025.
Fall Fest 2024 raise more than $30k by the end of December 2024, and at least a 10% increase in the number of people who attend and have fun at the event.
A quarter or more of members are participating in the Raise Right generosity program by the end of the 3rd quarter of the 2024-2025 fiscal year.
Conclusion
As we embark on this new fiscal year, let us embrace the spirit of generosity and growth. With your continued support and engagement, we can overcome challenges, achieve our goals, and continue to build a thriving community of faith at Second Unitarian Church.
With gratitude,
2U Finance Committee/Squad
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We are heartened by our recent financial results. May's total revenue increased by 29% compared to April 2024 and 25% compared to last year (May 2023), thanks in large part to a $10,000 increase in pledge revenue. Our net income also exceeded expectations. While we still have one month remaining in this fiscal year, we are optimistic that with your continued generosity, we will be able to meet our pledge commitments and avoid dipping into our cash reserves. This would be a tremendous accomplishment and set a strong foundation for the year ahead.
Your Pledge Makes a Difference:
If you haven't completed your 2023/2024 pledge, please consider doing so now. Your commitment ensures that we can continue to offer meaningful programs, support our staff, and maintain our beautiful church home. You can complete your pledge online.
Thank you for your active participation in shaping the future of Second Unitarian Church. We are grateful for your ongoing support and dedication. Together, we can build a vibrant and sustainable community that reflects our Unitarian Universalist values and nourishes our shared ministry.
With deepest gratitude,
