2024-25_Budget.Final.Annual_Meeting.pdf

2024-25 Budget Summary (Eno River Unitarian Universalist Fellowship)

The 2024-25 budget was approved by a vote of the congregation at the Annual Meeting on May 19, 2024.

Even though we are still awaiting additional pledges, we are able to project 350 pledge units for a total of $844,000. The congregation responded to the pledge drive (“This is Us, For These Times”) in a generous way to support the vision and mission of the Fellowship. Many thanks to Co-Chairs Lisa Jones and Hillary Zielazinski (plus the thank you and reminder teams) for making the pledge drive a success!

Over 20% of all pledges reflect an increase, plus there are 22 new pledges as of May 1, 2024. While we expect additional pledges to come in, we have confidence in the projected figure on which the budget is based.

The ERUUF Budget is Built from Multiple Income Streams

• Pledge (74%)
• Collection plate (2%)
• Rentals (6%)
• Cell Tower (3%)
• Interest income (2%)
• Reserve transfer (12%)

Program Budget Allocations FY 2024-25 (staffing costs divided among multiple areas of shared ministry)

 

Budget Dynamics

To create a manageable near-term budget while also looking ahead to future years, there are several dynamics we are seeking to balance in our effort to:

• Support emerging needs of growing congregation.
• Address fair compensation equity issues for staff.
• Right size the budget relative to number of people served (1,200 members, friends, children)
• Build towards a $1.2 million future budget to match congregation size (comparable with other large UU congregations)
• Maintain fiscal health of congregation through long-term financial planning strategies while also keeping up with inflation.
• Develop long-term plan for sustainable budgets and use of reserve funds.

Budget Highlights for FY 2024-25

Along with an increase in pledge income from the ongoing pledge drive, the final DRAFT budget addresses several priorities:

• Raise what is needed for our $1 million+ budget, typical of a congregation of our size.
• Continue to center our children, youth, and families as we nurture their values and our UU faith.
• Address changes in the UUA Fair Compensation Guidelines as we seek to support and grow our staff in an equitable manner.
  • 3% COLA for staff (still less than rate of inflation and UUA recommendation of 3.5%)
  • Adjust some positions towards new UUA guidelines (first step in multi-year plan to address equity and fair compensation)
  • Increase staff hours for RE
• Program budgets:
  • Summer ministerial support
  • Modest increases (Music, MCT, Justice)
• Meet cost of doing business/inflation increases:
  • Health insurance
  • Property insurance
  • General office and facilities costs (janitorial, compostables, IT, licenses, etc.)

Strategic Initiatives Fund ($129,000 planned transfer for 2024-25 budget)

We are seeking to balance, in a sustainable way, the growing budget needs with present and expected resources from all income streams, including the Strategic Initiatives Fund. The budget has relied on draws from reserve funds in the past few years to support a growth budget. There will be sufficient funds to support the budget in the near term as a sustainable long-term financial plan is developed over the coming years. This long-term plan includes member development work, continuing to grow membership, building Foundation and reserve funds, legacy giving, special campaigns, and more. We will be working with ERUUF leaders to prepare for a sustainable financial future.

Strategic Initiatives Fund	Projected Use	Running Balance $298,400 (as of April 2024)
2023-24 budget	-$60,000	$238,400
2024-25 budget	-$129,000	$109,400
2025-26 budget	-$109,000	$400

Contributions have continued to flow into the fund (small and large) since its inception in 2018.

 

Please refer questions on financial details to the Executive Minister or the Board Finance Advisory Committee.