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Year-End Giving and Financial Updates

Dear Incarnation,


Advent greetings! We are writing to you today with an annual update on the financial health of our church, as well as important information regarding year-end giving.


2023 Financial Report


Our 2023 Fiscal Year ended August 31.* Total giving for the year was $330,016, below the budgeted $350,000. Our total expenses for the year were $394,778, below the budgeted $447,819. Because our expenses were higher than our income, we ran a deficit of -$64,762 for the year. While significant, this deficit was lower than the projected -$96,019. However, due to generous gifts made in Incarnation’s early years, we have a healthy cash reserve from which we were able to fund this deficit.


Outreach Giving: Thanks to your generosity, we gave away $49,797 in gifts to our outreach partners locally and across the world (15% of our FY23 income). We also gave additional special outreach gifts at Lent (to Little Lights) and Advent (to Partners-Al Hol) totaling $9,255. Thanks be to God! 


Cash Position: At the end of FY23, our financial position remained strong, with $282,844 total across our church bank accounts. A portion of this amount remains set aside as our emergency fund (equal to three months’ operating expenses), which we maintain at all times. Some remaining funds will be used for deficit spending, and we retain a set-aside fund for our outreach giving. We also used $100,000 of our reserves to purchase a certificate of deposit, so for the first time, IAC is receiving more significant interest as income.


Our full financial reports are always available to anyone at any time; please just ask Emily (emily@incarnationanglican.org).


* As we shared at the last parish meeting, our Vestry elected to modify Incarnation’s fiscal year calendar from Sept 1 - Aug 31 (previous) to Oct 1 - Sept 30 (new), in order to better align the budget/fiscal year with the Vestry calendar and outreach grant cycle.


2024 Budget


Our FY24 Budget began Oct 1. We shared this budget at the last parish meeting, and you can view it here. This budget keeps income projections very conservative, while holding expenses steady from the current year. It includes a generous gift from Restoration Anglican in support of Russell’s part-time curacy; thanks be to God!


This budget estimates a deficit of -$78,501, representing a decrease of roughly $20,000 from the previous year’s budgeted deficit. This decrease is due to a variety of cost-saving measures, including reducing our budgeted outreach giving from 15% in FY23 to 10% in FY24. 


Vestry and Finance Team are closely monitoring IAC’s deficit and are taking steps to eliminate it over the next few years. Incarnation’s staff is committed to keeping expenses low through creativity and hard work. In the meantime, we are able to cover this shortfall from our significant cash reserves.


Year-End Giving Information


In addition to sharing the above update, we wanted to provide answers to a few key questions that we get this time of year:


Is there a special Advent outreach offering this year?


Yes! This year’s Advent offering recipient is L’Arche Bethlehem, a community of Israeli and Palestinian people with disabilities whose shared life and work has been threatened by the violence in Gaza. You can give to this offering online through Christmas Day.


How can I make a year-end gift to Incarnation?


Year-end gifts to Incarnation’s operating fund can be made through our online giving platform, Planning Center Online. For detailed instructions on how to give, please see the Give page of our website.


Will I receive an annual giving statement for tax purposes?


Yes! By the end of January 2024, you will receive an automated Year-End Giving Statement sent by email from Planning Center Online to your email address on file. If you do not receive this email by the end of January 2024, or if you want to request a mailed paper statement, please contact Emily Williams at emily@incarnationanglican.org


A Note from Amy


What a wonderful year it has been! I am so encouraged by the stories of God’s work in your lives and among our neighbors, and I am so hopeful about all that the coming year will bring. Thank you for your faithful presence and participation in this community in myriad ways, from Sundays to small groups to outreach to the thousand small acts of prayer, encouragement, and support for one another. It is a gift to be part of such a generous and welcoming congregation. Thank you. 


As you know, we are facing another budget shortfall this year. We have a healthy cash reserve from which to cover this shortfall, and we have a God who always provides. But over the long term, we need to reduce, then eliminate, this deficit in order to become financially sustainable. And so I would like to ask for your help and prayers. Please consider a gift to Incarnation as you make your decisions about year-end charitable giving. And please pray that God would generously provide for and sustain this community. 


Last Sunday we sang these words (I’ve made them plural):


The sure provisions of our God

Attend us all our days;

O may thy house be our abode,

And all our work be praise.


His provision is sure. Amen, and merry Christmas! 


Sincerely,


Amy Rowe, Rector

Gabi Farris, Treasurer

Emily Williams, Operations Manager

Jared Noetzel, Vestry Finance Liaison

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