Financial Budget Update
Dear Marble Community,
Marble’s Board voted to adopt a FY25 budget (July 1, 2024 to June 30, 2025) based on the following assumptions:
Ongoing generous giving from the congregation with an 11% increase over FY24 - we have set a goal of $1,869,500 for Pledges, Plate & Streaming gifts for FY25.
Step down of the endowment draw from 6.5% to 5.5%. We will step down to 5% for FY26 as approved by the Board in FY22 when we put together the initial plan to navigate our way through the elimination of the CCC annual appropriations.
FY25 will be the first year in the step-down strategy that budgeted congregant giving is greater than the draw from the Marble Endowment.
We have added a Grants line to challenge us to begin to do some grant writing.
We have included $135,824 in denominational dues which were previously covered by the Collegiate Church Corporation on behalf of all four congregations of the CCC. As mentioned previously, some costs formerly paid by Collegiate have shifted to individual ministries. The denominational dues do not represent an increase in costs to each ministry as Collegiate has shifted which costs are covered by Marble.
As we continue to streamline our department structure, you will see some differences in headings. Some of those changes are already reflected in the FY25 Summary. Some will be in place as we begin reporting actuals for FY25. We are striving to present our financial results on a comparable basis across the various periods included in the information shared with you.
The budget reflects a small surplus in income over expenses in line with our ongoing commitment to fiscal responsibility.
Thank you so much for your continued support of our beloved Marble Church. If you have any questions, please call the church at 212-686-2770 and you will be directed to the appropriate person.