IMAGO DEI FUNDS

Updated October 2024

Below is an outline and explanation of the various funds used by Imago Dei Community, their purpose and use.

General Fund: 

A general fund is a critical component of a church's financial structure, and its use and management are vital for the effective operation of the church's ministries and services.

  1. Purpose and Definition:

    • Definition: The general fund is a primary operating fund used for the day-to-day expenses of the church.

    • Purpose: It covers regular operational costs and supports ongoing ministry activities, programs, and maintenance.

  2. Sources of Revenue:

    • Tithes and Offerings: Regular contributions from members of the body.

    • Fundraising Events: Money raised through church-sponsored events or activities.

    • Rental Income: Revenue from renting out church facilities for events, meetings, or other uses.

  3. Allocation of Resources:

    • Budgeting: The annual budget outlines expected income and allocates funds to various expense categories based on ministry needs and operational requirements.

Example Use of a General Fund

  1. Operational Expenses:

    • Salaries and Benefits: Compensation for pastoral staff, administrative personnel, and other employees.

    • Utilities: Costs for electricity, water, heating, cooling, and other essential services.

    • Maintenance and Repairs: Upkeep of church buildings, grounds, and equipment.

    • Office Supplies and Equipment: Expenses for administrative supplies, computers, software, and other office-related items.

  2. Ministry and Program Costs:

    • Worship Services: Expenses related to worship services, including music, media, and other service-related costs.

    • Educational Programs: Funding for Next Gen, youth groups, small groups, and other educational activities.

    • Community Outreach: Support for programs that serve the local community.

  3. Administrative Costs:

    • Insurance: Coverage for property and liability insurance.

    • Professional Fees: Costs for legal, accounting, and consulting services.

    • Communication: Expenses for media, website maintenance, and other communication tools.

  4. Strategic Initiatives:

    • Expansion Projects: Elder designation of funds specifically allocated for building expansions, renovations, or new facility projects.

    • Long-term Planning: Investments in future growth, such as developing new programs or reaching new demographic groups.

Donate to the General Fund here.

Restricted Funds:

A church's restricted funds are a type of financial account where donations and financial resources are designated for specific purposes. Unlike general funds that can be used for a wide range of church activities, restricted funds are earmarked for particular uses as stipulated by the donor or by the church's governing body.

Imago Dei Community has a number of restricted funds:

Change for a Dollar and Benevolence:

Change for a Dollar (sometimes C4$) exists for those of us here to give above and beyond typical offerings so that someone at Imago can freely and intentionally share with someone around our city.  Funds are often collected in a jar at each communion table. The church's benevolence fund, sometimes called the relief fund, is a financial resource designated to assist individuals and families in need within the body. It is used to provide support in various forms, including:

  • Emergency Assistance: Helping people cover urgent expenses such as rent, utilities, or medical bills during times of crisis.

  • Food and Clothing: Providing essentials to those struggling with basic needs.

  • Counseling and Support Services: Funding for mental health services, addiction recovery programs, or other supportive services.

While they are separate funds, both the Benevolence and Change for a Dollar Funds are managed by a designated committee which includes a pastor and lay leaders.  This team reviews requests for assistance and makes decisions based on these fund’s availability and the specific needs of the individuals or families. These funds are often replenished through donations from church members, and its purpose is to embody the church’s commitment to compassion, charity, and social responsibility.
Donate to these funds here.

Reserve Cash Fund:

To provide a cash reserve, from which to borrow during the slower months and pay back in the higher giving months of November and December. This fund provides a buffer for the seasonal mismatch between giving and expenses and is merely a management tool to make sure the church does not run out of cash to pay budgeted expenses.  It allows the leadership to respond responsibly and keep within the budget without the need to make untimely appeals to the congregation for more giving.
Donate to this fund here.

Advent Conspiracy:

An annual appeal for the body to reduce spending at Christmas time and redirect those funds to share with needs outside the body, such as the Water Project in Kenya and City Team locally. Donate to this fund seasonally.

All the Bible in Community "ABC":

This fund supports Elder in Mission, Garry Friesen as well as the Theological Seminary in Rwanda. Donate to this fund here.

Building Fund:

To provide for the renovation, improvement, expansion, and significant repairs of the church facility.
Donate to this fund here.

These funds must be used in accordance with the restrictions imposed by the donor or the conditions under which they were set aside. This ensures that the financial resources are used for the purposes intended and provides transparency and accountability for how the funds are managed.

Financial Management and Oversight

  1. Budget Approval: The board of elders in conjunction with the finance team, reviews and approves the annual budget.

  2. Financial Reporting: An annual impact report (whole body), a monthly update in the newsletter sharing budgeted vs. actual giving (whole body), a verbal financial update at every Covenant Community meeting (CC members only).

  3. Internal Controls: Procedures and checks are put in place to prevent mismanagement or misuse of funds via the use of an outside accounting firm to administer payroll and receipts and disbursement. As well as an annual audit.

  4. Policy Adherence: The church adheres to its financial policies and procedures, which might include guidelines on expenditures, donations, and fund transfers.