Like most spiritual communities, IMCC is financially supported by its members. This overview of our finances was prepared by the board of directors to provide some background on IMCC's finances in general, and on how individuals can financially contribute to IMCC.
IMCC Income and Expenditures
IMCC currently has a budget of around $55,000 per year. The majority of our income comes from donations and our non-retreat expenditures fall into two broad categories: teacher dana and institutional maintenance.
Retreat income and expenses (residential and non-residential) are not included in this budget summary. Retreats, at the direction of the IMCC Board, are intended to be self-supporting but not profit-making. For the most part this is the case with some retreats losing a little money, and others making a little, but having little impact on our overall budgeting. 100% of retreat dana goes to the teacher(s).
Donations include contributions received at regular intervals from IMCC members on Tuesday nights, donations mailed or electronically transferred to IMCC, and contributions made during our annual fundraising drive. In 2018 IMCC received a special donation of $10,000 designated for new teacher development from an anonymous donor.
Common Ground donations are received at our biweekly noontime meditations. IMCC is not charged a rental fee for use of the space and in return splits the contributions evenly with Common Ground.
Intro Class Registration Fees: Two-three times per year, IMCC offers introductory courses with a $95 course fee. (No one is turned away for inability to pay the course fee.) Registration fees pay for the space rental and teacher dana with the surplus going into the general operational fund.
Teacher Dana is the compensation provided to teachers which allows them to continue transmitting the Dharma. We have a budgeted allocation for our regular teachers (set by the board) for weekly talks, classes, and their work on the guiding teacher's council.
Institutional Maintenance: Roughly $35,000 per year is needed to fund the infrastructure required to maintain IMCC as an institution. This includes rental of space for our weekly gathering and other events, our web system, various financial tools such as PayPal, Square and Quickbooks, printing and publicity, teacher training and scholarships, and the salaries for three part-time staff: an operations manager, a professional accountant and bookkeeper.
IMCC 2018 Budget Summary
Ways to give
We are a 501(c)(3) tax-exempt organization approved by the U.S. Internal Revenue Service and unrestricted contributions are always tax deductible. We cannot provide tax advice but if you have questions about the deductibility of specific contributions you can find extensive resources on the web relevant to contributions to religious institutions (from the perspective of the IRS we are a "church").
Cash and checks are gladly accepted in the donation basket available near the entrance of our meeting room each week. We keep track of the contributions made by check and at the end of the year or shortly thereafter you will receive a letter suitable for tax records which gives the total of your contributions for the tax year (if you choose, we can also keep track of cash donations if you identify these).
If you would prefer simply to have contributions regularly transferred from your bank or some other financial account, there are several options. Using the donate button, you can make one-time or recurring donations through PayPal. A number of people also schedule transfers from their bank accounts by having electronic checks sent to us on a regular basis: please have these made out to "IMCC" or "Insight Meditation Community of Charlottesville" and sent to IMCC, PO Box 182, Charlottesville, VA 22902.
Annual fundraising drive
We now have an annual fundraising drive, typically in October, and quite a few people use this, rather than weekly contributions, as their primary method of financially supporting IMCC. Details of the fundraising drive will be announced by email, on the web site, and on Tuesday nights in the fall. While we do not make a clear distinction between the weekly donations and the annual fundraising drive, effectively the funds for institutional support are collected through the fundraising drive.
Other forms of donation
As with all 501(c)(3) organizations, we are delighted to receive transfers of stock, and would also be honored if you choose to include IMCC in your estate planning. If you need assistance in coordinating any of these, please contact the treasurer, Philip Schrodt (firstname.lastname@example.org).
Some final notes
1. IMCC is committed to complete transparency and responsibility in managing its finances, and in particular all disbursements require the approval of the president or treasurer before checks are written separately by our professional bookkeeper, insuring a complete audit trail. If at any point you have concerns about IMCC finances that cannot be resolved to your satisfaction in discussions with the president or treasurer, please raise these with the Ethics and Reconciliation Council (http://imeditation.org/Ethics) whose purview includes insuring the financial affairs are conducted in an ethical manner.
2. The membership of IMCC is composed of individuals with widely varying financial circumstances, and our intention is that finances should not impede anyone's ability to participate in our programs. Almost all of our events with fees for fixed costs also have associated scholarship programs; these are usually indicated in the announcement of the program but if this is unclear, please use the contacts for the event to find out what possibilities are available. In keeping with our tradition of lay support, our scholarships typically do not cover 100% of expenses but should reduce the costs to an affordable amount. As noted earlier, dana for teachers is entirely voluntary and the amount is determined by the individual.