Dedicated Funds
First Friends Meeting is a spiritual home built on a strong financial foundation. It has remained in operation for more than 150 years, thanks to the generosity of donors and careful stewardship of funds. This message, part of a series of Financial Education Project postings, addresses the Meeting’s dedicated funds.
When individuals donate to First Friends Meeting, they may choose to give to the general budget, to dedicated funds, or both. The general budget covers the day-to-day operating expenses of the Meeting; dedicated funds are explained below.
What Are Dedicated Funds?
Dedicated funds, also known as designated funds, are monies to be used for specific purposes, often temporary in nature. As implied by the name, dedicated funds may be used for their intended purposes only.
If a fund is created for a cause that ceases to exist, First Friends may “lay down” any dollars remaining in that fund. The decision to lay down a dedicated fund must be approved at Monthly Meeting. Those inert funds may then be applied to the general budget or redirected to other dedicated funds of similar purpose.
A list of dedicated funds with descriptions is shown in a fund guide on the First Friends website at indyfriends.org/support/#givenow (scroll down to view). The list includes three non-dedicated fund items – General Budget, Rent and Wedding – but all others are dedicated funds. Monies donated without designation go to the general budget.
Those who give to First Friends are sent a letter in January or early February detailing all prior-year donations. The mailing includes a dollar summary of the full Meeting’s contributions to various causes made possible through dedicated funds, such as the Overman Family Scholarship, Mid-North Food Pantry, Right Sharing of World Resources, Western Yearly Meeting and more.
New This Year
To help keep First Friends members and attenders informed about the business side of the Meeting, the Finance Committee and Trustees are posting a short series of Financial Education Project messages. Upcoming topics are to include the annual budget approval process and the financial role of Trustees. Your input is greatly valued. Please email questions or comments to office@indyfriends.org.