2023 Financial Review

Insight Meditation Community of Charlottesville

Like most spiritual communities, IMCC is financially supported by its members. The majority of our income comes from donations and our expenditures fall into two broad categories: teacher dana and institutional maintenance. This overview of our finances was prepared by the IMCC Finance Committee to provide background on IMCC's finances.

If you have any questions, please contact: imcc-treasurer@imeditation.org.

Income

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.

Expenses

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 of Directors and administered by the Guiding Teacher’s Council.

Institutional Maintenance: Roughly $60,000 per year is needed to fund the infrastructure required to maintain IMCC as an institution. This includes staff salaries for our Operations Director and Accountant, our website system, insurance, professional membership fees, various financial tools such as PayPal, Square and Quickbooks, honorarium for guest teachers, printing and publicity, and scholarships. In years prior (and likely in the future) we also pay for rental of space for our weekly gatherings. Further details are provided below.

IMCC ASSETS as of Dec. 31 2023
General Fund Balance (this is used for all sangha expenses except those noted below)	20,626
Dedicated Funds (may only be used for expressed purposes)
Fred Meyer Scholarship Fund	4,152
Teacher Development fund	5,847
Organizational Development fund	0
ASSETS TOTAL	72,827

2023 INCOME
Donations & Interest	48,496

2023 EXPENSES
Staff Salaries	20,670
IMCC Teacher Payments	16,179
Guest Teacher Honorariums	1,410
Insurance (Liab, D&O, Teachers)	1,981
Professional & Facilitator Services	4,253
Rent	5,170
Web Services	3,271
Supplies, printing, postage, other fees	2,608

TOTAL EXPENSES	54,131

2023 NET INCOME	-5,634

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 Hearing, Ethics, and Reconciliation Council (https://www.imeditation.org/EAR) 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.