FINANCES

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Sources of Income

As with any religious non-profit business, the Masjid income is strictly dependent on donations. However, as a mosque, Masjid Al-Momineen's income is restricted to Halal (permissible or prescribed by Islamic law) sources. As such, the Masjid cannot accept donations arising from purchase or sale of non-permissible products and services such as alcohol or gambling. Two sources of income exist for the current property.
1) The bulk of the premise collections are made on Fridays at Friday prayer times. Donation boxes are provided in each of the two prayer halls or buildings. Donations are also made online. These donations take two forms. One, via PayPal; and two, via bank drafts and transfers using checking or credit card accounts.
2) One of the three property buildings is rented to defray a portion of the operational expenses. This rental currently generates $900 per month of the Masjid income.
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Donors pay online or in location to one of three funds: New Masjid Construction, Sadaqa (Charity), or Zakat (Poor Due). These three funding types equally apply to in-location donations. Zakat collections are disbursed directly to the poor at the premise. Sadaqa is used to pay for operational expenses.
Total donations for the fiscal years 2012, 2013, 2014, 2015, and 2016 stood at $139,873, $140,592, $361,688, $649,971, and $831,340, respectively. Total expenses for the fiscal years 2012, 2013, 2014, 2015, and 2016 stood at $61,465, $105,459, $158,409, $863,419, and $637,555, respectively.
Operational expenses and Zakat disbursements since the year construction of the New Masjid building commenced (2014) has amounted to $88,257, $132,603 (2015), $120,215 (2016) - or monthly $7,355, $11,050, and $10,018, respectively.
Current expenses fall under one of three general categories. Zakat disbursements, operational expenses, and New Masjid construction.
Zakat disbursements equal Zakat collections. What donors pay in Zakat money is religiously prescribed to be disbursed to those in need of Zakat money. Masjid Al-Momineen's Zakat recipients are mainly the area's poor and refugee population although at times poor people from other parts of Metro Atlanta also benefit from this service.
Operational expenses include salaries, utilities, facilities and equipment, maintenance and repair, insurance, legal fees, supplies and marketing.

New Facility Financials

The sources of money for the New Masjid Construction project will remain the same. All monies collected will come from public donations and must originate in Halal (permissible) sources.
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Project Cost and Cash Balance

A contract has been signed with Blackwater Construction Group to construct the new facility. Per square foot cost has been negotiated at $100. The new 26,000 square foot facility will; therefore, cost approximately $2.6MM - excludes Blackwater and MI Services fees of $204,000.
Masjid Al-Momineen maintains two accounts with two separate banks. One account is used strictly for operational deposits and disbursements. The other is used for the New Construction project. The balance of both accounts stand at exactly $394,033.58 as of July 1, 2017. This amounts includes a little over $130,000 in collections since the May 2017 fundraiser out of $430K in commitments.

Outstanding Commitments and Funding Shortfall

We have held a number of fundraising events since commencement of the construction work. Total commitments as of July 1, 2017 stand at around $600,000.
Given that a total of $1,440,866 (includes plans and permits) has already been spent on construction of the new building since March of 2014, the project currently is short of funding by approximately $965,101. ($2.8MM - $1.44MM already spent - $394K in cash).

Strategy to raise Funds

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