FINANCES as of 01/01/2023

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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.
The bulk of the premise collections are made on Fridays at Friday prayer times. Donation boxes and Mohid electronic donation kiosks are provided throughout the facility. Donations are also made online. These donations take many forms: one time and recurring PayPal donations; automatic bank drafts and transfers using checking or credit card accounts, donations using the Masjid Al-Momineen App on Android or Apple devices; Zelle donations, PayPal Giving Fund, and AmazonSmile donations.
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Donors pay online or in location to one of four funds: New Masjid Construction, Monthly Operations, Sadaqa (Charity), or Zakat (Poor Due). These 4 funding types equally apply to in-location donations. Zakat collections are disbursed directly to the poor at the premises.
As of Jan 01, 2023, total donations for the fiscal years 2012, 2013, 2014, 2015, 2016, 2017, 2018, 2019, 2020, 2021, AND 2022 stand at $139,873, $140,592, $361,688, $649,971, $831,340, $870,869, $1,185,476, $932,788, $426,558, $582,535, and $612,056 respectively. Total expenses for the fiscal years 2012, 2013, 2014, 2015, 2016, 2017, 2018, 2019, 2020, 2021, and 2022 stand at $61,465, $105,459, $158,409, $863,419, $637,555, $690,468, $1,131,755, $788,604, $183,826, $217,821, and $384,450 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), $130,472 (2017), $141,658 (2018), $188,818 (2019), $153,123 (2020), $208,664 (2021), and $355,470 (2022) - or monthly $7,355, $11,050, $10,018, $10,873, $11,805, $15,735, $12,760, $17,389, and $29,623 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. We distributed $92,578.11 in assistance to eligible individuals and families during 2022. Operational expenses include salaries, utilities, facilities and equipment, maintenance and repair, insurance, legal fees, supplies, marketing, PR, and increasingly programs and services.

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 was originally signed with Blackwater Construction Group to construct the new facility. Per square foot cost was negotiated at $100. The new 26,000 square foot facility would have; therefore, cost approximately $2.6MM - excluding Blackwater and MI Services fees of $204,000. However, the original schedule had called for an aggressive timeline with the expectaion of raising $200,000 a month to feed the progress on the ground. Funding delays plus several upgrades (stucco to brick, etc...) added extra expenses increasing the overall cost of the New Masjid until January 1 of 2023 to $3,469,501.. The Masjid also borrowed around $100K in Qardh Hasana which was fully paid in 2022. Major current projects to complete the construction work are:
  • Dome and Minaret - projected at $300,000,
  • Perimeter Fence - $400,000,
  • Kitchen - 150,000.
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 $438,425 as of Jan 01, 2023. $300,000 of this balance is needed as cash reserves for emergencies leaving $111,475. The above chart excludes future constuciton projects such as a gazebo and outside Wudhu area, or a multi-level parking deck.

Shortfall

Current shortfall stands at $738,425. We are hoping $150,000 of the fence cost will come from a recently approved government grant.

Strategy to raise Funds

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