IAR23: Our Finances - Islamic Association of Raleigh

IAR 2023 Impact Report

Our Finances

Learn how IAR spends your valuable ammanah.

Building our Community

2022-2023 Finances in Review

Alhamdulillah, we are grateful for the diligent financial guidance that has been the cornerstone of our organization. Despite facing a period where our IAR expenses outpaced our income, our foresight in building a robust safety net has placed us in a position of resilience and stability. Many of the expenses incurred are not just short-term necessities but strategic investments that promise to bear long-term fruit, contributing significantly to our sustained growth and success. This strategic approach to financial management ensures that we continue to thrive and make meaningful progress in our endeavors.

This section is exclusive of Al Iman, An Noor, the Endowment and Social Welfare. Please visit their website or scroll to those sections.

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Starting Balance

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Revenue

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Expenses

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Ending Balance

Highlights

Second Campus

We are so close to opening our second campus: IAR @ Page! While construction is always expensive, we were blessed when a community stepped forward to support the expansion via a murabaha contract. This investment in the future of community will serve as an amazing 25 acre center for the next generation of our community. We look forward to opening the site for the community to offer five daily prayers, Jumma, and taraweeh/programs before Ramadan.

Salient Investments

In a strategic financial move, our masjid made significant strides in its real estate investments and endowment growth. In 2014, we acquired a property at 122 International Drive for $835,000, which turned out to be a wise investment. After nearly a decade, in 2023, we sold this property for approximately $1.6 million . The substantial revenue from this sale was entirely directed into our masjid's endowment, bolstering its financial stability and future prospects. Additionally, we sold another property located at 0 Tryon Rd for $411,000. From this sale, we allocated $282,592 to our endowment, further enhancing our financial foundation. These prudent real estate transactions underscore our commitment to the long-term financial health and sustainability of our masjid, ensuring we can continue to serve our community effectively.

Cemetery Expansion

The IAR Cemetery's recent expansion from 500 to 2000 graves, costing $196,000, marks a significant development in its history. This expansion reflects the community's commitment to serving its growing needs, ensuring more individuals have a final resting place in this respected site. It symbolizes the community's dedication to honoring and preserving memories of the deceased, demonstrating respect and care for its members across generations.

Grants

Supporting those in need

Social Welfare

The Social & Welfare Committee at IAR stands as a cornerstone in the conscientious allocation of Zakah funds, guided by the principles of Sharia law and the approved policies of IAR. Our unwavering mission is dedicated to extending crucial support to those in need, encompassing the destitute and the vulnerable. With a comprehensive range of essential services at our disposal, we diligently manage financial data that revolves around both income and expenses. This financial data reflects our steadfast commitment to fulfilling our noble purpose, serving various vital aspects of our community, including Fidya, Iftar, collections for those afflicted by calamities overseas, Needy individuals, Refugees, Zakat ul Fitr, Udhiya, Zakat ul Maal, and Zakat Program Development. Each line item represents a vital part of our effort to make a meaningful impact in the lives of those we aim to assist.

Looking Ahead

IAR Budget 2023-2024

The IAR's annual budget, spanning from July 1st to June 30th, serves as the financial blueprint for our organization's multifaceted mission. This comprehensive financial plan carefully allocates resources to various committees and departments, each playing a distinct role in fulfilling our commitment to the community. These committees, encompassing a wide range of vital functions such as administration, education, security, and fundraising, form the cornerstone of our organization's activities. Through prudent financial management, our annual budget empowers these committees to carry out their essential roles, ensuring the well-being and growth of our community while adhering to our core values and principles. This budget not only reflects our financial commitment but also underscores our dedication to serving our community's diverse needs, fostering growth, and strengthening our bonds.

Key Highlights:

Over 43 employees serving across the institution including 3 full time Imams!
Received $298,000 Nonprofit Security Grant from FEMA to ensure the safety of our facility.
Increasing contributions to endowment to ensure longevity of our community..
Doubled spend on youth committee to build our next generation of leaders.
Encouraged all committees to offset at lest 50% of their expense through program tickets.

Vision for the future

- Endowment Growth to $5 Million: Aiming to expand our endowment to $5 million by year's end, setting a solid foundation for the future.
- Self-Funding by 2040: Envisioning a future where the endowment fully funds IAR's diverse programming by 2040, ensuring sustainability and independence.
- Entrepreneurial Youth Program: Launching a coffee cart initiative during Jumuah, Friday night events, and special occasions to cultivate entrepreneurial skills in our youth.
- Maximizing Grants and Sponsorships: Actively seeking and leveraging grants and sponsorships to bring greater benefits to both the community and IAR.
- Financial Empowerment Initiatives: We commit to offering financial programming that enhances financial literacy and fosters the creation of generational wealth within our community.

As we strive to grow our endowment and empower our community through innovative programs and strategic financial planning, we at IAR hold a firm belief in the principle that "a rising tide lifts all ships." Our vision is not only about strengthening our institution financially but also about uplifting the entire community. By providing resources and opportunities for financial education and wealth creation, we aim to enable each member of our community to thrive, thereby collectively enhancing our financial stability and prosperity for generations to come.

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