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Most likely this refers to a once per year special appeal to raise money over and above peoples regular tithing. Often the funds are geared towards closing out a budget deficit for the year but it can be for anything including reducing building debt, funding an endowment, general operations or some other special cause.

Most private schools and colleges have what is called an "annual fund" that is supported by annual contributions from alums, parents, etc... The church is probably picking up the "annual" terminology from this concept.

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Q: What is annual appeal fundraising for churches?
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