Over at Folksonomy.org, they have an interview with mychurch.org co-founder Joe Suh. It gives a little bit more background to the project and some information that I did not already know about funding.

How is the service funded. and what is your business model?
We’re funded through a single angel investor currently. We are starting to talk to some institutional investors and interested companies and organizations for further funding. Our revenue will be from advertisements and subscriptions. Subscriptions let churches turn off ads and enjoy more disk space and extra features.
And due to frequent inquiries, we are also considering co-branding or private labeling our software for large churches that want their own standalone social network.