There's a dirty little secret that the printer manufacturers don't tell you: they practically give away their printers because that's not where they make their money. They make their money in the cost of ink. Even with just sermon printing and the weekly bulletin, with a low-end inkjet, plan on refilling those cartridges at least 3 times in a single year. You'll end up more than paying for the cost of that printer in one year.
You can get around this by buying an ink refilling kit but you need to be committed to this. I had an HP 7150 that I just gave away that I refilled the ink for years. It was always such a pain.
I recommend a laser printer quite frankly. The cost per page is usually about 1/4th the cost of an inkjet.
But you need color.
Because of that, I recommend you spend more than $100 and get what I just got:
http://techbargains.pricegrabber.com/search_getprod.php?masterid=4215713&search=officejet
Yes it's way more than you anticipated but it accepts the larger cartidges and brings consumable costs down to a few pennies per page. It also scans and does photo quality prints and can be a fax machine and a copier. You can also put it on your network and share it with everyone in your family. My wife loves that I just bought this because we used to have to forward all our documents to my computer to print.
In just two years you will more than have made up for the added cost of this model.