CONGREGATION KOL SHOFAR TREASURERS REPORT May 2014 FirstA

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CONGREGATION KOL SHOFAR TREASURER’S REPORT May 2014

CONGREGATION KOL SHOFAR TREASURER’S REPORT May 2014

First—A Huge “Thank You”! To our Staff: � Pam Louie—Financial Manager � Nancy Drapin—Executive

First—A Huge “Thank You”! To our Staff: � Pam Louie—Financial Manager � Nancy Drapin—Executive Director � Daliah Neuberger—Bookkeeper To our Budget Committee: � Past and Future Treasurer Steve Grossman � Board Member Rachel Fierberg To our Bank Negotiating Team: � Howard Zack, Norman Traeger, and Steve Grossman

2013 -2014 Financial Highlights q Net Membership Growth of 12 Families (2. 5%) Record

2013 -2014 Financial Highlights q Net Membership Growth of 12 Families (2. 5%) Record Annual Fund Giving (Combined Campaign) Record Gala Proceeds (Waxman Tribute) Projected Total Revenues of $1, 880, 000 Projected Breakeven Results Re-Financed Building Mortgage

2014 -2015 Proposed Budget Total Revenues of $1, 897, 000— 1% Increase � 3%

2014 -2015 Proposed Budget Total Revenues of $1, 897, 000— 1% Increase � 3% Growth in Membership Revenue � 12% Higher Tuition � 13% Lower Fundraising Revenue Total Expenses of $1, 890, 000—Flat � 4% Higher Compensation Expense � 9% Lower Operating Expense Projected Small Bottom Line Surplus!

Where our Money Will Come From Cemetery. Restricted Other Sales Gifts 2% 7% 2%

Where our Money Will Come From Cemetery. Restricted Other Sales Gifts 2% 7% 2% Facilities Rentals 14% Membership Support 47% Fundraising 19% Tuition 9%

Where Our Money Will Go Operating Expense 27% Compensation 73%

Where Our Money Will Go Operating Expense 27% Compensation 73%

Compensation Cost Components Administration 28% Facilities 20% Clergy/Ritual 32% Education 20%

Compensation Cost Components Administration 28% Facilities 20% Clergy/Ritual 32% Education 20%

Operating Cost Components Other 9% Marketing 6% Utilities 13% Insurance 9% Office Expense 9%

Operating Cost Components Other 9% Marketing 6% Utilities 13% Insurance 9% Office Expense 9% Repair & Maintenance 9% Program Costs 22% Food 14% Consulting & Professional 9%

Kol Shofar Budget Fun Facts Tuition Covers only 56% of the cost of educating

Kol Shofar Budget Fun Facts Tuition Covers only 56% of the cost of educating our children 84% of Gala Revenue goes to support CKS Total Operating Costs/Family--$4, 090 Revenue Required/Family--$3, 160

Our Two-Part Mortgage $3. 5 million Five-Year Note � Total balance due September, 2018

Our Two-Part Mortgage $3. 5 million Five-Year Note � Total balance due September, 2018 � Floating rate (currently 4%) $3. 5 million Amortizing Loan � Payments based on 30 year repayment schedule � Fixed rate for ten years— 4. 5% � Balloon payment due September 2028 First Republic Bank

The Capital Plan New Debt Retirement Capital Campaign begins 2014/2015 Goal—to retire debt coming

The Capital Plan New Debt Retirement Capital Campaign begins 2014/2015 Goal—to retire debt coming due in 2018 Seek Non-bank Financing for portion of remainder Re-finance Remaining Balance into New 30 year Mortgage, serviceable from operating revenues

Yasher Ko’ach to our Capital Campaign Committee! Co-Chairs: � Michael and Karen Young �

Yasher Ko’ach to our Capital Campaign Committee! Co-Chairs: � Michael and Karen Young � Howard and Diane Zack Additional Members: � Norman Traeger � Dan Weisman

Questions?

Questions?

Motion from the Board Approval of the Proposed 2014/2015 Budget

Motion from the Board Approval of the Proposed 2014/2015 Budget