CONGREGATION KOL SHOFARTREASURER’S REPORT

May 2014

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

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% 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

Membership Support

47%

Tuition9%

Fundraising19%

Facili-ties

Rentals

14%

Cemetery Sales7%

Restricted Gifts2%

Other2%

Where Our Money Will Go

Compensation73%

Operating Expense27%

Compensation Cost Components

Clergy/Ritual32%

Education20%

Facilities20%

Administration28%

Operating Cost Components

Utilities13% Office

Expense9%

Repair & Mainte-nance

9%

Consulting & Profes-

sional9%

Food14%

Program Costs22%

Marketing6%

Insurance9%

Other9%

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 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 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 Howard and Diane Zack

Additional Members: Norman Traeger Dan Weisman

Questions?

Motion from the Board

Approval of the Proposed

2014/2015 Budget