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