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Congregation Kol Shofar Treasurer’s Report

Congregation Kol Shofar Treasurer’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

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Congregation Kol Shofar Treasurer’s Report

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  1. Congregation KolShofarTreasurer’s Report May 2014

  2. First—A Huge “Thank You”! • To our Staff: • Pam Louie—Financial Manager • Nancy Drapin—Executive Director • DaliahNeuberger—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

  3. 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

  4. 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!

  5. Where our Money Will Come From

  6. Where Our Money Will Go

  7. Compensation Cost Components

  8. Operating Cost Components

  9. KolShofarBudget 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

  10. 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

  11. 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

  12. YasherKo’ach to our Capital Campaign Committee! • Co-Chairs: • Michael and Karen Young • Howard and Diane Zack • Additional Members: • Norman Traeger • Dan Weisman

  13. Questions?

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

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