congregation beth emeth 2014/15fy financial report 2015/16fy budget presentation april 8, 2015
TRANSCRIPT
Congregation Beth Emeth2014/15FY Financial Report2015/16FY Budget Presentation
April 8, 2015
Overview
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2014/15FY Financial Report
2015/16FY Proposed Operating Budget
2015/16FY Proposed Capital Budget
APPENDICES – Reference Materials
Where We Stand – Operating Budget
• On a stable financial footing at this time– Operating Reserve Fund at $269K as of June 2014
• Annual Appeal consistently generating over $150K net income covering at least 10% of our operating budget
• 2014/15 operating performance projecting a small surplus without use of board/reserve funds– $35K net improvement over budget– Upside could generate additional $10K-15K of income
for year
4
2014/15 Projected Operating Performance
5
($000) Projected 2013/14 Budget Actual Variance Actual
• Revenue 1,424 1,402 (22) 1,449• Expenses (1,586) (1,526) 60 (1,554)
• Deficit (162) (124) 38 (105)
• Use of Board/Endow/ Reserve Funds 7 0 (7) 0
• Fundraising 155 159 4 170 • Operating Net 0 35 35 65
• Membership 385 377 (8) 367 Restated (w/o Alumni)
Where We Are – June Ending Fiscal Years
6
178 Endowment Funds
235Board Funds
2015e 2016e($000)
Operating Fund
Mortgage
Member Units Restated (w/o Alumni)
(223)
377
235
175
407
279
(93)
375
Capital Funds
2014
521
304
239
176
692
269
367
(345)
7
2014/15FY Projected Operating Performance
• Projected performance based on eight months of actuals and four months projected shows a small surplus for the fiscal year– Dues revenue down due to change in mix of membership– Departments are managing expenses effectively against budget– Religious School net on target with budget– BEECC net is up due to restructuring of classes– Fundraising ($159K net) for Annual Appeal based on pledges as of 2/28/2015
• Anticipate some financial upside– Potential for some Annual Appeal pledges before year end– Potential for reduction in certain projected expenses
• Vigilance continues to be needed to manage expenditures
2015/16FY Budget Background
• Operating Budget– Good financial performance over past five years, but
challenges remain• Implementation of new dues structure beginning in 15/16FY
will require use of Operations Reserve Fund during transition
• Capital Budget– Building Fund (BF) will have adequate funds for
paying off mortgage by 2017– Capital Contingency Fund (CCF) fees must increase
to ensure adequate funds in place to maintain aging facility in coming years
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2015/16FY Proposed Operating Budget
11
2015/16FY Operating Budget Motion
Pursuant to Article XII, Section 4.1 of the Congregation Beth Emeth Constitution, as amended on May 18, 2014, the Board does hereby approve the proposed 15/16FY operating budget as presented at the April 8, 2015 Board Meeting.
Submitted by: Andy Bursten
12
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Dues Category Comparisons
14-15 DUES CATEGORIES AMOUNTSENIOR COUPLE 1,810SENIOR INDIVIDUAL 905FAMILY 2,580COUPLE 2,440SINGLE PARENT 1,935INDIVIDUAL 1,290YOUNG FAMILY 1,810YOUNG COUPLE 895YOUNG INDIVIDUAL 450ASSOCIATE 420
15-16 DUES CATEGORIES AMOUNT
Age 65& Above - 2 Adults 1,810Age 65& Above - 1 Adults 905Age 36 to 64 - 2 Adults * 2,580Age 36 to 64 - 1 Adult 1,290Age 35 & Under - 2 Adults 200Age 35 & Under - 1 Adult 100Associate 420
*Age 36 to 64 - 2 Adults-14.15FY COUPLE (3 Year Phase-In) 2,440
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Dues Category Comparisons
14-15 DUES CATEGORIES AMOUNTSENIOR COUPLE 1,810SENIOR INDIVIDUAL 905FAMILY 2,580COUPLE 2,440SINGLE PARENT 1,935INDIVIDUAL 1,290YOUNG FAMILY 1,810YOUNG COUPLE 895YOUNG INDIVIDUAL 450ASSOCIATE 420
15-16 DUES CATEGORIES AMOUNT
Age 65& Above - 2 Adults 1,810Age 65& Above - 1 Adults 905Age 36 to 64 - 2 Adults * 2,580Age 36 to 64 - 1 Adult 1,290Age 35 & Under - 2 Adults 200Age 35 & Under - 1 Adult 100Associate 420
*Age 36 to 64 - 2 Adults-14.15FY COUPLE (3 Year Phase-In) 2,440
2015/16 Operating Budget Considerations
• No dues increase to help facilitate transition to new dues structure
• No religious school tuition increase• 2.5% salary increase• Deficit of $25K to help fund transition to new dues
structure
15
2015/16FY Operating Budget Assumptions
• Projected membership count at 375*; current count at 377*; new dues categories with no increase for any group– Some members will pay less because of dues restructure– Reflects $682K of dues revenue– Projected $25K deficit to help phase in new dues structure;
to be covered by Operations Reserve Fund– Refer to Appendix E for proposed dues & fees for 15/16FY
• Projected interest income of $11K from CDs
• Projected Fundraising at $158K (net) for 2015/16FY
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* NOTE: membership counts are restated and do not include Alumni
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2015/16FY Operating BudgetAssumptions (cont’d)
• Personnel– Projected salary increases of 2.5% (~$75K) for next
year– Includes funding for part-time Communications
Coordinator for entire year– Includes funding for position overlap of six months for
retiring Controller and new Accountant– Includes funding for new BEECC 5-day 2-year-old
class
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2015/16FY Operating BudgetAssumptions (cont’d)
• Religious School Projections– Enrollment of 221 students, up from 211 this year– No tuition increase; K-1 rate include youth group dues (see below)– Net deficit of $13K
• BEECC Projections– Enrollment of 57 students (22 mem/35 non-mem)– Tuition increase of 3%– Revenue increase of $30K; Expense increase of $44K– Net surplus of $39K
• Youth Projections– No increase in Youth dues; same rates for last 5 years– Including Nitzanim (K-1) fee of $20 in tuition; now participating
in 2nd Monday– Net deficit of $34K
Refer to Appendices F and G for proposed tuition and fee rates for 15/16FY
19191919
• Communications Committee budget includes $3.5K net for strategic marketing initiatives– To promote holiday services, religious school and preschool programs– New look and printed materials– Targeted mailings/advertising
• Potential Use of Board Designated/Endowment Funds– Adult Program Committee
• Budget reflects $6K use of education endowment fund and $1.2K of Adult Program Fund for scholar-/artist-in-residence
– Food Service Committee budget reflects $1K use of Kitchen Fund to offset expenses
– See Appendices K, L & M for description of funds and fund balances• Food Service Committee budget includes funding for some
expanded kiddushes on non-sponsored Shabbatot• Mortgage Interest payment of $12K, $9K less than 2014/15• Operating Fund projected to be $279K at 2015/16YE
2015/16FY Operating BudgetAssumptions (cont’d)
3-Year Operating Budget Summary
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($000) Actual Projected Actual Budget 13/14FY 14/15FY 15/16FY
• Revenue 1,449 1,402 1,436• Expenses (1,554) (1,526) (1,627)
• Deficit (105) (124) (191)
• Use of Board/Endow/ Reserve Funds 0 0 8
• Fundraising 170 159 158 • Operating Net 65 35 (25)
• Membership 367 377 375 Restated (w/o Alumni)
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Where We Are Going – June Ending Fiscal Years
178 Endowment Funds
235Board Funds
2015e 2016e($000)
Operating Fund
Mortgage
Member Units Restated (w/o Alumni)
(223)
377
235
175
407
279
(93)
375
Capital Funds
2014
521
304
239
176
692
269
367
(345)
2015/16FY Proposed Capital Budget
24
2015/16FY Capital Budget Motion
Pursuant to Article XII, Section 4.1 of the Congregation Beth Emeth Constitution, as amended on May 18, 2014, the Board does hereby approve the proposed 15/16FY capital budget as presented at the April 8, 2015 Board Meeting.
Submitted by: Andy Bursten
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Explanation of Capital Funds
Capital Funds that are funded on an annual basis:
• Building Fund (BF)– Pays the mortgage and provides for new projects– Funded by members paying $7,500 over 15 years
• Capital Contingency Fund (CCF)– Covers major repairs and maintenance to the building– Funded by a $225 fee assessed annually to members
How do we know how much the building upkeep is going to cost? Facilities Reserve Study, which is updated every five years
2015/16FY Proposed Capital BudgetBuilding Fund
• Beginning Fund Balance projected at $327K• Fund income projected at $65K
– Does not assume any revenue from dedicatory opportunities
• Assumes– $15K carried over from prior years commitments for refurbish/replace
sanctuary entrance doors
• Mortgage principal payments of $131K• Ending Fund Balance projected to be $246K• See Appendix I for more detail of proposed 2015/16FY Building
Fund Budget
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Building Fund Summary
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NOTE:• 16/17FY Proj Fund Expenditures of $142,603 contains $92,603 for
mortgage principal payments including final payment
13/14FY Act 14/15FY YE Proj 15/16FY Budget 16/17FY ProjBEGINNING FUND BALANCE 544,490$ 470,140$ 326,755$ 246,020$ FUND REVENUES 76,167 71,161 65,000 60,000 FUND EXPENDITURES 150,516 214,546 145,735 142,603ENDING FUND BALANCE 470,140$ 326,755$ 246,020$ 163,417$
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2015/16FY Capital Budget AssumptionsCapital Contingency Fund (CCF)
• June 2013 Facilities Reserve Study– Project need to fund nearly $400K in major building
repairs/replacement over next three years– Large projected CCF deficit necessitates fee increase
• Currently funding CCF at $73K annually• Recommend annual increase to CCF Fee
– Propose increase from $225 to $275 per household (ages 36 and up)
– Would increase funding levels from $73K to $85K
• Will continue to monitor fund balance– As mortgage is paid down, may consider transfer of Building
Fund monies to build these reserves to recommended level
2015/16FY Proposed Capital Budget Capital Contingency Fund
• Beginning Fund Balance projected at $195K• Fund income projected at $85K which reflects
increasing fee to $275• Assumes $41K carried over from prior year
commitments to replace flooring, kitchen equipment and for parking lot repairs
• Propose $78K new funding for technology upgrades, fire sprinkler system repair, furniture replacement, security enhancements, exterior façade repairs, HVAC repairs and additional parking lot repairs
• Ending Fund Balance projected to be $161K• See Appendix J for more detail of proposed 2015/16FY
Capital Contingency Fund Budget30
Capital Contingency Fund Summary
31
13/14FY Act 14/15YE Proj 15/16FY BudgetBEGINNING FUND BALANCE 168,960$ 222,117$ 194,662$ FUND REVENUES 73,348 73,380 84,750 FUND EXPENDITURES 20,191 100,835 118,815ENDING FUND BALANCE 222,117$ 194,662$ 160,597$
Future Capital Budget Considerations
• Capital funds (Building Fund and CCF) will continue to decline through 2017– Some risk if we have a significant facility
repair event– Need to identify opportunities to provide funds
to capital accounts• Dedicatory program• Other
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Appendix A3-Year Operating Budget Projection
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($000) 13-14FY Act 14-15FY YE Proj 15-16FY Budget
Assumptions * Membership # 367 377 375 Dues % 2% 2% 0% RS Tuition % 2% 2% 0% RS Students 217 211 221 BEECC Tuition % 3% 3% 3% BEECC Students 21M/40NM 24M/30NM 22M/35NM Salary increase 3% 3% 2.5%
Revenue Dues 719 704 682 Interest Income 10 10 11 RS Tuition 193 186 183 BEECC Tuition 258 242 277 Other Revenues 269 260 283 Use of Board Funds 0 0 8 Total Revenues 1,449 1,402 1,444Expense 1,554 1,526 1,627Deficit/Surplus (105) (124) (183)Fundraising 170 159 158Operating Net/(Deficit) 65 35 (25)
YE 06/2014 YE 06/2015 YE 06/2016Balance-Operations Reserve 269 304 279
*Restated w/o Alumni
Appendix B DETAILED OPERATIONS BUDGET SUMMARYIncludes 15/16FY Projections
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15-16 14-15 14-15FY YEAR END 14-15FY YTD ACT 13-14FY
PROJECTIONS BUDGET PROJ. AT 2/28/15 AT 2/28/2015 ACTUALS
REVENUE Executive Operations (Sch. 1, page 2) 708,375 743,915 730,125 575,787 741,726Communications (Sch. 2, page 6) 6,000 9,000 5,000 1,775 4,448Membership (Sch. 3, page 7 ) 0 0 40 40 6,821Ritual Committee (Sch. 4, page 8) 27,575 27,500 26,901 25,270 27,504Religious School (Sch. 5, page 9) 231,580 210,790 210,840 157,008 235,679BEECC (Sch. 6, page 10) 322,584 303,645 291,440 226,813 298,883Youth (Sch 7A, page 11) 17,895 19,680 18,160 10,581 19,865Programming (Sch 7B, Page 12) 20,200 15,500 13,330 4,560 11,185Building (Sch. 8, page 13) 0 0 0 0 0Food Service (Sch. 9, page 14) 103,000 94,500 100,000 70,061 96,091Technology (Sch. 10, page 15) 0 0 0 0 0Sisterhood Contribution 5,000 5,000 5,000 0 5,000Men's Club Contribution 1,500 1,500 1,500 0 1,500TOTAL OPERATING REVENUE: 1,443,709$ 1,431,030$ 1,402,336$ 1,071,894$ 1,448,701$ EXPENDITURESExecutive Operations (Sch. 1, page 2) 622,469 602,872 584,590 391,046 575,565Communications (Sch. 2, page 6) 18,900 26,400 13,400 7,658 13,807Membership (Sch. 3, page 7 ) 1,550 1,550 804 304 10,622Ritual Committee (Sch. 4, page 8) 29,010 28,245 26,856 25,671 29,930Religious School (Sch. 5, page 9) 244,112 232,587 229,712 136,570 224,161BEECC (Sch. 6, page 10) 283,167 262,138 237,641 143,875 263,892Youth (Sch 7A, page 11) 51,568 56,387 49,685 26,470 49,917Programming (Sch 7B, Page 12) 21,200 17,000 22,077 17,659 17,713Building (Sch. 8, page 13) 220,485 227,905 228,592 145,847 229,628Food Service (Sch. 9, page 14) 103,532 105,423 105,189 69,491 110,641Technology (Sch. 10, page 15) 31,070 25,523 28,023 20,552 28,426TOTAL OPERATING EXPENSES: 1,627,063$ 1,586,030$ 1,526,569$ 985,143$ 1,554,302$
NET OPERATING INCOME (LOSS): (183,354)$ (155,000)$ (124,233)$ 86,751$ (105,601)$
NET FUNDRAISING (Sch. 11, page 16): 158,000$ 155,000$ 159,450$ 135,445$ 170,236$
Transfer from (to) Operations Reserve Fund (25,354)$ -$ 35,217$ 222,196$ 64,635$
Appendix C15/16 Operating Budget Summary Chart
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15-16FY 15-16FY PROJECTIONS PROJECTIONSREVENUE EXPENDITURES Dues 682,375 Executive Operations 622,469Interest Income 11,000Ritual Committee 27,575 Ritual Committee 29,010Religious School 231,580 Religious School 244,112BEECC 322,584 BEECC 283,167Youth 17,895 Youth 51,568Programming 20,200 Programming 21,200Building 0 Building 220,485Food Service 103,000 Food Service 103,532Fundraising, Net 158,000Other 27,500 Other 51,519Use of Operations Reserve Fd 25,354TOTAL OPERATING REVENUE: $1,627,063 TOTAL OPERATING EXPENSES: $1,627,063
Dues42%
Interest Income
1%Ritual
Commit-tee 2%
Religious School 14%
BEECC 20%
Youth 1%
Pro-gram-ming
1%
Food Service
6%Fundrais-ing, Net
10%
Other2%
Use of Operations Reserve Fd2%
Revenue Budget Projections for 15-16FY
Executive Operations 38%
Ritual Committee
2%Religious School
15%
BEECC 17%
Youth 3%
Pro-gram-ming
1%Building
14%
Food Service
6%Other
3%
Expense Budget Projections for 15-16FY
Appendix D Detailed Operating Budget Summary(Includes net by department)
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(Thousands of Dollars $) 15-16 FY 14-15 FY 14-15 FY 13-14 FYProjections Budget YE Projection Actual
Dues 682 721 704 719Interest Income 11 10 10 10Executive Ops Net Expense -607 -590 -568 -563Communications Net Expense -13 -17 -8 -9Membership Net Expense -1 -1 -1 -4Ritual Net Expense -1 -1 -1 -2Religious School Net Expense -13 -22 -19 12BEECC Net Income 39 41 54 35Youth Net Expense -34 -37 -32 -30Adult ProgramNet Expense -1 -1 -9 -7Building Expenses -220 -228 -229 -230Food Service Net -1 -11 -5 -15Technology -31 -26 -28 -28Men's Club/Sisterhood 7 7 7 7
Operating Net B/F Fundraising -183 -155 -124 -105Fundraising 158 155 159 170Net Operating Performance -25 0 35 65
Membership Count* 375 385 377 367Religious School Count 221 210 211 217BEECC Count 22M/35NM 23M/36NM 24M/30NM 21M/40NM*Restated (w/o Alumni)
February 28, 2015
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Appendix E2015-2016 Dues & Fees
DUES CATEGORY DUES B/FUND* CCF** TOTAL Age 65 & Above:
2 Adults $1,810 $500 $275 $2,585 1 Adult $905 $250 $275 $1,430
Age 36 to 64:
2 Adults $2,580 $500 $275 $3,355 [2 Adults (Current Couple Phase-In) $2,440 $500 $275 $3,215] 1 Adult $1,290 $330 $275 $1,895
Age 35 & Under:
2 Adults $200 $0 $0 $200 1 Adult $100 $0 $0 $100
Associate: $420 $0 $0 $ 420 FEE CATEGORY Alumni $ 90
* BUILDING FUND assessment continues at the above annual rates to a maximum of $5,000, for all members
joining prior to July 1, 1998; and to a maximum of $7,500, for all members joining after July 1, 1998. ** CAPITAL CONTINGENCY FUND is an annual assessment for the membership categories identified above. SCRIP: All members who purchase SCRIP in excess of $3,000.00 per year will receive a credit toward obligations in
amount equal to 5% of all purchases in excess of $3,000.00. BUILDING FUND DEFERRED FOR NEW MEMBERS’ FIRST YEAR
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Appendix F2015-2016 BEECC Tuition & Fees
BEECC TUITION AND FEES CLASS MEMBER RATE NONMEMBER RATE ALEF (Budding BEECCer’s) $ 495 $ 565 BET (2-Day/2yr old) $2,755 $3,635 BET (3-Day/2yr old) $3,680 $4,895 BET (5-Day/2yr old) $5,055 $6,635 GIMEL (3-Day/3 yr old) $3,680 $4,895 GIMEL (4-Day/3 yr old) $4,660 $6,140 DALET (5-Day/4 yr old) $5,460 $7,160 DALET Extended Day program $6,540 $8,580 Building Usage Fee N/A $ 200 Special Program Fees 2-Day Students $ 100 $ 100 3-Day Students $ 120 $ 120 4-Day Students $ 140 $ 140 5-Day Students $ 160 $ 160 Early Drop $25/day/child $25/day/child
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Appendix F2015-2016 BEECC Tuition & Fees (cont’d)
BEECC TUITION AND FEES (cont)
CLASS MEMBER RATE NONMEMBER RATE Adventures Fall Session $ 182 $ 204
Winter Session $ 165 $ 195 Spring Session $ 165 $ 195
Camp Fees (Session 1, 2, 4, 5, 6, 7)
2-Day $ 80 $ 95 3-Day $ 110 $ 135 5-Day $ 175 $ 220 Camp Fees (Session 3 incl. July) 2-Day $ 80 $ 95 3-Day $ 80 $ 95 5-Day $ 140 $ 175
Appendix G2015-2016 School/Youth Tuition & Fees
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RELIGIOUS SCHOOL TUITION & FEES CATEGORY TUITIONS & FEES
Primary Tuition (K-1) $710 (including 2nd Monday program)
Hebrew Tuition (2-7) $1,080 (including 2nd Monday program)
Chai School Tuition (8-10) $690
Bar/Bat Mitzvah Fee $950
Confirmation Fee (Grade 10) $200
YOUTH DUES CATEGORY TUITIONS & FEES
Nitzanim (K-1) Incl. in Tuition Bonim, Machar, Kadima (2-7) Incl. in Tuition Kadima (8) $55 USY (9-12) $60 USY/Kadima Nonmember $118
Appendix HBuilding Rental Fees
Area Fee*
Space Accommodations
Kitchen
$60/hr**
Flex Space
$175 max 250 theatre style seating max 115 banquet seating***
Social Hall
$175 max 290 theatre style seating max 135 banquet seating***
Lobby
$125****
$450+
Sanctuary
$175++
Classroom
$55
No fee is charged for a Synagogue event, such as an Oneg Shabbat or luncheon, which is open to congregants and guests. * Fee does not include $250 Security Deposit or $500 Non-member Surcharge ** Mashgiach Fees included six hour minimum day of event four hour minimum, prior to event *** Combined Flex Space and Social Hall with a dance floor: max 200 banquet seating **** The lobby can only be used in conjunction with the flex space and/or the social hall + Package rate if Flex Space, Social Hall and Lobby are all rented together
++ Sanctuary Fee waived, if reception held at CBE
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Appendix I2015/16FY Proposed Capital BudgetBuilding Fund Commitments
14-15FY 15-16FY 15-16FY YE PROJECTIONS COMMITMENTS COMMITMENTS Carryover (Already Approved) (New) Social Hall/Flex space upgrades-New Partitions 50,000 Concrete pads/Corral/Shed-Trash & Storage Area 5,000 Sanctuary Entry Doors 15,000 Front Office Workspace Renovation 38,000 TOTAL B/F COMMITMENTS: 93,000 15,000 Building Fund Balance 326,755 246,020 NOTES: 2014-2015FY Building Fund Commitments assumes $122K for mortgage principal payments 2015-2016FY Building Fund Commitments assumes $15K carried over from prior years’ commitments, no new proposed expenditures and $131K for mortgage principal payments 2014-2015FY: Building Fund projected income will be $71K 2015-2016FY: Building Fund projected income will be $65K 2015-2016FY: Proposed Expenditures do not assume revenue from dedicatory opportunities
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Appendix J2015/16FY Proposed Capital BudgetCCF Commitments
14-15FY 15-16FY 15-16FY YE PROJECTIONS COMMITMENTS COMMITMENTS Carryover Proposed (Already Approved) (New) Replace flooring 18,000 Roof repair 42,300 Technology upgrades 2,500 7,500 Sprinkler system pipe repairs 5,000 7,500 Brick Repair & Tuckpointing 10,000 3,815 New Content Mgmt Software for website (replace obsolete software) 435 EIFS maintenance 8,600 Concrete walkway repairs 3,000 Kitchen equipment replacement 7,000 Security Replacements/Enhancements 30,000 Furniture replacement 6,000 10,000 RTU/Repair/Replace 23,000 5,000 Parking lot repairs 16,000 14,000 TOTAL PROPOSED CCF COMMITMENTS: 100,835 41,000 77,815 CAPITAL CONTINGENCY FUND BALANCE 194,662 160,597 NOTES: 2015-2016FY: COMMITMENTS ASSUMES $41,000 CARRIED OVER FROM PRIOR YEAR COMMITMENTS AND 77,815 NEW COMMITMENTS 2015-2016FY: PROJECTED FUND INCOME FROM CAPITAL CONTINGENCY FUND WILL BE $84,750 WHICH REFLECTS INCREASED FEE AT $275
Appendix KBoard Designated Funds
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Acts of Loving Kindness Fund Provides assistance to congregants and the community during times of need and for emergencies.
Adult Program Fund Provides funding for adult education classes, lectures and programs held at the synagogue.
BEECC Families-in-Crisis Fund Provides limited BEECC tuition assistance to families in crisis
Building Fund Supplements the synagogue's budget to pay off the mortgage and to support and maintain the operations of the building.
Ebstein-Magun I srael Quest Fund Grants a nominal subsidy to synagogue teenagers traveling to Israel as part of the community-wide, multi-year I srael Quest program.
Faye Gottlieb Cascio Education Fund Sustains the Hebrew school's operations and events.
General Fund Contributions go into the synagogue's general budget.
Keruv (Outreach) Fund Used to sponsor Interfaith and Outreach programming Kitchen Fund
Assists with purchase of equipment for the kitchen. Library Fund
Provides for the purchase of books, magazines and library supplies Marilyn Rosenberg Memorial Fund
Provides support for congregants who have been diagnosed with cancer Megan Miriam Berman Youth Fund
Provides financial assistance to eligible CBE youth who participate in Regional and International programs sponsored by the United Synagogue of Conservative J udaism (USCJ )
Milton Weiner Scholar-in-Residence Fund Used to sponsor scholarly and artistic programs.
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Appendix KBoard Designated Funds (cont’d)
New Building Fund Provides for future building expansion.
Oneg/ Kiddush Fund Supports the weekly oneg Shabbat and kiddush.
Paula Comer Slavsky BEECC Fund Benefits the Beth Emeth preschool programs.
Prayer Book Fund Underwrites costs of buying new Sim Shalom prayerbooks, Etz Chayim Chumashim and High Holiday Mahzorim.
President's Discretionary Fund Used by the President for his/her synagogue-related obligations.
Rabbi's Discretionary Fund Allows the Rabbi to disburse funds for tzedakah, important causes and professional commitments.
Rabbi Steve and Andrea Glazer Eldercare Assistance Fund Helps senior members and parents of members of Beth Emeth with expenses including scholarships for day programs with an emphasis on those with dementia type diseases, support for care givers, financial aid to meet medication costs or medical equipment needs, etc.
Religious Articles Fund Pays for the religious articles used during services and rituals.
Rubel Memorial Fund Provides for maintenance and upkeep of the atrium landscape and grounds
Scholarship Fund Assists families who may need help with Religious School tuition and fees.
Sisterhood Educational Grant Fund Defrays to cost of J ewish camping and I srael experiences for the youth of our congregation.
Torah Fund Designed to provide for the purchase of a new Torah and repairs on existing Torahs
Torah-for-Tots Fund Provides for the resource material and equipment for this Shabbat program
Weisel Memorial Fund Provides a $100 savings bond annually to exemplary seventh grade student(s) (typically one boy and one girl) in recognition of scholarship, tefilah (prayer) and tzedakah (righteousness)
Zelman Cantorial Fund Provide financial support to contract with personnel for the HHD’s and other times during the year to lead services
• General– Earnings must exceed $10K before using– Need to define guidelines for disbursement
• Education– Earnings must remain at or above $10K– Earnings used to supplement educational
programs such as artist- or scholar-in-residence
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Appendix LEndowment Funds
Appendix M Summary of Fund Activity 2014/2015FY as of Feb 28, 2015
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PRELIMINARY
FUND ACCOUNT BEGINNING FUND BALANCE RECEIPTS DISBURSEMENTS ENDING FUND BALANCE
BOARD DESIGNATED FUNDS:Dedicatory Fund 9,783.43 0.00 443.10 9,340.33Kitchen Fund 7,487.54 162.00 0.00 7,649.54Library Fund 7,862.81 148.00 0.00 8,010.81Prayerbook Fund 20,122.74 126.00 243.00 20,005.74Religious Articles Fund 2,640.38 54.00 433.00 2,261.38Faye Gottlieb Cascio Education Fund 26,899.56 1,364.95 1,512.68 26,751.83 Scholarship Fund 4,694.96 72.00 0.00 4,766.96Rabbi's Discretionary Fund 4,292.04 4,301.00 4,064.84 4,528.20President's Discretionary Fund 1,670.62 136.00 239.45 1,567.17Megan Miriam Berman Youth Fund 17,954.33 1,962.00 2,015.63 17,900.70Recreation Fund 0.00 0.00 0.00 0.00Adult Program Fund 4,181.27 366.00 35.00 4,512.27Rubel Fund 2,965.00 50.00 0.00 3,015.00Weisel Memorial Fund 0.00 0.00 0.00 0.00Marilyn Rosenberg Memorial Fund 19,816.92 43.00 0.00 19,859.92Torah for Tots Fund 1,567.83 36.00 70.83 1,533.00Torah Endowment Fund 23,500.19 1,379.00 12,000.00 12,879.19Zelman Cantorial Fund 9,329.45 344.00 0.00 9,673.45Milton Weiner Scholar-In-Residence Fund 5,238.01 390.00 0.00 5,628.01Oneg and Kiddush Fund 2,178.37 0.00 0.00 2,178.37Paula Comer Slavsky BEECC Fund 14,006.37 539.31 651.48 13,894.20BEECC Families-In-Crisis Fund 5,161.00 233.00 0.00 5,394.00Glazer Elder Care Fund 35,715.00 4,790.25 0.00 40,505.25Keruv (Outreach) Fund 2,165.37 251.00 0.00 2,416.37Ebstein-Magun Israel Quest Fund 391.72 36.00 0.00 427.72Acts of Loving Kindness Fund 9,854.35 1,495.27 1,635.20 9,714.42
TOTAL BOARD DESIGNATED FUNDS: 239,479.26 18,278.78 23,344.21 234,413.83
RESTRICTED FUNDS:Education Endowment Fund 102,501.60 0.00 0.00 102,501.60 Education Endowment Fund Earnings 21,982.33 5.10 0.00 21,987.43General Endowment Fund 50,777.42 1,000.00 0.00 51,777.42General Endowment Fund Earnings 665.78 2.50 0.00 668.28
TOTAL RESTRICTED FUNDS: 175,927.13 1,007.60 0.00 176,934.73
CAPITAL FUNDS:Building Fund 470,141.14 50,977.15 112,851.79 408,266.50 Capital Contingency Fund 222,115.48 54,790.84 46,102.32 230,804.00Building Expansion Fund-Phase III 0.00 0.00 0.00 0.00
TOTAL CAPITAL FUND BALANCES: 692,256.62 105,767.99 158,954.11 639,070.50
OPERATIONS RESERVE FUND: 269,426.50 0.00 0.00 269,426.50
TOTAL FUND BALANCES: 1,377,089.51 125,054.37 182,298.32 1,319,845.56
CONGREGATION BETH EMETHSUMMARY OF FUND ACTIVITY- 2014-2015FY
FEBRUARY 28, 2015