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Monthly Summary – Treasurer’s Ledger

Report for the month ending May 31, 2018

We have completed eleven months of the fiscal year and we are projected to finish a little better than budget.

P&L: The P&L is on a modified cash/accrual basis. On the income portion, for the most part, amounts shown are the cash received for the current fiscal year. Billed but not paid amounts are not recorded. Primarily, the items that have outstanding billed amounts are school fees and dinners, dues and rental income. On the expense portion, most recurring monthly items, including payroll, are posted when paid. We pay all of our bills as soon as they are received and have no long‐term contracts (except for employment). Program expense, most maintenance expenses and any other significant expenses are adjusted to the proper fiscal year.

Additional columns have been added to the P&L.

  • Columns “N” and “O” project the final expected numbers for the year. For rental income, it shows the net number (adding catering income and subtracting facility rental expense and catering expense from rental income).
  • Columns “P” and “Q” displays the budget for next

Income: A huge thank you to everyone who has given so generously to the Annual and General Funds; we’re ahead of budget for both. We’re also doing better than last year at this time with Dues. Rental income is impressive – net is $33,095, better than last year. School fees nicely exceeded the budget and dues look like it will also exceed the budget.  A Storied Affair also did better than budget, although the final numbers are not in quite yet.

Expenses: We would love if more families sponsored Onegs – this can be done in honor of someone’s birthday, an anniversary a yahrzeit, etc. – as we are over budget. You can either bring in food for the Oneg or make a donation and the office can do the shopping and setup. Garden weeding is also over budget.

Frankly, this was a budget error. Based on past year’s expenses, it should have been budgeted higher. Telephone expenses are also way over budget. We upgraded the old system which will save us money in the future, but we encountered some unexpected code issues with the elevator and alarm system while upgrading. Salaries and Benefits are looking good (61% of all expenses). Nothing else is really noteworthy at this time.

The year‐end net budget number is a forecast surplus of $200.

Balance Sheet: All checking/savings amounts are accurate. I have adjusted the balance sheet and the audit for FY16 (ending June, 30 2016) is finally completed, so all the numbers are accurate. I have also reworked some accounts to make it easier to understand.

The operating cash position is at a healthy $195,853, $18,451 better than last year at this time. (Operating means funds for our day‐to‐day operating expenses. It doesn’t include capital campaign or restricted funds.) Since most of the income arrives at the beginning of the fiscal year and the expenses are spread throughout the year, I would expect the cash position to decrease a bit for the final month.

Mortgage: At the end of 2017, our mortgage was at $500,000, with $200,151 of cash in our capital campaign accounts. On January 2nd we paid $115,000 to the bank to reduce the balance to $385,000. This satisfies the principal payments for 2018. On February 5th we paid down the mortgage by another $30,000 – to

$355,000. On March 23rd we paid another $25,000, and on June 11th we paid an additional $15,000, bringing the loan down to $315,000. The monthly interest payments are now $500 less than in December!

Monthly Financial Package

Balance Sheet May 2018>>

Profit and Loss May 2018>>

Profit and Loss Notes May 2018>>

Consolidated Profit and Loss May 2018>>

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Bet Ha’am plays an important role in all of our lives, providing an open door for all during High Holidays and throughout the year.

The need for supporting the Annual Fund cannot be overstated. These unrestricted funds ensure we can cover our basic, day-to-day needs and meet our budgetary responsibilities, from salaries to building maintenance to Hebrew School supplies.

Membership dues do not cover the full cost of Bet Ha’am’s operations. We rely on the generous support of our members and friends to make Bet Ha’am available to all, regardless of ability to pay.

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Judaica Shop

Congregation Bet Ha’am’s Judaica Shop is establishing itself as a leading regional opportunity for unique Judaica jewelry, holiday gifts and supplies, children’s items, and everyday items.  The Judaica Shop is open 9:00 AM – 2:00 PM Tuesday-Friday and Sunday mornings when our Religious School is open.  Please call (207) 879-0028 for inquiries or requests for special order items.  This page will soon have photos and ordering information for specific Judaica items.

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Service Times

Evening Shabbat Services:

Friday evening at 7:30 PM except for the second Friday of the month, when a family service is held at 6:30 PM.

Shabbat Morning:

Saturday morning at 10:00 AM.

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