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Monthly Summary – Treasurer’s Ledger

December, 2018.

 

We have completed six months of the fiscal year.

 

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.

 

Income:  The annual fund is a bit behind because we delayed the annual appeal letter in order to focus our attention on the new support model (Machazit HaShekel and Nediv Lev).  When compared to the dues number for last year, Machazit HaShekel and Nediv Lev, combined, are a bit behind. Although about 60 families never returned forms, we have now invoiced everyone.  No checks received during the second half of December were processed so Machazit, Nediv, rental and some other income numbers are less than what they should be. They were processed on January 3rd.   Reimbursed purchases are way above budget, but this is offset by a way over budget Professional Development expense (lines 51 and 152). Otherwise income appears to be on budget.

 

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 way over budget.  You can either bring in food for the Oneg or make a donation and the office can do the shopping and setup. The school expenses that are above budget are paid for by a grant, so they will not adversely affect the bottom line.  Salaries and Benefits are looking good (66% of all expenses). Nothing else is really noteworthy at this time.

 

The year-end net budget number is a deficit of $32,327.  At this early time, I believe we have a good chance of doing better.

The numbers in column “M” denote additional clarification on the Notes page.

 

Balance Sheet:  All checking/savings amounts are accurate.  Of most interest, the top portion (lines 8 to 69) present the bank, individual fund and investment account balances.  The mortgage balance is on line 107 and outstanding pledge balance is on line 73.

 

The operating cash position of $198,882 is $61,886 less 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.)  I believe about $40,000 of this large decrease is due to no deposits being made after December 13th.  In general, 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 as the year progresses.

Mortgage:  At the end of December was at $300,000, with $240,802 of cash in our capital campaign accounts.  A year ago it was at $500,000. On January 2nd we paid the total 2018 principal payment of $80,000 plus an additional $70,000.  The mortgage balance is now $150,000! If we only made the minimum required payments on the mortgage going forward, it would be paid off in the fall of 2021 (original ending date was May 15, 2029).  We will have some major capital expenditures in the next few months, paid for by the capital campaign account (not operating funds). These include roughly $13,000 for a replacement boiler and around $20,000 for security related improvements.

Monthly Financial Package

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

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