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Monthly Summary – Treasurer’s Ledger

January, 2019.

 

We have completed seven 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:  All income items are close to where they should be.  Machazit and Nediv Lev are slightly behind the dues number last year, but closer than in past months.  The upcoming Storied Affair event (April 6th) will have a big impact on income.  Reimbursed purchases are way above budget, but this is offset by a way over budget Professional Development expense (lines 51 and 153).  

 

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.  Software under Office Expenses (line 124) is running a bit high as we are working on a new web site. Copying and Telephone under Office Expenses (lines 125 and 129) are both over budget. For the copying number, we created a major new member packet that was not anticipated and as for telephone we did an incorrect calculation for the budget.   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 108 and outstanding pledge balance is on line 73.

 

The operating cash position of $238,154 is $16,254 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.)  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.  

 

LED: We have been working on reducing our energy needs (and carbon footprint) as LED technology has become available.  We recently replaced the ten parking lot metal halide lights with LED bulbs. This will save 93 watts per bulb, or about $245 a year in electricity.  (Assumes an average of four hours/day) We already had three blown-out bulbs so we needed to hire an electrician and lift anyway. Other bulbs were going to go dead soon as the average life for the metal halide bulbs was 10 years.  The LED lights should last for over 30 years! Payback is only a couple of years.

We replaced the two halogen flood lights in the courtyard with LED lights that are more than twice as bright.  This will save 110 watts total per hour, or $82 a year. They are on an average of 12 hours a day. The LED bulbs should last three years vs. six months for the old halogen lights. Payback is only four months.

We replaced 36 halogen bulbs in the sanctuary with LED lights for a savings of 1,152 total watts.  This could be a savings of $161 a year (3 hours/day-5 days/week-52 weeks). Payback is about a year.

We are working on finding acceptable bulbs to replace the tube halogen bulbs in the sanctuary and hallway.  Most current replacements are too large.

 

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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