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  To our Bank Negotiating Team:  Howard Zack, Norman Traeger, and Steve Grossman

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

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!

Where our Money Will Come From

Where Our Money Will Go

Compensation Cost Components

Operating Cost Components

Kol Shofar Budget 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

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

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

Yasher Ko’ach to our Capital Campaign Committee!  Co-Chairs:  Michael and Karen Young  Howard and Diane Zack  Additional Members:  Norman Traeger  Dan Weisman

Questions?

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