1. CONGREGATION KOL SHOFAR TREASURER’S REPORT May 2014

2. 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

3. 2013-2014 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

4. 2014-2015 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!

5. Where our Money Will Come From

6. Where Our Money Will Go

7. Compensation Cost Components

8. Operating Cost Components

9. 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

10. 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

11. 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

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

13. Questions?

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