We are now over halfway through this fiscal year (July 2018 – June 2019) and I wanted to provide an update of how we are doing financially and what we project the rest of the year will look like. We have had over 20 new members/families join Temple Sinai since the start of this fiscal year. Our congregation is definitely growing!
The dues restructuring effort that included several different dues categories representing the many different demographics of our congregation that was implemented July 1 has clearly been successful. We expect to receive more in dues this year than in any year in the history of Temple Sinai. With your help, we will continue that trend in the coming years.
Through December 31, 2018 (the first half of our fiscal year), we had a surplus of approximately $40,000. That means we took in $40,000 more than we spent. While this is great news, we would expect to collect more in the first half of the year than the second since many congregants pay their dues annually in July. The second half of the year’s budget projects a deficit of about $48,000, and a net deficit of about $8,000 for this full fiscal year, not including philanthropic donations. Fortunately, because we have received philanthropic donations of about $12,000 from generous congregants that have made multi-year commitments to give to Sinai over and above their dues, we are projecting a small surplus for the second year in a row. We can use more congregants who are willing to commit to multi-year gifts to Sinai. If you are interested in becoming a donor, please contact me.
On the expense side, we have spent approximately $12,000 this year on unbudgeted items. This includes upgrading Sinai’s security system, upgrading the lighting in the Sinai School classrooms and Rabbi Sara’s office to brighter and more energy efficient LED light fixtures, painting the Sinai School classrooms, and upgrading some of the exterior lighting around the building. I have been told that we have neglected building maintenance for a number of years, likely due to a lack of funds. However, we cannot, and will not, continue this way. We need to invest every year to keep Temple Sinai looking bright, fresh, and a place that people want to be.
Finally, we now have an emergency fund that contains about $12,000. This money would be used should unexpected, unbudgeted, large expenses arise. We plan to continue to add to this fund in the future to help protect Sinai.
In summary, finances are looking up, membership continues to grow, and we have committed to invest in Sinai today, as well as set aside money for the future. With your continued support, we will continue to grow our membership and ensure that Temple Sinai has a surplus year after year, and will be here to serve the needs of the Reform Jewish Community in Northern Nevada for decades and generations to come.
Financial Officer, Temple Sinai