In Attendance: Joan Beranbaum, Karen Feuer, Barbara Katersky, Dan Lavin, Rick Muskat, Ron Dubensky, Helene Spring, Judith Sussman Absent: Rich Bengloff, Steve Grosberg
Next Meeting: December 12, 2007 at 6:30pm (Library)
I. Opening Remarks
Barbara Katersky was welcomed by the committee as the new Synaplex liaison and she shared some of her background in financial positions at Village Temple and Village Community School.
Judith Sussman emphasized that EET was only in the black at the end of FY2007 because the investment interest was $65,000 over budget and that given potential significant lawsuit and House expenses, the committee may need to make some serious decisions for FY08 and FY09 to achieve balanced or at least minimum deficit budgets.
II. Project Update Reports
Budget Oversight – Dan Lavin: Distributed and reviewed the preliminary FY2007 Actual and FY2008 Actual as of September 30, 2007, indicating that there is some work to be done on the P&L so an updated Income Statement will be presented at the November 13 BOT. The income projections with receivables indicated Dues and HHD Pledges are above budget, HHD Ticket sales were down, BOT was flat and Religious School enrollment/tuition is below projection but expenses (teacher hires) were minimized to compensate. The Office/Classroom Reconfiguration came in under budget. The committee applauded Dan’s obvious hard work to clear up continuing P&L questions.
Budget Reconfiguration – Rick Muskat: Recommended (again) that we split the budget into two budgets: Building and Operations to better track expenses and identify priorities for fundraising. Dan Lavin will work towards this and bring a first cut along with open questions to the December 12 committee meeting.
Bookkeeping - Dan Lavin and Judith Sussman: Advised the committee of a problem needing resolution in order to reconcile the books for FY2006. They are also re-evaluating EET’s seasonal bookkeeping needs. Rick Muskat recommended that we consider outsourcing all or part of this function and offered to investigate if his accounting firm is still willing to work pro bono to streamline and set up some new systems and give us a presentation what they could do and what they would charge to be part of the solution in the future.
Payroll, General Ledger – Ron Dubensky: status quo
HHD – Karen Feuer: The President has personally phoned all “major” HHD pledge donors and will be sending out personal thank-you cards to all donors over the next two weeks. Dues and HHD pledge billing is going out November 2.
Administrative Updates– Karen Feuer: There will be no vacations after August 10 by staff in the future. Next year’s calendar will be built around the HHD dates, since key numbers are not available till 3 weeks afterwards.
III. Accounts Management
Endowment – Dan Lavin: current balance is approximately $426,753 (up $4,901 this fiscal) in cash/CDs.
Escrow and Legal Issues– Dan Lavin: Escrow balance as of 9/28/07 rose $9, 578 to $872,075 because interest is up – he and Rick continue to monitor rate of return to ensure it stays at top market.Rick Muscat: The old Temple buildings will probably be sold without remediation and therefore Escrow will go with the new buyer. The law case has progressed to the deposition stage (3 Temple members and 3 interested parties).
E*Trade – Judith Sussman: Balance is vacillating around $17,764 (a/o November 4, since figure not available at meeting)
IV. Special Efforts
Synaplex – Barbara Katersky: Reported that they have raised $486 towards the $10,000 we are obligated to spend in FY2009.
Kehila Campaign Phase III – Judith Sussman/Joan Beranbaum: reported that, as agreed, there has been no proactive solicitation due to the 60th Anniversary fundraising; all outstanding billing will be completed by November 15.
60th Anniversary Celebration – Helene Spring: Reported that the Torah Project has received $30,000 in pledges to be paid by December 31, against an estimated $10,000 in expenses.
Grant Applications– Judith Sussman: Reported that several grant opportunities have been identified and will go out this calendar year.
3-Year Plan Update – Judith Sussman: Reported the current 3-year plan needs updated and extended beyond FY2008. She is doing research and then will work with the Finance Committee to update the plan. Items for consideration will be sent in advance of the February committee meeting.
V. Other Follow-Up Respectfully Submitted by Judith Sussman
Upcoming Committee Meeting Dates 6:30pm on: Wed, December 12, 2007 Tues, February 19, 2007 to be changed to February 26, 27 or 28 – awaiting committee feedback Tues, April 29, 2007
Other Key Dates Tues, May 13 - BOT budget review Tues, June 3 – EXEC COMM Meeting Tues, June 10 – BOT Meeting to sign-off on budget if not handled May 13 Wed, June 11 - Annual Meeting, including budget presentation/approval
