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Closing the Books on Fiscal Year 2022

09/13/2022 01:06:14 PM

Sep13

Temple Beth El’s fiscal year runs from July 1 through June 30. Our report to the Board of Trustees on FY 2022 included these details.

  • Membership contributions increased by 1% in FY 2022 over FY 2021. We always appreciate any increase in contributions, and we will continue to emphasize the need for increases each year. Annual membership contributions are our biggest source of revenue.
  • Our total revenue decreased by 13% in FY 2022 from FY 2021. This was due to the Paycheck Protection Program (PPP) loan of $180,000 which was 100% forgiven in 2021.
  • Our total revenue for FY 2022 was $1.16M.
  • Personnel compensation, our largest expense, increased by 1%, or $11,000, over FY 2021.
  • Our total expenditures increased by 5% over FY 2021. Most of these increased expenses came from program expenses now that we have resumed in-person events, and we are incurring other building-related expenses as well.
  • Our total expenses for FY 2022 were $1.25M.

Our fiscal year ended with a deficit of $96,249. The board voted to close the year with a deficit and not fund it, at this time, from any of our endowments.

As expenses continue to rise, increasing our revenue is the only way to combat our deficit. For this fiscal year, FY 2023, we are working to find new streams of revenue. New income sources, along with increased annual contributions and a successful Endowment for Spiritual Leadership campaign, will create a secure financial future that allows Temple Beth El to thrive.

If you have any questions about our financials, please contact Stefanie Kushner at exec@tbemadison.org.

 

 

September 27, 2022 2 Tishrei 5783