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Projections for the Fiscal Year Ending June 30, 2024

07/15/2024 04:17:49 PM

Jul15

Temple Beth El’s fiscal year ended on June 30, 2024. Final reporting on the past year will not be completed until late July. These projections about the current year’s budget and revenue have guided us as we set goals for the coming fiscal year: 

  • Membership contributions are projected to come in 4% higher than budgeted. Thank you for understanding the need for increased contributions.
  • Memorial donations are projected to come in approximately 7% higher than budgeted. Thank you for honoring those we have lost with donations in their memory and for making donations in honor of both sad and joyful life occasions.
  • Fundraising is projected to come in 3% lower than budgeted. The budgeted amount was based on obtaining more sponsors like Cress. If you know of a business that may be interested in sponsorship, please contact Stefanie Kushner at exec@tbemadison.org.
  • Staff compensation is predicted to come in about 3% below budget. This is due to the variability in scheduling for some of our staff (such as facilities assistants and youth advisors), whose hours differed from what was budgeted. Our largest expense continues to be personnel.
  • With all the wonderful events we have had this year, our program revenue is up over 20%. While our expenses for events are also higher than budgeted, they do not exceed our revenue.
  • Our solar panels continue to save us money. We decreased our budgeted expense, and we will come in under budget from that amount. We are excited to see this cost savings, and we are pleased to be doing our part to help the environment.
  • Our facilities team continues to maintain our building within the budget and plans necessary maintenance in the spring, once final numbers for spending on unplanned expenses are available.

Overall we are projecting a surplus in the operating budget. As was explained in the May Giving Spotlight, 25% of our revenue comes from our endowed funds. This surplus allows us to pay back funds used from our endowments. Specifically, the Larry Kohn Chair for Jewish Learning fund, the purpose of which is to provide high-quality Jewish education, funds the compensation for our director of lifelong learning. With this surplus we can pay back what we “borrowed” from this fund to keep the balance healthy and maintain a secure financial future for education at TBE.

April 30, 2025 2 Iyar 5785