Profit and Loss Report

Transcription

1 Profit and Loss Report The two pie charts below illustrate the actual income and expenses by major categories for last year. What is most noticeable is the dominance of Dues for income (59%) and Salaries & Benefits for expenses (60%). School income is a larger percentage than school expenses because the salaries related to school are included in the salaries expense, not the school expense. See the School section for more in-depth detail. Likewise, Program expenses do not include staff nor the Rabbi s time. On a positive note, fundraising (Storied Affair) and rental income are increasing nicely.

2 The statement of financial activities shows a nonprofit organization s income and expenses for a specific period of time. The net result is either a surplus or deficit. Traditionally we have used the more common term for this report, a Profit and Loss Report usually referred to as the P&L Report. The income portion of the P&L report lists all income received during a specific time period. It also indicates Cost of Goods Sold. For Bet Ha'am, Cost of Goods Sold refers to the Judaica shop inventory. Gross Profit is total income minus the expense for any inventory purchased for the Judaica shop. The profit & loss (P&L) statement for the last fiscal year (FY17) is displayed at the end of this section. Our fiscal year begins on July 1 st and ends on June 30 th. The top section of the statement shows the income received and the bottom section shows the expenses. On the far left side are row numbers. The first column of numbers, after the categories, shows the current year amounts, the second column shows the amounts spent last year, the third column shows what was budgeted for the full year, the fourth column shows the dollar difference between last year and this year, and the final column shows this difference as a percentage. The numbers to the right are for items needing additional explanation, and are summarized under NOTES after the P&L Statement. The mortgage principal and mortgage interest expense associated with our new building and capital campaign pledge income are not included in Bet Ha am s P&L because these are not a part of the day-to-day operations. The debt service on our mortgage (currently $80,000 per year) is only paid from capital campaign pledge income. Please see the Mortgage section. Also, the Rabbi s Discretionary Fund and Bikur items are not included (each has its own checking account and is not a part of the day-to-day operations). The bottom line for last year (line 169) shows a surplus of $19,722, verses a budgeted deficit of $12,525. The next few sections will describe the profit and loss statement. I will explain most major items. INCOME Unrestricted Donations (lines 9-19) are donations used during the course of the year. We nicely exceeded the budget. The General fund and Annual Fund did better than budget, and the Storied Affair, which was budgeted to net $11,000, actually netted $18,712 (income line 11 less expense line 156). Lines are Restricted Donations funds used for a specific purpose. This section is not a part of the P&L, but instead is shown after the Net Ordinary Income line. These donations may or may not be used in the year in which they are given, so neither the income nor

3 expense of these funds is included in the P&L. If there is an expense during the year that is funded by one of these restricted funds, then the income from the fund will be shown in Fund Transfers (lines 20-36) and the expense will be shown under the appropriate expense line. Dues (line 37) is what was actually received (not billed). We were about $13,374 above budget and better than last year. Dues is discussed more in the dues section of this report. Fees (lines 39-51) are our programs. They were above budget, primarily due to Rental Income and School Fees. The net Rental Income was $36,079 vs. the budgeted number of $27,000. Net Rental Income also includes Catering Income (line 42) less Facility Rental expense (line 82) and In-House Catering expense (line 150). Reimbursed Purchases (line 48) were high due to a payback against extra expenses Professional Development (line 147). Judaica Shop (line 52) is reduced by Judaica Shop Purchases (line 56) to derive the net, which was less than budgeted. Grants (line 53) includes the money we receive from the JCA for our religious school (around $13,000), plus family foundation grants. Interest income (line 54) is the interest we receive on our savings. EXPENSES School Expenses (lines 58-73) is what the school spends on supplies, books, gifts and similar items. It does not include salaries or use of the space. The Retreat was paid for by grants and therefore not budgeted (income shown on line 32). Sporty (line 74) is the youth program. Oneg expenses (line 75) occurs when there is no sponsor for the Oneg. Laundry Onegs (line 76) is for the linens. Both are partially offset by Oneg/Misc. income (line 15). Books (line 78) is for any non-school book expenses, such as the library or Scholar-In-Residence program. This is often offset by restricted funds or fees. The Building expenses (lines 79-95) were a little over budget primarily due to Plowing and Lawn Care and Weeding (lines 85 & 87). The budget for weeding should have been higher. Charitable Contributions (line 96) are donations to organizations with which we have a close relationship, such as Hillel, Levey BBQ, and the Maine Jewish Film Festival. Some of these donations come from the school Tzedakah. Conferences (lines ) allow the Rabbi to attend conferences related to his studies and job enhancement and helped members attend the Biennial. Subscriptions & Dues (line 101) is our payments to the URJ which is based on 4% of the previous years income. Gifts (lines ) include our annual donation to Bikur (the Jewish chaplain) and Scholarships, which helps members attend programs/events ( Scholarships are mostly covered by restricted donations). Office expenses (lines ) were better than budget, despite an unforeseen issue converting the telephones over to the internet. Salaries and Benefits (lines ) were also close to budget. Professional Services (lines ) were higher than budget, primarily due to Professional Development (line 147) and In-House Catering (line 150) items previously mentioned under Income, above. Marketing (line 151) is new and helps get us rentals. Programs (lines ) were quite a bit higher as we added some programs during the year, however these additional expenses were covered by Storied Affair (line 11). Entertainment & Travel (lines ) is mostly for the Seder and is covered by fees (line 43). One item not included is the projected cost associated with a future rabbinic sabbatical. We should be saving money each year if we wish to engage the services of a substitute rabbi during any future sabbatical (like we did with Rabbi Soffin during Rabbi Goldfinger s sabbatical). However, given the tight budgets we are projected to incur, it would not make sense to set money aside now and have a larger deficit. Using this approach, the amount that should be set aside each year would be around $7,500. There are models employed by other congregations that rely upon volunteer leadership for the day-today and week-to-week duties and upon other area colleagues (rabbis and cantors) for life-cycle coverage. This is what we did during Rabbi Saks sabbatical last spring. Taking Total Expenses (line 168) away from Gross Profit (line 57) results in a surplus of $19,722 (line 169). It is important to note that dues income was 59% of the total income (unrestricted donations 8%, fee 7%, grants 6%), and salaries and benefits were 60% of the expenses (building 15%, %, office 5%, programs 5%).

4 A B C D E F G H I J K L M New Congregation Bet Ha'am 9/27/ Last modified date Profit & Loss July 1, 2017 through June 30, 2018 Jul 1- Jun 30, '18 Jul 1- Jun 30, '17 Jul '17 - Jun '18 Y-T-D $ Diff Actual YTD This FY Last FY BUDGET vs. Last FY vs. Last FY OrdinarIncome Income Unrestricted Donations Fundraising event 1, , , (3,482.51) 23.65% Storied Affair 30, , , n/a Class Donation for ED Class n/a General 23, , , , % Memorial Booklet 2, , , % Oneg/Misc. 1, , n/a Annual Fund 18, , , , % School Donations (232.27) 73.72% Programming Income , , (291.64) 72.97% 3 Total Unrestricted Donations 79, , , , % Fund Transfers Strategic Initiatives - from CCII , , (10,222.17) 7.39% Special Scholarship Pass-Thru 5, , n/a Bernstein Transfer 6, , , , % Endowment Transfer 1, , n/a Cohen Fund Transfer n/a Goldfinger Fund for Israel Travel n/a Sandmel, Discretion & Youth 1, , , (675.00) 66.25% Garden Donations Transfer n/a Adult Library Fund Transfer (709.07) 6.25% Biennial 1, , n/a Prayer Book Fund Transfer (865.18) 0.00% School Grant Transfer 2, , , (11,039.43) 15.91% Strategic Planning Transfer , (3,152.91) 0.00% Rabbi Discretion Transfer (230.00) 0.00% Tutor Fund Transfer % Total Fund Transfers 19, , , (15,665.32) 55.86% Dues (actual) 363, , , , % 5 Cohen Member Grant (Dues) n/a Fees Shalom Yeladim (50.00) 86.67% Rental income 35, , , , % Catering Income 10, , n/a Seder 3, , , % School dinners 4, , , (582.67) 87.53% School Fees 34, , , , % 50311a - Non-Member School Fees 1, , n/a Class / program fees (225.00) 31.82% Reimbursed Purchases 9, , , , % Health Insurance Co-pay 2, , % Teen Trip , , (4,841.27) 0.00% Total Fees 101, , , , % Judaica Shop (net for budget) 1, , (458.56) 78.14% Grants - Unrestricted 35, , , % Interest Income % Total Income ( Ex. Restricted Donations) 601, , , , % Judaica Shop Purchases 1, , % Gross Profit 600, , , , % Expense School Expenses DC Trip FY , , (15,060.45) 0.00% 4 Retreat 1, , , (879.68) 67.03% 4 Boston Trip n/a School - Other Grant Covered % Education (56.14) 19.67% High School Dinners 2, , , % Teacher Appreciation % Furniture n/a School Books 1, , , % School Postage n/a School Supplies 1, , , (386.23) 74.26% School Computer n/a School Reimbursed Books n/a Total School Expenses 8, , , (15,731.50) 34.05% Sporty , % Oneg 4, , , % Laundry - Onegs 2, , , , % Gift of Israel n/a Books n/a Building Maintenance 15, , , , % Furniture n/a Page 1 of 3

5 A B C D E F G H I J K L M Jul 1- Jun 30, '18 Jul 1- Jun 30, '17 Jul '17 - Jun '18 Y-T-D $ Diff Actual YTD This FY Last FY BUDGET vs. Last FY vs. Last FY Facility Rental Expense 2, , % & Licensing & Inspections (180.00) 25.00% Trash Removal 4, , , % Plowing & Lawn Care 12, , , (3,498.18) 77.83% Garden & Outdoor Maintenance 1, , , (4,322.36) 23.04% Weeding 4, , , n/a 12 Mulch , n/a Garden Tools 2, , , n/a Building Insurance 9, , , (485.00) 95.35% Alarm System 1, , , % Elevator 2, , , % Sprinkler Inspection , , (199.42) 81.45% Utilities 31, , , , % 14 Total Building 88, , , , % Charitable Contributions 2, , , % Conferences Rabbi Conference exp 4, , , , % Biennial 1, , n/a Total Conferences 6, , , , % Subscriptions & Dues 21, , , (379.00) 98.29% URJ Gifts Bikur 1, , , % Other Gifts % Shabbat Cups % Scholarships 1, , , (51.00) 97.45% Scholarship Pass-Thru 5, , n/a Flowers n/a Total Gifts 10, , , , % Bank Service Charges % Office Expenses Committee Supplies 1, , , (209.50) 87.94% Committee Printing (36.71) 0.00% Committee Postage n/a Misc n/a Computer , , (3,870.59) 4.97% Computer Tech Upgrades % Software 3, , , (920.71) 79.65% Copying 2, , , % Postage 2, , , % Printing , (496.37) 49.11% Supplies 1, , , (707.37) 66.22% Telephone 10, , , , % Cable - TWC computer 1, , , (1,326.64) 55.54% Credit Card Expenses 1, , , % Administrator Fund , n/a Total Office Expenses 26, , , (2,095.02) 92.60% Salaries & Benefits Insurance Dental 1, , % Disability n/a Life % Medical 14, , , % Worker's comp 2, , , % Total Insurance 20, , , , % Payroll Salaries 294, , , , % Payroll Fees 2, , , (33.90) 98.75% Payroll Taxes 13, , , , % Pension 16, , , (1,958.68) 89.53% Total Payroll 328, , , , % Total Salaries & Benefits 348, , , , % Professional Services Staffing , , (1,845.53) 22.96% Accounting , (5,438.00) 0.00% Religious School Search (954.44) 0.00% Professional Development 9, , n/a Other Services 2, , , n/a Tutoring (60.00) 81.25% In House Catering 7, , n/a Marketing 3, , % 25 Total Professional Services 23, , , , % Programs Tikkun Olam n/a Programs - Other 5, , , (8,632.81) 39.28% 26 Storied Affair 12, , n/a Family Pizza 1, , % High Holidays & Holiday Celebrate 4, , , (361.68) 93.14% Class/Confirmation Project 1, , n/a Worship Services (130.00) 0.00% Page 2 of 3

6 A B C D E F G H I J K L M Jul 1- Jun 30, '18 Jul 1- Jun 30, '17 Jul '17 - Jun '18 Y-T-D $ Diff Actual YTD This FY Last FY BUDGET vs. Last FY vs. Last FY SIR 5, , , (149.79) 97.54% Total Programs 30, , , , % Entertainment & Travel Meals 4, , , % Mileage/travel 1, , (383.87) 76.51% Lodging n/a Total Entertainment & Travel 6, , , % Total Expense 580, , , , % Net Ordinary Income 19, (2,351.24) (12,525.26) 22, % Restricted Donations Adult Library (49.00) 83.93% Bernstein 6, , , % Cohen % Open Door (100.00) 0.00% Sandmel , (932.00) 17.67% Prayer Book Fund n/a Tutor % Youth n/a Class Gift (B'nai Mitzvah) 1, , (546.00) 66.63% Goldfinger Fund for Israel Travel % Adult Learning n/a Garden Donations 1, , % High Holiday Food Drive 4, , % Lehman Fund n/a Endowments & Bequests 1, , n/a Interpreter Sub-Fund n/a Art in Residence % Kitchen n/a Furniture Grant n/a Biennial 1, , n/a Pass-Through Donations 6, , n/a 15 Prepaid Future Donations 4, , n/a School Grant n/a Technology Grant n/a Total Restricted Donations 29, , , % Page 3 of 3