2017-2018 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.
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 172-197 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
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 97-100) 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 102-109) 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 111-127) were better than budget, despite an unforeseen issue converting the telephones over to the internet. Salaries and Benefits (lines 128-142) were also close to budget. Professional Services (lines 143-152) 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 153-162) 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 163-167) 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%).
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 A B C D E F G H I J K L M New Congregation Bet Ha'am 9/27/2018 - 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 50109 Fundraising event 1,078.89 4,561.40 1,000.00 (3,482.51) 23.65% 1 50109 - Storied Affair 30,918.00 0.00 11,000.00 30,918.00 n/a 2 50199 - Class Donation for ED Class 546.00 0.00 0.00 546.00 n/a 50115 General 23,258.00 16,335.68 16,000.00 6,922.32 142.38% 50116 Memorial Booklet 2,344.00 1,427.00 2,000.00 917.00 164.26% 50126 - Oneg/Misc. 1,749.18 0.00 0.00 1,749.18 n/a 50136 Annual Fund 18,234.47 14,707.23 14,000.00 3,527.24 123.98% 50213 School Donations 651.56 883.83 750.00 (232.27) 73.72% 51111 Programming Income 787.36 1,079.00 1,000.00 (291.64) 72.97% 3 Total Unrestricted Donations 79,567.46 38,994.14 45,750.00 40,573.32 204.05% Fund Transfers Strategic Initiatives - from CCII 815.48 11,037.65 16,500.00 (10,222.17) 7.39% Special Scholarship Pass-Thru 5,650.00 0.00 0.00 5,650.00 n/a Bernstein Transfer 6,000.00 4,000.00 6,000.00 2,000.00 150.00% Endowment Transfer 1,065.42 0.00 0.00 1,065.42 n/a Cohen Fund Transfer 258.00 0.00 0.00 258.00 n/a Goldfinger Fund for Israel Travel 0.00 0.00 0.00 0.00 n/a Sandmel, Discretion & Youth 1,325.00 2,000.00 2,000.00 (675.00) 66.25% Garden Donations Transfer 395.02 0.00 0.00 395.02 n/a Adult Library Fund Transfer 47.31 756.38 0.00 (709.07) 6.25% Biennial 1,500.00 0.00 0.00 1,500.00 n/a Prayer Book Fund Transfer 0.00 865.18 0.00 (865.18) 0.00% School Grant Transfer 2,088.17 13,127.60 8,000.00 (11,039.43) 15.91% Strategic Planning Transfer 0.00 3,152.91 0.00 (3,152.91) 0.00% Rabbi Discretion Transfer 0.00 230.00 0.00 (230.00) 0.00% Tutor Fund Transfer 680.00 320.00 0.00 360.00 212.50% Total Fund Transfers 19,824.40 35,489.72 32,500.00 (15,665.32) 55.86% 4 50200 Dues (actual) 363,374.77 348,222.32 350,000.00 15,152.45 104.35% 5 Cohen Member Grant (Dues) 500.00 0.00 0.00 500.00 n/a 50300 Fees 50307 Shalom Yeladim 325.00 375.00 350.00 (50.00) 86.67% 50308 Rental income 35,530.62 27,344.25 27,000.00 8,186.37 129.94% 6 50317 - Catering Income 10,242.98 0.00 0.00 10,242.98 n/a 6 50309 Seder 3,527.51 2,744.00 2,700.00 783.51 128.55% 50310 School dinners 4,091.50 4,674.17 3,500.00 (582.67) 87.53% 50311 School Fees 34,788.55 29,170.75 28,000.00 5,617.80 119.26% 50311a - Non-Member School Fees 1,025.00 0.00 0.00 1,025.00 n/a 50312 Class / program fees 105.00 330.00 500.00 (225.00) 31.82% 50313 Reimbursed Purchases 9,266.45 2,543.24 2,000.00 6,723.21 364.36% 7 50315 Health Insurance Co-pay 2,206.16 64.92 0.00 2,141.24 3398.27% 50136 - Teen Trip 0.00 4,841.27 1,200.00 (4,841.27) 0.00% Total 50300 Fees 101,108.77 72,087.60 65,250.00 29,021.17 140.26% 50400 Judaica Shop (net for budget) 1,639.40 2,097.96 500.00 (458.56) 78.14% 8 50500 Grants - Unrestricted 35,702.17 34,971.00 33,000.00 731.17 102.09% 9 58000 Interest Income 276.28 1.67 1.50 274.61 16543.71% Total Income ( Ex. Restricted Donations) 601,993.25 531,864.41 527,001.50 70,128.84 113.19% 59999 Judaica Shop Purchases 1,618.27 1,540.95 0.00 77.32 105.02% Gross Profit 600,374.98 530,323.46 527,001.50 70,051.52 113.21% Expense 60000 School Expenses DC Trip FY17 0.00 15,060.45 5,000.00 (15,060.45) 0.00% 4 Retreat 1,788.74 2,668.42 3,000.00 (879.68) 67.03% 4 Boston Trip 0.00 0.00 0.00 0.00 n/a School - Other Grant Covered 299.43 240.00 0.00 59.43 124.76% 4 60500 Education 13.75 69.89 500.00 (56.14) 19.67% 60501 High School Dinners 2,194.81 2,023.11 2,000.00 171.70 108.49% 60702 Teacher Appreciation 606.70 507.09 500.00 99.61 119.64% 61051 Furniture 0.00 0.00 0.00 0.00 n/a 61052 - School Books 1,822.24 1,784.08 2,500.00 38.16 102.14% 61054 - School Postage 0.00 0.00 300.00 0.00 n/a 61056 - School Supplies 1,114.44 1,500.67 2,500.00 (386.23) 74.26% School Computer 0.00 0.00 0.00 0.00 n/a School Reimbursed Books 282.10 0.00 200.00 282.10 n/a Total 60000 School Expenses 8,122.21 23,853.71 16,500.00 (15,731.50) 34.05% Sporty 813.99 661.85 1,160.00 152.14 122.99% 60925 Oneg 4,284.47 2,793.31 500.00 1,491.16 153.38% Laundry - Onegs 2,358.00 1,189.00 1,000.00 1,169.00 198.32% Gift of Israel 0.00 0.00 100.00 0.00 n/a 10 60050 Books 304.57 0.00 0.00 304.57 n/a 11 60100 Building 60140 Maintenance 15,462.89 12,861.23 15,000.00 2,601.66 120.23% 60163 - Furniture 0.00 0.00 0.00 0.00 n/a Page 1 of 3
5 6 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 100 101 102 103 104 105 106 107 108 109 110 111 112 113 114 115 116 117 118 119 120 121 122 123 124 125 126 127 128 129 130 131 132 133 134 135 136 137 138 139 140 141 142 143 144 145 146 147 148 149 150 151 152 153 154 155 156 157 158 159 160 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 60165 Facility Rental Expense 2,130.34 1,905.50 0.00 224.84 111.80% 6 60171 & 60193 - Licensing & Inspections 60.00 240.00 500.00 (180.00) 25.00% 60172 - Trash Removal 4,086.40 3,583.65 4,000.00 502.75 114.03% 60180 Plowing & Lawn Care 12,281.82 15,780.00 6,000.00 (3,498.18) 77.83% 60185 - Garden & Outdoor Maintenance 1,294.08 5,616.44 1,900.00 (4,322.36) 23.04% Weeding 4,589.00 0.00 1,347.50 4,589.00 n/a 12 Mulch 0.00 0.00 1,000.00 0.00 n/a Garden Tools 2,948.00 0.00 2,000.00 2,948.00 n/a 13 60190 Building Insurance 9,953.00 10,438.00 11,400.00 (485.00) 95.35% 60191 Alarm System 1,657.25 1,341.00 2,000.00 316.25 123.58% 60192 Elevator 2,229.91 964.44 1,200.00 1,265.47 231.21% 60193 Sprinkler Inspection 875.50 1,074.92 1,000.00 (199.42) 81.45% 61900 Utilities 31,023.54 25,717.51 32,460.00 5,306.03 120.63% 14 Total 60100 Building 88,591.73 79,522.69 79,807.50 9,069.04 111.40% 60200 Charitable Contributions 2,086.42 1,100.00 1,180.00 986.42 189.67% 15 60300 Conferences 60301 Rabbi Conference exp 4,812.60 3,450.64 3,307.86 1,361.96 139.47% 16 60303 Biennial 1,730.00 0.00 0.00 1,730.00 n/a Total 60300 Conferences 6,542.60 3,450.64 3,307.86 3,091.96 189.61% 60400 Subscriptions & Dues 21,732.00 22,111.00 22,000.00 (379.00) 98.29% URJ 60700 Gifts Bikur 1,000.00 1,000.00 1,000.00 0.00 100.00% 60705 Other Gifts 449.31 140.86 60.00 308.45 318.98% 60704 - Shabbat Cups 672.00 546.00 672.00 126.00 123.08% 60703 - Scholarships 1,949.00 2,000.00 2,000.00 (51.00) 97.45% 60703.1 - Scholarship Pass-Thru 5,990.00 0.00 0.00 5,990.00 n/a 17 60701 Flowers 95.95 0.00 450.00 95.95 n/a Total 60700 Gifts 10,156.26 3,686.86 4,182.00 6,469.40 275.47% 60900 Bank Service Charges 514.06 28.14 25.00 485.92 1826.79% 61000 Office Expenses Committee Supplies 1,527.70 1,737.20 1,370.00 (209.50) 87.94% Committee Printing 0.00 36.71 800.00 (36.71) 0.00% Committee Postage 2.45 0.00 250.00 2.45 n/a Misc. 25.00 0.00 0.00 25.00 n/a 61010 Computer 202.50 4,073.09 4,000.00 (3,870.59) 4.97% Computer Tech Upgrades 713.01 481.17 0.00 231.84 148.18% Software 3,604.48 4,525.19 4,750.00 (920.71) 79.65% 18 61020 Copying 2,086.49 1,741.19 3,000.00 345.30 119.83% 61030 Postage 2,148.17 2,108.53 3,000.00 39.64 101.88% 61040 Printing 478.96 975.33 1,500.00 (496.37) 49.11% 61050 Supplies 1,386.44 2,093.81 2,250.00 (707.37) 66.22% 61060 Telephone 10,638.62 5,878.41 4,240.00 4,760.21 180.98% 19 61061 - Cable - TWC computer 1,657.18 2,983.82 3,500.00 (1,326.64) 55.54% 61062 - Credit Card Expenses 1,749.90 1,681.47 1,750.00 68.43 104.07% Administrator Fund 0.00 0.00 1,000.00 0.00 n/a Total 61000 Office Expenses 26,220.90 28,315.92 31,410.00 (2,095.02) 92.60% 61300 Salaries & Benefits 61310 Insurance 61311 Dental 1,320.84 1,320.84 0.00 0.00 100.00% 20 61312 Disability 919.36 0.00 300.00 919.36 n/a 61313 Life 819.25 810.76 900.00 8.49 101.05% 61314 Medical 14,654.75 14,474.72 15,000.00 180.03 101.24% 20 61316 Worker's comp 2,827.00 1,915.26 3,000.00 911.74 147.60% Total 61310 Insurance 20,541.20 18,521.58 19,200.00 2,019.62 110.90% 61350 Payroll 61351 Salaries 294,982.32 271,360.82 295,908.50 23,621.50 108.70% 21 61356 Payroll Fees 2,672.79 2,706.69 3,000.00 (33.90) 98.75% 61357 Payroll Taxes 13,826.33 12,326.73 16,694.90 1,499.60 112.17% 61359 Pension 16,740.88 18,699.56 16,801.00 (1,958.68) 89.53% Total 61350 Payroll 328,222.32 305,093.80 332,404.40 23,128.52 107.58% Total 61300 Salaries & Benefits 348,763.52 323,615.38 351,604.40 25,148.14 107.77% 22 61400 Professional Services 61343 - Staffing 549.95 2,395.48 1,000.00 (1,845.53) 22.96% 61410 Accounting 0.00 5,438.00 0.00 (5,438.00) 0.00% Religious School Search 0.00 954.44 0.00 (954.44) 0.00% Professional Development 9,449.90 0.00 0.00 9,449.90 n/a 23 61430 Other Services 2,140.00 0.00 3,500.00 2,140.00 n/a 24 61440 Tutoring 260.00 320.00 0.00 (60.00) 81.25% 61442 - In House Catering 7,563.88 0.00 0.00 7,563.88 n/a 6 61444 Marketing 3,061.25 598.00 600.00 2,463.25 511.91% 25 Total 61400 Professional Services 23,024.98 9,705.92 5,100.00 13,319.06 237.23% 61500 Programs Tikkun Olam 0.00 0.00 0.00 0.00 n/a 61500 Programs - Other 5,583.51 14,216.32 5,300.00 (8,632.81) 39.28% 26 Storied Affair 12,206.49 0.00 0.00 12,206.49 n/a Family Pizza 1,229.64 838.95 1,000.00 390.69 146.57% High Holidays & Holiday Celebrate 4,907.84 5,269.52 6,050.00 (361.68) 93.14% Class/Confirmation Project 1,030.28 0.00 0.00 1,030.28 n/a Worship Services 0.00 130.00 0.00 (130.00) 0.00% Page 2 of 3
5 6 161 162 163 164 165 166 167 168 169 170 171 172 173 174 175 176 177 178 179 180 181 182 183 184 185 186 187 188 189 190 191 192 193 194 195 196 197 198 199 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 5,950.10 6,099.89 6,000.00 (149.79) 97.54% Total 61500 Programs 30,907.86 26,554.68 18,350.00 4,353.18 116.39% 61700 Entertainment & Travel 61710 Meals 4,979.40 4,451.32 4,300.00 528.08 111.86% 27 61720 Mileage/travel 1,250.41 1,634.28 0.00 (383.87) 76.51% 61760 Lodging 0.00 0.00 0.00 0.00 n/a Total 61700 Entertainment & Travel 6,229.81 6,085.60 4,300.00 144.21 102.37% Total Expense 580,653.38 532,674.70 539,526.76 47,978.68 109.01% Net Ordinary Income 19,721.60 (2,351.24) (12,525.26) 22,072.84-838.77% 50100 Restricted Donations 50111 Adult Library 256.00 305.00 0.00 (49.00) 83.93% 50112 Bernstein 6,000.00 1,064.43 0.00 4,935.57 563.68% 50113 Cohen 180.00 180.00 0.00 0.00 100.00% 50117 Open Door 0.00 100.00 0.00 (100.00) 0.00% 50118 Sandmel 200.00 1,132.00 0.00 (932.00) 17.67% 50119 - Prayer Book Fund 0.00 0.00 0.00 0.00 n/a 50120 Tutor 237.00 180.00 0.00 57.00 131.67% 50121 Youth 25.00 0.00 0.00 25.00 n/a 50123 - Class Gift (B'nai Mitzvah) 1,090.00 1,636.00 0.00 (546.00) 66.63% 50124 - Goldfinger Fund for Israel Travel 275.00 5.05 0.00 269.95 5445.54% 50125 - Adult Learning 0.00 0.00 0.00 0.00 n/a 50135 - Garden Donations 1,764.00 1,485.00 0.00 279.00 118.79% 50137 - High Holiday Food Drive 4,787.05 4,020.20 0.00 766.85 119.07% 29 50139 - Lehman Fund 0.00 0.00 0.00 0.00 n/a 50215 - Endowments & Bequests 1,090.00 0.00 0.00 1,090.00 n/a 50216 - Interpreter Sub-Fund 0.00 0.00 0.00 0.00 n/a 50217 - Art in Residence 608.00 185.05 0.00 422.95 328.56% 50999 - Kitchen 0.00 0.00 0.00 0.00 n/a Furniture Grant 0.00 0.00 0.00 0.00 n/a Biennial 1,500.00 0.00 0.00 1,500.00 n/a Pass-Through Donations 6,464.00 0.00 0.00 6,464.00 n/a 15 Prepaid Future Donations 4,725.25 0.00 0.00 4,725.25 n/a School Grant 0.00 0.00 0.00 0.00 n/a Technology Grant 0.00 0.00 0.00 0.00 n/a Total Restricted Donations 29,201.30 10,292.73 0.00 18,908.57 283.71% Page 3 of 3