Strength in Numbers
Follow this article series, “Strength In …,” to learn more about how our Temple’s stewardship has resulted in the stabilization and growth of our financial position.
Our Fiscal year ends on June 30, with a new year beginning on July 1. For 120 days since the 2022-2023 fiscal year began, there is positive news to report about our financial position. Following is a snapshot of the growth and improvements:
- Our year-to-date comparison to FY22 vs FY23 shows an annual revenue increase of 10%
- We have also improved dues collections
- Endowment funds total approximately $6.5 million
- Notably, 159 members have made contributions to The Temple above their dues even though there is currently no giving campaign
- Our administration and operations teams diligently evaluate contracts and processes for efficiencies to ensure they contain expenses. As a result, our costs are on budget despite the current period of inflation.
Mickey Heideman stresses that our financial picture has improved: “Our members understand the importance of their dues to the bottom line. Some also make extra contributions. And, we also have the staff and committee chairs to thank for controlling expenses.”
If you would like to help us continue the current trajectory of financial growth and stability, please consider a Qualified Charitable IRA Rollover Distribution for The Temple in discussions with your accountant or tax advisor. Your trusted advisors can ensure that a charitable contribution is appropriate for you. At this time of year, many members are considering taking minimum distributions. Here are considerations if you are thinking of making a charitable contribution to The Temple:
- Take advantage of the last great tax break with your Charitable IRA Rollover. Support The Temple simply and easily. If you are 70 1/2 or older, you can roll over up to $100,000 from your IRA to The Temple.
- To qualify, the transfer must go directly from your IRA to The Temple
- Gifts made from your IRA (up to $100,000 per year) are not reportable as taxable income
- The gift must be an outright commitment yet can be used to satisfy existing pledges
- The gift will qualify toward your required minimum distribution
The dependable fiscal responsibility and operations of The Temple motivate many members to donate more than is expected because they believe in the profound impact our Temple has on the congregation. Our Temple’s strength, guardianship, responsibility, and sustainability is dependent on all of us.
Five strengths that have been implemented through our Temple’s stewardship that resulted in the stabilization and growth of our financial position:
- Our financial stability is safeguarded by an active, knowledgeable, responsible Board
- Operations are continually improving through a dedication to reducing unnecessary spending, streamlining processes, and negotiating contracts
- Continued annual contributions to various endowment funds ensure the sustainability of The Temple
- The support of the congregation, even during the pandemic, continues to show the value The Temple is providing to members
- Capital improvements are made every year through the endowments and do not impact the balanced budget. Some of these include:
- New festival windows at entrance
- Restroom upgrades with painting, lighting, etc., especially the women’s entry foyer
- Library updated, painted, and new lighting installed
- New lobby look with painting, lighting, and furniture
- New and updated landscaping around the campus, as well as the cemetery
- Renovation of the columbarium at the cemetery
- New LED lighting all around the Temple
- Staff hallway with new flooring
- New air conditioning unit for entire campus
- New chairs for services
- Enhanced engagement with members through mailings during Passover, HHD, and Hanukkah
- Installed water bottle filling stations around The Temple
- Purchased two Zoom rooms in order teach classes virtually
- New sound system in the Sanctuary
