The Financial Four -- July 26, 2016

Today, the latest edition of The Financial Four, an update from our volunteer Acting Director of Finance, Missy Sue Mastel.

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Donation_CBSYellow While the summer cold front raced in, I have been glued to my desk at CBS. For those of you who also follow the sun, it is not a great loss to be indoors these days — especially since I found an old space heater!

Here is what we’ve accomplished in the last short weeks.

1. Our First EVER On-time Close. – I admit I get a little choked up about this, but the draft financial statements for our fiscal year end (FYE) were sent to the reviewers today, less than four weeks from our official year end close on June 30, 2016. For those of you who are not fiscally-minded, this means that we are closing out our books in a timely fashion. Why is this noteworthy? Because it is the first time we have done so, at least in the new building!

2. Happy Vendors – All of our vendors have been paid in full as of FYE. We have no more liability outstanding from any prior year(s), excepting the line of credit on the building.

3. A $22,000 Fiscal Year 2015-16 Bank Balance – As you know from the February Town Hall meeting, we were hoping to break even for the second half of the year. I'm pleased to report that, after all the accruals and fund assignments were reviewed and corrected, the year closed with an extra $22,000 in our operating account. In January, when we first learned of our financial setback, we could only have hoped for such a result, but Scott promised it at the annual meeting, and thanks to an awesome staff and your generosity, we were able to make it happen!

4. A GREAT Start To The New Fiscal Year – Not one, but two families have now joined us as Rosh Pina (Cornerstone) level Parnas Fellowship members (a super generous $36,000/year commitment) – thank you SO much! Moreover, three excited and exuberant member families have talked to us about replenishing their named donation funds.

All that to say, with no intended slight to our unique San Francisco weather, we are no longer looking through a fog!

The Financial Four -- June 28, 2016

Today, the latest edition of The Financial Four, an update from our volunteer Acting Director of Finance, Missy Sue Mastel.

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Donation_CBSYellow Hi, there. I hope your summer is off to a great start. If not, I think the good news I have to share with you will help. I’m also excited about the summer blockbusters, so you might notice a theme.

1. Independence Day: Resurgence — As we enter the summer season, the shul's financial focus shifts significantly from managing monthly operations to budgeting for the upcoming year. Many of you know that we basically collect 75% of revenue in the months between June and September. This year, thanks to the generosity of our donors (not aliens), we have already collected more than $180,000 of dues, and another $20,000 in preschool summer payments. We are deferring this money to use in the new year, and have, thanks to other great donors (also not aliens), not had a need to touch any of these deferred revenues to complete the financial year. Go CBS humans!

2. The Jungle Book - The CBS Family Preschool faced some challenges in the first half of the year, but due to amazing oversight and restructuring helmed by Katherine Friedman Barboni and Dale Kleisley, the projected losses were cut by half. We are all set for a record-breaking year to come with only three spots left to full capacity for 2016-2017. Couldn’t happen to a nicer panther and bear.

3. Ben-Hur — It is no real secret that we had maybe more staff than we needed, and so we have spent a lot of this last month coming up with some deft reorganization plans. I would like to welcome Tim Fong, who is stepping into Billy Kwong's position, and Kim Hegg, who is now our CBS Operations and Events Manager. Kim will be our new go-to person to help monetize and maintain the building asset — keeping it rented and functioning. Can’t wait to see how this chariot race turns out!

4. The BFG — I have to offer a "big friendly giant" thank you to Joe Ratner and John Wekselblatt — who have been working with me to renegotiate our insurance policies to the tune of $25,000 in savings for the upcoming year, without any drop in coverage.

Keep your (X-ray) eyes peeled in upcoming HaLuach newsletters for more updates. I look forward to keeping you informed and answering any questions you may have.