The Financial Four -- February 28, 2018

The latest edition of The Financial Four, an update from our Director of Finance, Missy Sue Mastel Horwitz, is shared below.

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Dear Congregation Beth Sholom Community,

I am so excited to be writing this update as we are rounding the final bend on many of the objectives I communicated to the Board just two (short) years ago! So I'd like to put a stake in the ground right now so that everyone can be just as excited and forward-looking as I am.

1. Although picking up our financial situation in January 2016 was not easy, with the help of some wonderful Friends of the Synagogue like Joe Ratner and Todd Strauss, among others, we were able to create a new direction and financial models for the synagogue that are sustainable. No one is thinking we are done, but looking at our financials year over year, we can start again to make longer-term plans.

2. While staff changes are always hard, we made it through some tough personnel decisions and can now begin envisioning the synagogue and the services that we want. We've made some new hires, are out in the world collecting models from other institutions, and are primed for creating some new positions and creative new ways of thinking about customer service here. Talk about bang for your buck!

3. We have had a wonderful relationship over the last two years with our bank, and they have been super supportive of the work being done to keep them informed, to make sure they receive all their interest payments, and to prepare them for our loan renegotiation! Still, it would be remiss of me not to get some competitive bids; and I am happy to say I have had no issue getting other banks to the table. In that vein...

4. As I am sharing some of our financial data with competitive banks, I thought it would be a great time to share the exact same information with you, our congregation. On February 13, I spent two hours thoroughly going over all the CBS financial information with David Golden, Michael Samson, and Zohar Kaplan. While the protocols for corporate and non-profit accounting differ, I’m sure we all got something out of it.

Today, I am thrilled to to offer to you, from the Board, increased financial transparency. If you click through this link, you will be able to see our reviewed financials for the last three years as well as a recent Treasurer's report. In addition, we're sharing some other financial information the competitive banks have asked for in order to propose terms: see here, here, and here. Maybe even more importantly, as you click through, the Board will know this type of reporting is important to you; and how much you appreciate our (my and the Board’s) efforts to keep you informed.

As always, l’shalom,
Missy Sue