June 4, 2020
Dear Bet Torah Family,
As this fiscal year winds down, ending June 30, we are preparing for a very different new year than we expected just a few (long) months ago. Thankfully, we are in a strong financial position, prepared to weather the economic uncertainties before us through a combination of smart financial planning and strong community commitment. Please see below our financial plans for the upcoming fiscal year, as well as the attached financial commitment statement from our treasurer, Adam Kupperman, regarding next year’s membership dues, fees and tuitions.
Our financial plans for next year take into account the current economic downturn and uncertainties. Of course many businesses and individuals have been adversely affected by the quarantine, and yet we do not know how long these challenges will last, nor how hard they will hit our community. To prepare responsibly, we have instituted some important strategies.
The budget approved by the Board of Directors and explained during our Annual Membership Meeting last Sunday, May 31, is a conservative, fiscally responsible, break-even budget that does not compromise our core values. Please note, we are not increasing dues or security fees, and we are keeping expenses in our major portfolios, such as Ritual, at the same level as this year's actual expenditures. And while we are not expecting the same membership growth we have seen over the past few years, we do not want financial hardship to cause congregants to leave Bet Torah. We will work confidentially to assist members so they are able to remain a part of the Bet Torah community through these difficult economic times.
For Bet Torah to be in the position to assist our congregants who are severely affected by the economic downturn, we ask that all those in a strong financial situation continue to support Bet Torah through Annual Fund donations and other charitable giving. We are a community of enormous generosity and caring, which has helped put us in the strong place we are in today and able to weather whatever our economic future brings.
The key to Bet Torah’s financial security will be maintaining a clear picture of our actual revenues and expenses throughout the year. We have planned quarterly budget reviews, and in order to understand our revenues as early as possible, we have adjusted our payment schedules somewhat. Nursery School and Kulanu registration will occur a little later next year to allow everyone greater visibility and more time to assess individual circumstances, and dues and tuitions will be collected on a slightly more consolidated schedule than usual. This step will help us project our annual needs as early as possible. Knowing the level of assistance our members will need will allow us to both meet those needs and accurately adjust our financial forecasts.
Please be in touch with us if current economic conditions will make it difficult for you to meet next year’s Bet Torah financial commitments. Our ultimate goal is to serve the growing needs of our community and keep everyone connected. If you need financial assistance we are here for you; if you are in a position to contribute to keeping our community strong, we hope you will be there for us. Together we will ensure that Bet Torah is there for everyone.
If you have any questions regarding your bill, or if you would like to discuss a financial hardship confidentially, please contact Seth Young at
syoung@bettorah.org
or 914-666-7595.
Please
click here
for dues, fees and tuition information in the attached financial commitment statement.
With much appreciation for your participation in our sustained success,
Carol Siege
President
