Finance Corner

A Letter from Our Treasurer

 

Dear Friends,

Happy New Year!  I hope that you and your family had a wonderful Hanukkah and holiday season.  I am writing to call your attention to two new policies adopted by the Temple Sinai Board of Trustees at its December 17, 2015 meeting.

The Finance Committee and Board of Trustees have re-examined and modified two aspects of our billing practices in light of Temple Sinai’s increasing activity level. 

Policy Number One: Temple Sinai currently permits members to charge donations and program fees to their accounts, which must be paid in full by June 30 (the end of our fiscal year).  While we recognize that this is a convenience, there are several reasons why the Board has agreed to limit this practice to Temple dues, Religious School tuition, B’nai Mitzvah fees and contributions over $250.

Tracking, billing and collecting thousands of small charges every month, until they are paid, is a strain on our resources in terms of staff time, printing, and postage.    Limiting the things that may be charged to one’s account also reduces the amount of out-of-pocket expense that Temple Sinai bears when members occasionally resign before fulfilling their financial commitments.  These changes will have a positive impact on our cash flow, ensuring that when Temple Sinai pays for something up front, such as food, speakers or other program related costs, it is reimbursed promptly and in full.

Policy Number Two: The second policy shifts the timing of B’nai Mitzvah payments, more closely aligning them with the costs incurred by the congregation. 

The new policies are listed below.  Please feel free to contact me with any questions or concerns.   

I. “Effective February 1, 2016, ONLY the following may be charged to a member family’s account (all other charges must be settled at the time incurred):

(a) Temple Dues,

(b) Religious School Tuition,

(c) Bar/Bat Mitzvah Fees, and

(d) Contributions of $250 or greater (including sponsorship of fundraising events) 

Items charged to a member’s account must be settled by the end of the fiscal year, or as otherwise agreed.”

II. “Effective for the Bar/Bat Mitzvah class receiving dates in Spring of 2016, Bar/Bat Mitzvah fees are due and payable as follows:

          (a) 1/3 prior to and required for the assignment of Bar/Bat Mitzvah date (end of 5th Grade)

          (b)  2/3 prior to and required for the start of Bar/Bat Mitzvah tutoring (approximately 6 Months before the Bar/Bat Mitzvah.)”

 

Thank you for your cooperation in implementing these new policies which will help us keep our costs down and improve the operations of Temple Sinai to better serve you.

 

Sincerely,

 

George L. Arnold

Treasurer

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