TO:      Board of Trustees

FR:      Randy Figur                                        Date:  October 12, 2009

RE:      September 2009 Financial Results

For the month of September ’09 net income was $81,284 versus $169,883 budgeted or -$88,599.  YTD Net Income was $357,312 versus $360,888 YTD Budget.  Our un-restricted cash was $435,461 through Sept ’09 versus $508,742 through Sept. ’08.  Our Aging Balance through Sept. ’09 was $213,954 versus $207,176 through Sept. ’08.

General and Religious Revenues:  General Revenues were $111,891 in ’09 versus $165,994 budgeted.  This was primarily attributed to Membership Dues being off $52,391 versus budget for September.  Net Religious was $42,267 in ’09 versus $68,860 budgeted, down $26,593.  This is attributed to Kol Nidre Donations, HH Seating and Parking as well as Guest Tickets all down versus budget.

Education:   Education Revenues were $18,708 in ’09 versus $25,153 budgeted or -$6,445.  A result from Special Ed, Chai Five Tuition and Book Income being down. Expenses were better than budget by $5,320.  Net Education was $1,779 versus $2,904 budgeted or -$1,125 less than budget.

Building:  Revenues were ahead of budget by $243 and Expenses were less than budget by $278.  The Net Building was better than budget by $521.

Administrative:  Revenues were less than budget by $230 and Expenses were better than budget by $612.  The Net Administration was better than budget by $382.

Pre-School:  Revenue was less than budget by $7,969.  This was attributed primarily to Tuition and Pre-School Activity Fee.  However, Expenses were better than budget by $2,822.  The Net Pre-School was $5,147 less than budget.

Annex:  The Net Annex was -$320 versus a budget of -$510 or $190 better than budget for the month of September.

Other:  Revenues were lower than budget by $6,232.  This can be attributed to Programming for Young Adults being off by $7,500 versus budget.  Expenses were better than budget by $2,808.  The Net Other was -$5,539 in ’09 versus -$2,115 budgeted, or -$3,424 more than budgeted.

Subsidized Dues are $245,896 or 194 families at $1,268 per subsidized family.  Last year subsidized dues $242,229 or 207 families at $1,170 per subsidized family.  In the budget process we allocated additional monies to the subsidization process in light of the challenging economy.

September was a good month, hopefully October will be stronger.  Cash flow was good, but off versus last year.  Cash flow will be critical over the next several months in order to keep our cash status very strong for the Fiscal Year.  Expenses are being held very tight and we’re doing everything to stay ahead and being very pro-active.  We have a solid foundation and look to have a strong balance to the Fiscal Year.

Respectfully submitted,

Randy Figur