Summary of Finance Committee meeting 27.06.06


Present: Jody Blum (Chairperson), Marc Render, Daniel Gamulka, Alain Rosenthal, Dov Cooper.

Apologies: Esther Edell


  1. Financial Update

The report for 31.05.06 was presented (attached) and the format was changed to show budget percentages rather than variance sums.

Purim income was higher than budgeted, but the audit bill will be considerably higher since it will cover two years (2004 & 2005). Philip will adjust all necessary lines to reflect the reality.

In the bank: Hapoalim 30,000 NIS, U-bank 55,000 NIS (general accounts).


  1. Bank Accounts

Philip reported on the confusion caused by building and general fund monies being in the same place. Also it may not be necessary to hold money in two accounts, the only advantage being geographical. The committee decided to compare bank charges between U-bank and Hapoalim, and whether our funds can be split as we need them to be.


  1. Building Fund

Marc reported:

In the bank $35,640.

Income from donations by Horaat Kevah are gradually decreasing and will end in 2008/9.

The General Fund is committed to $6,000 par annum while "surprise" donations come to about $1,000 p.a.

The outgoings are all loan repayments. One loan of $96,000 has been converted to a donation, so the planned repayments ($1,000 per month) are accumulating for other use.

The Fund Raising Committee has submitted recommendations to the Vaad Menahel for the setting of priorities.


  1. Financial Reports to Vaad Menahel

Agreed that the Vaad should receive copies of the monthly report.


  1. Insurance

Philip reported on offers of premiums from two agents. Our current agent lowered his price from last year to match that of the "competition" and it was agreed to continue with him, in the light of good service received from him.


  1. Committee Meetings

Will take place in February, May (to recommend dues) and October for budget preparation.

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