Shir Tikvah's Financial Information is provided to give you an idea of where money comes in and where it is spent.
Frequently Asked Financial Questions
Does Shir Tikvah have a balanced budget? The Finance and Administration committee work very hard to create a balanced budget. Last year (which ended the year on June 30th we had a small surplus). But Shir Tikvah is carrying a historical deficit of just over $70,000, this has build up over the years, primarily because of the recession and staff change over and the associated costs. For the past two-years the Finance and Administration put in the budget an $18,000 contingency to cover unexpected costs, which we will have with the staff change taking place.
Do "Annual Pledges" (formally called Dues) and fees cover expenses? No pledges and fees (school/adult ed/etc.) cover about 76% of Shir Tikvah's annual operating budget. Shir Tikvah's board designated endowment (Shir L'Atid), building rental and Minneapolis Federation Support make up about 10%. The development committee works to provide inspired moments for joyful giving such as Give to the Max, High Holy Day Contributions, Great Gatherings, and Memorials and Tributes to raise the remaining 14%.
Is each family paying their fair share? If you took our budget $967,000 and divided it by number of household (460), the amount needed to cover our cost per household would be about $2,100, which is about the cost of sending 2 children to religious and Hebrew school for a year! Our average pledges (dues) is about $1,100 - we always seem to need to raise another $130,000 - $150,000 from the congregation each year. Some families contribute more because they can some due what they can - all is appreciated and we don't turn anyone away.
Why should I pay $2,100 (or about $180 per month) if I only go to Shir Tikvah a few times a year? Shir Tikvah is here for you 24 hours a day, 365 days a year. If you are ill or a loved one dies, the clergy are here for you. At joyous times in life - anniversaries, weddings, baby namings and B'nei Mitzvah, we are here for you. Shir Tikvah never sleeps and so your financial support keeps us going to stand up for what is right (or left) in the community at large and makes sure we are here for all of you when you need us.
The Finance and Administration Committee meets the third Tuesday morning at 7:30 am if you wish to attend please contact the treasurer so we know in advance who is attending and we can welcome you and get you material before the meeting which helps in the preparation.