Policies & Procedures, Finance

INDEX

Adult Education Application for Financial Assistance
Adult Education Program and Scholarship Fund
Annual Appeal Campaign
Billy and Mary Sturman Campership Application
Campership Proposal for the Temple Beth Or Board
Campership Policy
Capital Assessment Policy
Change in Accounting Firm
Finance Committee Confidentiality Agreement
Disclosure of Lists of Fund Balances
Donation Acknowledgments
Donation Confidentiality
Donation Recognition Policy
Dues and Capital Assessment

Dues Commitment Process
Dues for families with one affiliated member
Emergency Reserve Fund
Endowment Fund – Montefiore
Endowment Policies and Procdures
Financial Transactions Forms
Financial Administrator
Gift-in-Kind Committee
Insurance Coverage
Leasership Development Restricted Fund
Membership Financial Policies
Minimum Dues
Oneg Participation

Open Restricted Funds List
Religious School Restricted Fund
Signatures on Checks
Usage of Capital Assessment Funds
Vice Presidential Review of Bank Account Summary Statement

 

 


 

FORM:  Adult Education Application for Financial Assistance

Temple Beth Or Adult Education
Application for Financial Assistance

Date Submitted:   _____________

Name:      _______________________________

Address:  _______________________________

Phone:     ___________________

Email:       ___________________

Study or Training Program you wish to attend:

Title:        ________________________________

Where:    ________________________________

When:     ________________________________

Cost:       Tuition/Fees:    $ ________
        Books/Equipment:    $ ________
        Other costs:        $ ________
        Total:        $ ________
        Personal resources:    $ ________
            Assistance Requested:    $ ________

Describe reason you wish to participate in this program and how it will enhance communal life at Temple Beth Or:
__________________________________________________________________

__________________________________________________________________

__________________________________________________________________

__________________________________________________________________

Please submit to the Adult Education Committee at least one month prior to when the event registration is due. Place in an envelope and mark to the attention of Adult Ed., mail or leave in the Temple Office.

Approved by:   _____________________ Date:  ___________  Amount:  _________
Reason for refusal:  __________________________________________________________________


 

POLICY:  Adult Education Program and Scholarship Fund (Restricted Fund)

A new restricted fund will be created and entitled the “Adult Education Program and Scholarship Fund.” The Adult Education Committee and the Rabbi will be responsible for directing the monies in the fund. Funds will be used as needed for scholarship assistance for classes for members, the Visiting Scholar Program, and any other special programming or materials needs beyond the annual Adult Education budget.

DATE OF GOVERNING BOARD APPROVAL:  2/5/02


 

POLICY: Annual Appeal Campaign

Temple Beth Or will continue the Annual Appeal Campaign for 2007-2008.  
The Governing Board recommended that the plan for fundraising will include:
1.    New annual event;
2.    Annual Appeal Campaign;
3.    Fundraising Committee supports continuing Booked for Dinner or a Progressive Dinner.
We will not have an auction for the next two fiscal years.   

 DATE OF GOVERNING BOARD APPROVAL: 3/6/07

 


 

FORM:  Billy and Mary Sturman Campership Application

Information:  The family of Billy & Mary Sturman have donated funds to establish camp scholarships for children of Temple Beth Or members in order that our children who need financial help can attend an accredited Jewish overnight camp. All camperships will be based on financial need.  The amount of funds and the number of qualified applicants will vary from year to year.  Therefore, the amount for each campership will vary from year to year.  The amount of each scholarship should be between $200-400.

You may also wish to apply for additional camp scholarship funds from the Jewish Education Council of the Jewish Federation.  You can obtain more information or an application form at:
 www.jewishinseattle.org/JF/Education/Camperships/Camperships.asp.  You can also contact the Jewish Education Council via email at jec@jewishinseattle.org or phone them at 206.448.1202.  Their mailing address is 2031 Avenue, Seattle, WA 98121.  All Jewish Education Council camperships, with the exception of the Stan Rosen scholarship, are limited to matching what the congregation provides.  Other potential resources might be the camp you selected or the Rabbi Discretionary Fund.

This application must arrive at Temple Beth Or by February 28.  A separate form must be completed for each child requesting a scholarship.  You will receive notification regarding the campership by the end of March.  For any questions, contact Sonia Siegel Vexler at 425.334.4531 or ssvexler@gte.net

Name of child attending camp:  _____________________________________________

Currently in grade:  _______  

Name of camp you would like your child to attend:  _________________________

Length of camp session: ______ days        Cost of Camp: $ __________

Has your child ever attended camp before?  YES    NO

If yes, which camp(s) and what year(s)?  ________________________________________

Please provide a brief description of the reason(s) you would like your child to attend camp.  
________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

The amount of scholarship you are requesting:  $ ________.

Have you applied for other camp scholarships:       no      yes    
If yes, where else have you applied:  _____________________________________

Name of parent submitting request:  ______________________________________
Evening Phone Number:  _______________________________________________
Parent Address:  ______________________________________________________
Parent e-mail address: __________________________________________________

POLICY:  Campership Proposal for the Temple Beth Or Board
January 17, 2010
Proposal
To increase the Campership award from $2,500 to $3,000 per year.

Background
The Campership Fund was started in 2004 with a $20,000 donation by the children of Billy and Mary Sturman.  The Fund was established with the stipulation that the money be used to help children of our Temple attend an accredited Jewish sleep-over camp.  No more than 50% of the total camp cost can be covered.  The typical campership is ~$400 and the average cost for camp is approximately $2,000.  Our guidelines state that we would use up to $2,000 in scholarships and the Rabbi can request an additional $500 to be used for scholarship money.  We have used all the money each year.

Pros
Over the past 6 years we have not increased the amount of money we have for Camperships.  The rate of Camp, however, has increased.   Since the inception of the fund we have increased the balance to $23,290.95.

Con
We will deplete our principle faster.

DATE OF GOVERNING BOARD APPROVAL:  2/7/10
DATE OF MEMBERSHIP APPROVAL: N/A


 

POLICY:  Campership Policy

Belief Statement
Attending a Jewish camp has been found to be one of the most important experiences we can provide for our children.  It is where our children may feel their Judaism most intensely.  Jewish summer camp is more than a place or a program.  It is a full Jewish community of children and adults who join together to create spirit and energy.  It is where our children have the opportunity to discover what Judaism means to them on a personal level, and then to go home with the desire to continue exploring their Jewish identity.
Qualifications Eligibility
Qualifying Eligible Camps.  
The camp must offer a minimum of a one-week program.  Preference will be given to children who would like to attend Union for Reform Judaism (Union) camps, or other eligible camps in the Pacific Northwest, such as B’nai B’rith Camp in Oregon, Camp Miriam on Gabriola Island, British Columbia, Camp Solomon Schecter in Olympia, Washington, Camp Young Judaea West in Oregon, Temple B’nai Torah’s camp, and Temple DeHirsch Sinai’s camp.
Qualifying Eligible Recipients.  
Parent(s) must be a member of Temple Beth Or and be in good standing. Preference will be given to students who are either currently enrolled or have been enrolled in Temple Beth Or’s Religious School.
Scholarships.  
Many families may need some additional support to help send their child(ren) to camp. Therefore, scholarships are based upon financial need.  We are not asking for any documentation for this need – we expect each family to honestly assess their situation and make this decision accordingly.
Up to $2,000 each year will be used for scholarships.  In addition, the Rabbi can request an additional $500 be used for scholarship money.  If the total sum of money is not used, the money will revert back to the fund.  These monies are not added to the following year’s scholarship money.
No more than 50% of the total camp cost can be covered.  The typical campership will be between $200 and $400 per child.  More than one child from a family may receive a campership. The scholarship is made payable to, and sent directly to the camp.
Awards will be based on the criteria cited above, combined with the number of qualified applicants and the amount of dollars available.  All applications are confidential.
Notification of policy.  
Each January, information on the Billy and Mary Sturman Camperships will be published in the ORacle, ORbits, and a letter will be sent to the parents of all children who are enrolled in Religious School and/or who have children in BOTY to inform them of the campership program and explain the parameters of the award.
February 28 is the deadline for returning the application.  Applications will be read and parents notified no later than the end of March.  A check will be payable to the camp, dependent upon acceptance.  It is the parent’s responsibility to notify the committee when their child(ren) are accepted to camp.  If the final award does not meet the needs of the family, the Rabbi has access to some additional funding.  Should a child receiving a campership choose not to go to camp, the committee should be notified so the money can be used to help another child.
Committee.  
A committee will be formed to read all applications for camperships.  The committee must have a representative from the Finance and Youth Education committees.  The Rabbi will also sit on this committee.    
The Billy and Mary Sturman Campership Committee will be responsible for monitoring the functioning of this policy and will make recommendations to the Board for changes as necessary.
Other resources.  
Parents and campers are encouraged to apply for other camperships.  
Other potential sources:
The camp selected
Jewish Education Council of the Jewish Federation of the Greater Seattle Area
Rabbi’s Discretionary Fund

DATE OF GOVERNING BOARD APPROVAL (REVISED): 6/4/04
DATE OF MEMBERSHIP APPROVAL: N/A


 

POLICY:  Capital Assessment Policy

Capital assessments for new members will begin the first quarter following their first full calendar year of membership.  The assessed amount will be equal to twice the annual pledged dues of their first fiscal year of membership.  The capital assessment is made payable over five years and billed quarterly.

DATE OF GOVERNING BOARD APPROVAL: 2/6/07


 

POLICY:  Change in Accounting Firm

If a change in the Temple accounting firm is to be made, it should be discussed with the Executive Board (as a minimum) or with the Governing Board.

DATE OF BOARD DISCUSSION:  12/16/93  
DATE OF GENERAL MEMBERSHIP APPROVAL:  N/A


 

POLICY:  Finance Committee Confidentiality Agreement

Finance Committee Members will sign this agreement.


The Finance Committee is privy to information regarding individual families’ dues and other financial information.  This information must be treated with confidence and not discussed with anyone outside of the Finance Committee.  Furthermore, all Finance Committee Members will maintain this level of confidentiality even if no longer on the Finance Committee.

By signing this statement, Finance Committee member acknowledges his/her  acceptance of this policy.

__________________________________            _____________
Committee Member                            Date

DATE OF BOARD APPROVAL: 2/02/05
DATE OF GENERAL MEMBERSHIP APPROVAL: NA


 

POLICY:  Disclosure of Lists of Fund Balances

At every regular scheduled general membership meeting, all members should be supplied with a list of fund balances.

DATE OF BOARD APPROVAL:  N/A

DATE OF GENERAL MEMBERSHIP APPROVAL:  6/30/93


 

POLICY:  Donation Acknowledgements
Governing Board Policy:  Donations received from temple members will be acknowledged by e-mail while non-members will continue to receive a card. The person honored will also receive a card. A line will be added to the form for anonymous donors, for whom no acknowledgement will be necessary.

Argument For:   None recorded.

Argument Against:  None recorded.
DATE OF GOVERNING BOARD APPROVAL:  10/10/10
DATE OF MEMBERSHIP APPROVAL: N/A


POLICY:  Donation Confidentiality

Governing Board Policy:  The Rabbi nor any congregant should not have access to individual financial information including donations. If the Rabbi or any other congregant wanted any individual financial information, including donation information, he/she would have to come to the Finance Committee.

Argument For:   None recorded.

Argument Against:  None recorded.
DATE OF GOVERNING BOARD APPROVAL:  4/11/10
DATE OF MEMBERSHIP APPROVAL: N/A


POLICY:   Donation Recognition Policy

1.  There will be no retroactive additional recognition of donations prior to the date of  acceptance of this policy.
2.  Future donations will continue to be recognized in the ORacle.
3.  With the anticipation of future large fundraising projects, this board encourages the implementation of a recognition program, specific to each project.

DATE OF BOARD APPROVAL:  12/11/97
DATE OF GENERAL MEMBERSHIP APPROVAL:  N/A


POLICY: Membership Dues and Capital Assessment

Financial dealings between a Temple and its congregants represent a vital but very sensitive relationship. The TBO Finance Committee has formulated the following policies that will govern the manner in which the FC deals with congregants on financial matters.

Dues Commitment:
An annual automatic dues adjustment will be recommended by the Finance Committee. If approved by the Governing Board it will be added to each member family’s dues commitment unless the member family communicates that they object. In addition, at the beginning of the 4thquarter of the FY, the Finance Committee will periodically send each member family a request to reevaluate their dues commitment and to consider an adjustment for the following FY.

Minimum Dues Commitment:
The minimum annual dues commitment is $72 to be waived under extreme/special circumstances to be determined by the FC.

Dues Policy for New Members
If a member joins in the first half of the quarter, they will be assessed dues for that quarter
If a member joins in the second half of the quarter, their assessment will begin at the start of the next quarter.
If a member joins in the quarter before HHDs occur and receives free tickets, they will be assessed dues for the quarter they join.

If a member joins in the same quarter as HHDs:
a. Join before HHDs: they will receive free tickets and will pay dues for that quarter.
b. Join after HHDs: they will pay for tickets and begin dues assessment the next quarter (tickets not credited to their account).

Payment Policy:
Statements will be prepared and mailed to each member family during the first month of each quarter (July, October, January, April). Each statement will include obligations and payments made during the current fiscal year, current obligations that are now due, and a current balance. A request for payment within 30 days upon receipt will also be included.

For member families who are delinquent in meeting their financial obligations for 2 consecutive quarters and no financial agreement has been established between the member family and the FC, the following protocol is set forth:

If 2 quarters behind – the 1st Letter will be sent.
If no response/communication in 30 days following the date the 1st Letter was sent, the 2nd Letter will be sent.
If no response/communication in 30 days following the date the 2nd letter was sent, the 3rd Letter will be sent by certified mail and the Rabbi notified.
If no response/communication in 15 days following the date the 3rd letter was sent, the VP of Finance will bring up the member family situation to the Governing Board to discuss termination.
A final termination letter will be sent from the President that leaves room for the member family to again communicate or rejoin in the future.

The Governing Board approved the templates for these letters in June 2016.

Capital Assessment:
Will be included in the quarterly statements. Beginning in January 2014, the following policy is effective for all members regardless of when they joined:

The assessment breakdown:
$0 – $400 a year in dues – no capital assessment
$401 – $800 a year in dues – $300 total over 5 years – $15 per quarter/$60 per year $801 and up a year in dues – $500 total over 5 years – $25 per quarter/$100 per year

6 year cycles. Collect for 5 years, no collection for the 6th.
– Everyone is on the same cycle – which began January 2014. – We will “rest” in 2019, then begin the cycle again in 2020.

Financial Hardship:

If a member family is unable to fulfil its financial obligations due to financial hardship, they should communicate with a member of the FC or the Rabbi to discuss their situation. If in the opinion of the FC, the member family requires relief from their obligations, their dues obligation may be modified or if their situation necessitates, they can be placed on “Hardship” status typically for 6 months with all obligations suspended. At this end of this period an “End of Hardship” letter will be sent requesting the member family contact the FC or the Rabbi to again discuss their situation. After this re-evaluation, the hardship period may be terminated or extended. If the member family does not contact the FC or the Rabbi dues will begin again at the conclusion of their hardship.

Date of Board Approval:   6/20/17 

 


POLICY: Dues Commitment Process

1. Members dues commitments will be automatically adjusted in July of each fiscal year by an amount equal to the Social Security Administration’s annual declared COLA for the previous calendar year, to the nearest $5.

2. A member that voluntarily raises their dues commitment in any given year will not be subject to the COLA increase if their increase over that two year period is greater than the COLA increase.

3. Any member that feels the COLA increase would place them in a financial hardship can request a waiver from the Treasurer.

4. Temple members will be sent a dues commitment form every two years. Returning the form will be voluntary, i.e. there will be no action taken by the Finance Committee if a member does not return the form. However, the President and Treasurer, will include an appeal letter with the dues commitment form, and make significant efforts to encourage the Membership to increase their dues, i.e. this is intended to be an active dues increase campaign.

Date of Board Approval:    5/18/99
Date of General Membership Approval:    6/27/99


POLICY: Dues for families with one affiliated member

Temple Beth Or will use the following policy when determining dues for families where only one spouse/domestic partner wishes to affiliate and or participate with Temple Beth Or.
1.    If the non-affiliating family member does not wish to be a member or participate in Temple Beth Or activities, but both contribute to the family income:
a.    We will request a dues commitment in alignment with Temple Beth Or’s dues guideline at the time of application (currently, 2% of gross, combined family income).
b.    If the non-affiliating member will not agree, we will request one half of Temple Beth Or’s dues guideline.
c.    If the non-affiliating member will not agree, we will request Temple Beth Or’s dues guideline from the affiliating member’s income.
2.    If the non-affiliating family member does not wish to be a member or participate in Temple Beth Or activities, and the affiliating member does not have and independent income:
a.    We will request a dues commitment in alignment with Temple Beth Or’s dues guideline at the time of application (currently, 2% of gross, combined family income).
b.    If the non-affiliating member will not agree, we will request one half of Temple Beth Or’s dues guideline.
c.    If the non-affiliating member will not agree, we will negotiate for the maximum dues amount he/she is willing and able to pay.  This amount shall not be less than the minimum dues requirement at the time of application unless specifically approved by the Finance Committee and the board.
3.    We will not deny any Jewish person membership in the Temple so long as he/she is willing to pay the agreed upon amount of dues, even if this amount is thought to fall substantially below the combined family income.
4.    This policy does not apply to religious education tuition.  Tuition fees will be charged at normal rates.

DATE OF GOVERNING BOARD APPROVAL: 12/3/2007
DATE OF GENERAL MEMBERSHIP APPROVAL:  NA


POLICY: Emergency Reserve Fund

The $10,000 generated during the 1998 refinancing of the North Lot is to be placed into a fund called the Emergency Reserve Fund, which can only be used for Temple financial emergencies, with the following provisions:
1. To use any portion of the Emergency Reserve Fund will require a declaration of an emergency by the President and Treasurer, a 2/3 vote of approval by the Governing Board, and the signature of the President and Treasurer.
2. The Emergency Reserve Fund will be repaid back to the $10,000 level over a period of time as established by the Governing Board at the time of use.

DATE OF BOARD APPROVAL: 3/16/99
DATE OF GENERAL MEMBERSHIP APPROVAL:  N/A


POLICY: Endowment Fund – Montefiore

The Montefiore Endowment Fund is hereby established with the following provisions:
1. The principal can never be used. Only the earnings of the Montefiore Endowment Fund can be spent.
2. Members and nonmembers can donate any amount of money to this fund at any time.
3. The Treasurer shall maintain a clear record of the total principal and earnings of the Montefiore Endowment Fund at all times.
4. The earnings of the Montefiore Endowment Fund can be spent on activities that are deemed by the Governing Board to be in keeping with the spirit of the Endowment, i.e. those activities that foster advancement of the Jewish religion, culture, and greater community. Spending from the earnings of the Montefiore Endowment Fund requires a 2/3 vote of approval by the Governing Board.

DATE OF BOARD APPROVAL: 3/16/99
DATE OF GENERAL MEMBERSHIP APPROVAL:  N/A

*see below for Endowment Fund Policies and Procedures adopted in 2005


POLICY:  Endowment Policies and Procedures

The Montefiore Endowment for Temple Beth Or of Everett, Washington, henceforth known as the Endowment, seeks to offer gift opportunities to secure the future of Temple Beth Or and Judaism in the community. The program seeks to encourage and assist donors in making gifts to Temple Beth Or by informing them about program needs, gift opportunities, and techniques of planned giving.

The Endowment solicits and considers the acceptance of contributions in the form of gifts, bequests, gift annuities, charitable remainder annuity trusts and unitrusts, lead trusts, life insurance, residual pension benefits, and life estate contracts.

In all matters involving donors or prospective donors, the interests and concerns of the donor in relation to his/her personal financial position takes precedence over the contribution to the Endowment. Prospective donors are urged to seek the advice of their own counsel in matters relating to planned gifts, taxes, and estate planning. It is not the province of the Endowment Committee or the officers of Temple Beth Or to interpret laws or give legal advice to donors. Special tax counsel representing the Endowment may be called upon to draft documents relating to trusts and gift annuities, or to review or comment upon documents drafted for the donor.

I.    DEFINITION OF TERMS

A.    Endowment – An endowment is an established fund of cash, securities, or other assets set aside for perpetuity to provide long-term funding for Temple Beth Or (hereinafter “Temple”), Everett, Washington.

B.    Types of Endowment Funds at Temple Beth Or
Two distinct types of Endowment Funds will be established by
Temple Beth Or, and they include the following:

1.    Restricted Endowment Funds
Donors who make outright gifts of $25,000 or more are afforded the right to permanently name a designated fund and choose to make the fund restricted or unrestricted.  (Example: The Cohen Family Endowment Fund for Scholarships.)  

With a minimum outright gift of $10,000, a donor’s endowment gift can be made to a previously-established Named Fund or can be restricted to support a specific program of the Temple.  
    
2.    Unrestricted Endowment Fund
Temple Beth Or accepts gifts of any amount to the Temple permanent Unrestricted Endowment Fund (Endowment) to be used for general operations of TBO.  Each year the Governing Board of TBO determines the use of this fund’s distribution, based upon operational needs of the Temple.

II.    TYPES OF GIFTS

A.    Outright Gifts – These are gifts offered to Temple Beth Or by an       individual, corporation, or foundation and include the following:

1.    Cash, Cash Equivalent and/or a written Cash Pledge (usually paid over a  two to five-year period)
2.    Stocks: publicly traded, closely held, restricted or other types of stock subject to approval of the Endowment Committee of TBO
        3.      Bonds
    4.     Mutual Funds
5.    Real Estate: gifts are accepted on a case-by-case basis
         6.    Other outright gifts on a case-by-case basis 



B.    Estate/Planned Gifts – Types of estate/planned gifts are as follows:

1.    Bequests – Wills and Living Trusts
2.    Retirement Plans:  IRA’s, 401(K), 403(B), Keogh
3.    Charitable Remainder Trusts
4.    Charitable Lead Trusts
5.    Remainder Interest in Residence
6.    Pooled Income Funds
7.    Life Insurance
8.    Other estate/planned gifts on a case-by-case basis

III.        DONOR RECOGNITION FOR ENDOWMENTS

A.    Overall Recognition Policy

Donors will be thanked promptly in a meaningful way.  Temple Beth Or may establish a legacy society, donor board displayed in a prominent place, or other recognition program.
        
B.    Recognition for Outright Endowment Gifts

Donors who make outright gifts to the Temple Beth Or Endowment will receive appropriate recognition by the Temple.  

C.    Recognition for Planned/Estate Endowment Gifts through the “Partners for the Future” Program at Temple Beth Or

1.    Objectives
Partners for the Future of Temple Beth Or encourages legacies to the Temple to preserve the values of our Jewish heritage and ensure that community resources will be available for future generations.

2.    Eligibility
Individuals or families are eligible to join and sign the log of Partners for the Future by promising to establish a current endowment or leave a bequest of any amount to Temple Beth Or.  Signers write a personal statement explaining their reasons for leaving a legacy.  Signers are encouraged but not required to use the Temple’s recommended resourses to carry out their plans.

D.    Other Recognition Considerations 

1.    A gift made to establish a Donor-Named Restricted Endowment Fund may be paid within the year of the gift or with a binding obligation in the form of a signed Temple Beth Or Endowment pledge.

2.    For multi-year pledges, 20% of the full commitment needs to be paid before the donor’s name is recognized appropriately.

3.    Should a donor not fulfill the pledge amount one year after the final payment is due, the fund will then become part of the Unrestricted Endowment Fund.

    
IV.    GIFT ACCEPTANCE

A.  Authorization:
The following persons are hereby authorized to negotiate planned gift agreements with prospective donors subject to these guidelines:

•    The President
•    The Treasurer
•    The Financial Administrator
•    The Chairman of the Endowment Committee or his/her designee
•    A representative of an organization, such as the Jewish Community Foundation or the Greater Everett Community Foundation, that has entered into a custodial or management contract with the Endowment

These individuals shall have the authority to approve and sign planned giving agreements on behalf of the Endowment. When a proposed gift does not fall under these stated guidelines, a determination of whether, how, and when the gift will be accepted and credited shall be made by the Endowment Committee with the approval of the President and Governing Board.

B.    A named fund, either unrestricted or restricted, must meet specific financial            
parameters contained herein (see Section I.B. Types of Endowment Funds at Temple Beth Or) and be approved by the Governing Board of Temple Beth Or.

C.    Gifts of real estate, insurance, and charitable trusts are considered on a case-by-case basis by the TBO Endowment Committee with optional guidance  and assistance from external sources such as the Jewish Community Foundation and Greater Everett Community Foundation, which may charge fees.

D.    A gift designated for a named restricted fund or for the general fund must be approved by the Endowment Committee of Temple Beth Or.

E.    TBO will not accept a gift that obligates the Temple to continue a program that will become a financial burden or is inconsistent with its mission.  If at any time, the Restricted Endowment becomes obsolete, the Governing Board  may designate another purpose.

F.    If any asset proposed for contribution is not readily marketable, other than those with a short-term restriction, or is in the process of being removed, or is subject to liabilities, the Endowment Committee will consult with the Finance Committee, and optionally with external counsel for disposition.

G.    If necessary, all planned gifts that usually involve tax implications and other forms of financial and estate planning may be reviewed with the Finance Committee and external counsel at the direction of the Endowment Committee Chair, before being presented to the Endowment Committee for approval.

H.    Any assets received above $25,000 and not otherwise designated will be added to the unrestricted Montefiore Endowment.  

I.    Upon receipt of a gift and/or any gift-related documents, Temple Beth Or will record the gift and acknowledge the donor.  In addition, the following steps will be taken:

1.    A complete record of every individual donor’s contributions will be maintained.

2.    Restricted gifts will be tracked and maintained by the Temple.

3.    Personal letters acknowledging all gifts and their conditions will be sent to donors within thirty (30) days of receipt signed by the Temple President, Endowment Committee Chair, and Rabbi.

V.    MANAGEMENT AND INVESTMENT OF ENDOWMENT

The purpose of endowment funds is to provide consistent sources of income for the programs of Temple Beth Or.  The investment management of the Endowment is directed toward maximizing the return of principal while maintaining prudent fiscal guidelines.

A.    The overall objectives of Endowment investment are as follows:

1.    Generation of a consistent and stable flow of income for ongoing operating and special programming purposes; and

2.    Appreciation and growth of Endowment for the long-term benefit of the Temple, as well as to protect Endowment principal from erosion through inflation.

B.    The management of the Endowment will be guided by the following:

1.    The Temple will develop specific investment guidelines that will include asset allocations, prohibited securities, and performance measurements. The Chair of the Endowment Committee or his/her designee shall sit on the Finance Committee.

2.    A long-term rather than short-term investment approach will be applied; high-risk securities will be avoided.

3.    At the recommendation of the Finance Committee, the Governing Board shall determine the percentage of total market value of Endowment principal to be spent each fiscal year with two limitations.

a.    No more than four percent (4%) of the total market value of Endowment principal will be spent in any single fiscal year, in order to balance the effects of inflation as well as continue to build Endowment principal.  

b.    The original principal balance will not be invaded.

4.    Management of Endowment principal and income will take into consideration the near and long-term financial needs of the Temple and will not be solely or primarily dictated by the Temple’s short-term spending needs.

5.    Temple Beth Or’s endowment funds may be held in one or more separate bank or brokerage accounts and managed by the Endowment Committee, or held at the Jewish Community Foundation, Greater Everett Community Foundation, or other suitable institution, as a custodial fund or in a separately incorporated supporting foundation. Temple Beth Or may be advised in its investment policies or by-laws and strategies, in accordance with the guidelines established in any custodial agreement, if properly executed by TBO and such financial institution. Estate planned gifts (see Section II.B. Estate Planned Gifts) may be held in a custodial account and managed professionally by the institution holding the account. Costs and details of any custodial account with management services along with the custodial account agreement with be carefully reviewed and approved by the Endowment Committee, the Finance Committee, and the Governing Board before being signed by the Temple Treasurer and President.

VI.     CONFIDENTIALITY

The needs and concerns of the Donor will be considered first.
    
A.    Protection of Donor’s Interests: Temple Beth Or and its volunteer and staff representatives will always consider the interests of its donors as the first priority in the gift planning process.  This will include, but not be limited to, the donor’s financial situation and philanthropic interests, as well as any tax or other legal matters discovered by our representatives while planning for a gift.  A donor will not be encouraged to make a gift which is inappropriate in light of the donor’s personal or financial situation, and will be advised if a gift proposed by another party or parties is contrary to this policy.  A donor can expect any representative of the Temple to reflect our Jewish values.

B.    Confidentiality: Information learned by any representative of the Temple about a donor or the donor’s assets or philanthropic intentions will be held in strict confidence. A signed confidentiality agreement will be required of all Endowment Committee members.  All donors will be encouraged to notify the Temple of their endowment gifts, whether outright or planned/estate gifts, including bequests, and all such information will be kept confidential unless written permission to release it is obtained from the donor or his or her counsel.

C.    Donor Intent: If there should come a time that the Temple cannot use the funds of any endowment fund for the program for which the donor originally intended it, the Temple reserves the right to use the fund for a similar and like purpose with the approval of the Endowment Committee and the donor if possible.

D.    Use of Donors’ Names: For marketing purposes, the Temple will obtain written  approval from each donor before gifts are made public.  

VII.    REVISION AND/OR DONOR AMENDMENT OF ENDOWMENT POLICIES

A.    These policies will require approval by the Temple Beth Or Governing Board, be periodically reviewed by the appropriate committee(s), and may be amended by a Governing Board resolution.

B.      Any endowment gifts made prior to August 3, 2005, will be grandfathered according to the donor’s original endowment agreement with the Temple.


Adapted by R. Karr from sample Endowment Policies and Procedures, Jewish Community Foundation, and North American Endowment for the Future of Reform Judaism Planned Giving Guidelines

DATE OF BOARD APPROVAL:   8/3/05


POLICY:  Financial Transactions Forms

Financial Transactions Forms must be used for funds reimbursement and disbursement requests.  Receipts, with explanation must be attached when applicable.  The budget line item must be identified and committee chairperson must approve all expenditures to be allocated to his/her committee.

DATE OF BOARD DISCUSSION:  2/9/95
DATE OF GENERAL MEMBERSHIP APPROVAL:  N/A

FORM: Expense Form

For Treasurer’s use only

Check #            Date:

Expense Form
Use this form to: obtain reimbursement for monies already spent on Temple Beth Or supplies,
equipment, etc or to request money for purchase of supplies, equipment, etc for Temple Beth Or.  
Use the Income to be Deposited Form to register income to a budget.  
Reimbursements must be authorized by your Committee Chair or other authorized
person. Please attach any receipts, bills, checks, estimates, etc.

REQUEST FOR REIMBURSEMENT / PURCHASE / PAYMENT     Today’s date__________

  Amount        Item(s)                            TBO account #

$__________    for    _______________________________        ________

$__________    for    _______________________________        ________

$__________    for    _______________________________        ________

$__________    for    _______________________________        ________

$__________    for    _______________________________        ________

$__________    Total

This is a request for:  (check one)    _____ reimbursement (receipts/bills attached)
_____ check for purchase(s) or payment

Make check payable to:  ________________________________________

    ____  leave check in mail slot in Temple Beth Or office (slot labeled _____________________)

    ____  give to Temple member requesting money

   _____  mail to:     ___________________________________________________________

        _____________________________________________________________

—————————————————————————————————————————
To be completed by a Governing Board or Committee Chair Person

Authorized by: _____________________________    Committee: ______________________

Print Name:________________________________

FORM: Income to be Deposited Form

For Treasurer’s use only

Date:                         Today’s date_________

Income To Be Deposited
Use this form to deposit money into the appropriate account.  Use the
Expense Form to request reimbursements or authorize payments.

  Amount        Item(s)                                    TBO account #

$___________    for    ____________________________________________        ________

Detail Information:

    Cash:    Total of Bills:    _____________

        Total of Coins:    _____________

Checks:    Last Name        Amount        Last Name        Amount

        Total of Checks:          $ __________        Total of Checks:      $ __________
—————————————————————————————————————————
To be completed by a Governing Board or Committee Chair Person

Authorized by: _____________________________    Committee: ______________________

Print Name:________________________________


POLICY:  Financial Administrator

To revise the position of Financial Administrator  from an elected Governing Board position to an annual position appointed jointly by the President and the Treasurer. The Financial Administrator’s duties will be unchanged and he/she will still report to the President, and jointly create and sign the monthly Financial Statements with the Treasurer. The Financial Administrator will attend Governing Board meetings if requested by the President.

DATE OF GOVERNING BOARD APPROVAL:  6/15/99
DATE OF GENERAL MEMBERSHIP APPROVAL:  6/27/99


POLICY:  Gift-in-Kind Committee

There will be a Gift-in-Kind Committee, made up of one person appointed by the President from the Executive Committee and the Chairs or those designated by the Chairs of the Building, Religious Practices, and Library Committees, plus one member-at-large, appointed by the President. The Rabbi is to be consulted as necessary. The Past President would act as a liaison between the donor and the Gift-in-Kind Committee. The liaison is there so that the identity of the donor is shielded from the Gift-in-Kind Committee. The purchase and placement of art, landscaping, and other decorating issues must be approved by this committee.

In further discussion, the Board indicated that Temple Beth Or will need to keep a written history of each donated item and an inventory of these items. Perhaps this could be done by the Gift-in-Kind Committee working with the Temple historian or librarian. We should also have a donation form for gift-in-kind items. This form should say that the Temple can do what it wills with donated items.

DATE OF BOARD APPROVAL: 11/12/98
DATE OF GENERAL MEMBERSHIP APPROVAL:  N/A


POLICY: Insurance Coverage

Based on Finance Committee research and discussions, the Finance Committee recommends the following motions be approved by the TBO Governing Board:
Motion 1.    
I move that Temple Beth Or change our insurance coverage to include:
1) Directors and Officers Liability Coverage
2) Crime Coverage for employee dishonesty, and 
3) Employment related Practices Liability.
The cost of adding this coverage is estimated at $1410 dollars per year, half of which will be spent during the current budget cycle.

Discussion:
1.  Addition of Directors and Officers Liability Coverage
The current By-Laws state under Article VI, Section 6 that “all officers shall be covered by a blanket position fidelity bond, the cost of which shall be borne by the congregation.”  Such a bond has never been purchased.
Addition of Directors’ and Officers’ Liability Coverage to our insurance policy will protect TBO’s officers and directors (Board members) against claims arising out of wrongful acts, errors, omissions, misstatements or misleading statements.
 This coverage will have an annual premium of between $990 and $1250, depending on whether we add the coverage to our current policy with Walmsley-Degginger or obtain a new policy from Frank Crystal (thus far the $990 quote from Frank Crystal is verbal only, however).
 2.  Addition of Crime Coverage (employee dishonesty) Coverage
 We currently do not have coverage for illegal acts, such as forgery or other loss of funds committed by employees or volunteers of TBO.  We can get this coverage for about $156 a year, to cover a loss possibly as high as $100,000.  We carry about this amount in our checking and savings accounts.
3. Employment-Related Practices Liability
 This provides coverage for allegations of wrongful termination, discrimination, failure to hire, failure to promote and sexual harassment of employees.  Provides coverage for both defense costs and payment of judgments.  This coverage can be obtained from Walmsley-Degginger in a package with the Directors and Officers Liability for $1254 a year.  We do not yet have a quote from Frank Crystal.
Agenda Item 6B
Motion 2. Removal of off-premises coverage for one large Torah (valued at $25,000)

I move that Temple Beth Or insure only one Torah for transit and off-site coverage.
Discussion:
Currently we have three Torahs covered under our policy with Walmsley-Degginger such that they are covered not only while in the Temple, but also in transit and away from the Temple.  The annual premium for this coverage is $975 (with a $250 deductible).  We can substantially reduce our premium (by around $300) by having only one of the large Torahs valued at $25,000 insured for transit and off-site coverage.  Half of the savings is realized during the current budget cycle.
The other large Torah would be covered while in the Temple as part of our “business personal property” coverage.  However, this Torah would not be covered when removed from the building, even if it was removed due to a “threat”.
 Submitted by Mike Glosser, Treasurer


POLICY: Leadership Development Restricted Fund

1.    Leadership development funds will be used for the leadership development of TBO leaders and potential leaders.
2.    They will be used as wisely as possible. The Board will make every attempt to avoid depleting the fund, as there are many leadership development opportunities.
3.    Grants may be made to individuals for leadership development on a need basis. When granted to an individual, he or she agree to:
a.    Pay a portion of the cost of the opportunity
b.    Take full advantage of the activity; and share the lessons learned or insights gained.
4.    Funds from the Leadership Development Restricted Fund will be granted by the Executive Board at its discretion.
5.    The Executive Board will determine grant priority, especially when travel is involved.
6.    Applications for grants from the Leadership Development Restricted Fund must be submitted to the Vice President.

DATE OF BOARD APPROVAL: 03/06/01
DATE OF GENERAL MEMBERSHIP APPROVAL:

FORM: Leadership Development Fund Application

Date Submitted:   _____________

Name:      _______________________________

Address:  _______________________________

Phone:     ___________________

Email:       ___________________

Study or Training Program you wish to attend:

Title:        ________________________________

Where:    ________________________________

When:     ________________________________

Cost:       Tuition/Fees:        $ ________
        Books/Equipment:    $ ________
        Other costs:        $ ________
        Total:        $ ________
        Personal resources:    $ ________
Assistance From Other Sources    $ ________
Assistance Requested:        $ ________

Describe reason you wish to participate in this program and how it will enhance communal life at
Temple Beth Or:
__________________________________________________________________

__________________________________________________________________

__________________________________________________________________

__________________________________________________________________

*Please submit to the Vice-President at least one month prior to when the event registration is due.
~

Approved by:   _____________________ Date:  ___________  Amount:  _________
Reason for refusal:  __________________________________________________________________


POLICY: Membership Financial Policies

Temple Beth Or  adopts the Membership Financial Policies as written, exclusive of the letters and scripts included.  (see below)

Financial dealings between a Temple and its congregants represents a vital but very sensitive relationship that can become controversial. The Temple Beth Or Finance Committee has formulated the following policies that will govern the manner in which the Committee deals with congregants on financial matters. It is important that these policies be in place so that actions taken by the Finance Committee will be clearly based on predetermined policy; as opposed to any form of perceived capriciousness on the part of Committee Members. Some of the following policies sound harsh and restrictive, but such policies deal with situations that will hopefully occur extremely rarely.

Dues Commitment
At the beginning of the 4th Quarter of each fiscal year, the Finance Committee will send each membership a request for a dues commitment for the following fiscal year. The request will include a table of dues commitments for ranges of annual income. The table will be based on paying dues of 2% of the membership family’s gross annual income. Dues will be billed quarterly, semi-annually, or annually; at the discretion of each membership.  

A second Dues Commitment Request letter will be sent to all memberships who do not respond to the initial request within 30 days. The letter will gently remind the member(s) that their commitment is needed now so that the Temple can plan its finances for the coming year.

A third Dues Commitment Request letter will be sent to all memberships who do not respond to the second Dues Commitment Request letter within 15 days. This letter will remind members that a dues commitment is required by the beginning of each fiscal year in order for membership to continue in Temple Beth Or.

A fourth Dues Commitment Request phone call will be placed to all memberships who do not respond to the third Dues Commitment Request letter within 15 days.. This call will be placed by a member of the Finance Committee who will inquire if the member intends to continue their membership in Temple Beth Or. If not, then the member will be asked why they no longer wish to be a member. If yes, then a verbal dues commitment will be solicited from the member.

If a membership fails to provide a dues commitment at the time of the fourth Dues Commitment Request, then the Finance Committee will implement the Membership Termination Policy.

Dues Review Policy
The Finance Committee will review all memberships’ dues commitments during the 4th quarter of each fiscal year. If, in the opinion of a majority of Finance Committee members present at a regularly scheduled Committee meeting, a membership’s dues commitment does not meet the guidelines stated in the above section, then the Finance Committee will send that membership a Dues Review Notice letter. The letter will state that the membership’s dues commitment was reviewed by the Finance Committee, and that the commitment appears to not conform to the Dues Commitment Guidelines. The letter will then request that the member re-evaluate their dues commitment or to contact a member of the Finance Committee to justify the commitment. The member will also be given the option of discussing this issue with the Rabbi in lieu of a member of the Finance Committee.
 
A second Dues Review Notice letter will be sent to all memberships who do not respond to the initial request within 30 days. The letter will gently remind the member(s) that their dues commitment was reviewed and the Finance Committee needs to know if the commitment has been re-evaluated or if the member can provide additional information to justify the commitment. Again, the member will be given the option of discussing this issue with the Rabbi in lieu of a member of the Finance Committee.

A 3rd Dues Review Notice phone call will be placed to all memberships who do not respond to the second Dues Commitment Request letter within 30 days. This call will be placed by a member of the Finance Committee who will inquire if the member intends to re-evaluate their dues commitment, provide additional information to justify the commitment, or discontinue their membership in Temple Beth Or.  The member will be told that the re-evaluation or additional information must be received within 10 days of this phone call. The member will also be given the option of discussing their situation with the Rabbi in lieu of a Finance Committee member.

If a membership fails to provide a re-evaluated dues commitment or additional information within 10 days of the third Dues Review Notice phone call, then the Finance Committee will implement the Membership Termination Policy.

Capital Assessment                         
The Treasurer will set the capital assessment for each membership at 2 times the annual dues commitment for the 95/96 fiscal year. For new members, the assessment will be made in the fiscal year following the first complete fiscal year of membership. The capital assessment for new members will be based on the dues commitment for the fiscal year that follows the first complete fiscal year of membership.  

The capital assessment will be billed quarterly, semi-annually, annually, or lump-sum; at the discretion of each member.  Bills will be calculated so as to pay off the capital assessment in equal installments over a 5 year period. If, because of financial hardship, a member is not able to meet the capital assessment obligation over 5 years, then the assessment may be paid over a longer time period but may not be reduced. A request for a capital assessment extension must be made to the Finance Committee which will review and approve requests.

Dues & Assessment Payment Policy
Dues and capital assessment statements will be sent to all members at the beginning of each quarter of the fiscal year. Dues and assessments that are to be billed annually will be requested in the first quarter (July) statement. Dues and assessments that are to be billed semi-annually will be requested in the first and third quarter (July and January) statements. Dues and assessments that are to be billed quarterly will be requested in each quarterly statement (July, October, January, April).

Each statement will include obligations and payments made during the current fiscal year, current obligations that are now due, and a current balance. Each statement will also contain a request for payment within 30 days of receipt of the statement.

If payment is not received after 30 days, the Finance Committee will send a Second Notice Statement that includes all items in the original statement, plus a reminder that the balance is past due. Payment will be requested within 15 days of receipt of the statement.

If payment is not received after 15 days from the date of the second Notice Statement, then a member of the Finance Committee will place a third Notice phone call to the member. The member will be told that their membership in Temple Beth Or is in jeopardy and that payment must be received within 10 days of the date of the phone call. The member will be given the opportunity to provide an explanation for non-payment, and will also be told that they may contact the Rabbi if they have a problem making payment.

If a membership fails to pay an outstanding balance (or provide an explanation) within 10 days of the third Notice phone call, then the Finance Committee will implement the Membership Termination Policy.

Financial Hardship
A membership may be unable to fulfill its financial obligations to Temple Beth Or because of unexpected financial hardships. In such a case, the member should contact a Finance Committee member or the Rabbi to discuss their situation. If, in the opinion of a majority of the Finance Committee, at a regularly-scheduled committee meeting (or the Rabbi), a member requires relief from Temple financial obligations, then the member will be offered the following (in priority order):
    Deferring the capital assessment to the next quarter
    Deferring capital assessment to the next year
    Deferring dues payment to the next quarter
    Deferring dues payment to the next year
    Revising annual dues commitment

A majority of the Finance Committee, at a regularly-scheduled committee meeting, must approve the revision of a member’s dues commitment.

Membership Financial Termination Policy
The Finance Committee will implement the Membership Termination Policy, under at least one of the following conditions:
A membership fails to provide a dues commitment at the time of the fourth Dues Commitment Request
A membership fails to provide a re-evaluated dues commitment or additional information within 10 days of the third Dues Review Notice phone call.
A membership fails to pay an outstanding balance within 10 days of the Fourth Notice phone call (or fails to provide an adequate explanation for non-payment)

The Finance Committee will prepare a resolution for the Governing Board, recommending the termination of that membership. The Governing Board will act on the resolution at the next regularly-scheduled Board meeting. If the Governing Board approves the resolution, then the President will send the member a termination letter. If the Board does not approve the resolution, then the Board shall instruct the Finance Committee on how to proceed with dealing with the member.

DATE OF BOARD APPROVAL:  4/13/95
DATE OF GENERAL MEMBERSHIP APPROVAL:  N/A


 

POLICY: Minimum Dues

The minimum annual dues for a Temple Beth Or member unit is $72.00, or $18.00 a quarter. This minimum will only be waived under extreme, special circumstances, which will be determined and approved by the Finance Committee.
This policy does not apply to Montefiore members.

DATE OF GOVERNING BOARD APPROVAL: 12/3/07
DATE OF MEMBERSHIP APPROVAL:  NA

 


POLICY: Oneg Participation

The Finance Committee will cross reference the Oneg sign-up list with the membership log. Those members who have not satisfied their obligation of committing to one sign-up will be evaluated by the FC and, if determined financially able, will be assessed $100 and it will be included their dues invoice.

 DATE OF GOVERNING BOARD APPROVAL:  6/20/17

 


POLICY:  Open Restricted Funds List

Temple Beth Or’s current list of open restricted funds will include the following funds:

Auction Income
Sturman Campership
Capital Fund
Cemetery Property
College Kidgift Fund
Montefiore Income
Montefiore Endowment
Rabbi Benefits A
Rabbi Discretionary Fund
Scholarship Fund
Youth Group Fund
Bereavement Fund
Emergency Fund
South Lot Maintenance
South Lot

All other funds are items that would more appropriately be funded through the operating budget.

DATE OF GOVERNING BOARD APPROVAL: 4/10/07; Modified 8/7/07


POLICY: Religious School Scholarship Fund

Temple Beth Or Scholarship restricted fund shall be changed in the following ways:

1)    The committee providing oversight be changed to the finance committee.
2)    To provide assistance to Temple Beth Or families and religious school when there are families who cannot afford fully subsidized tuition for religious school. Scholarship awards will be granted by the finance committee.  

DATE OF GOVERNING BOARD APPROVAL:   7/11/06


POLICY: Signatures on Checks

The limit requiring two signatures on Temple Beth Or checks will be raised from the current $500 to $1000.

Date of Governing Board Approval:   2/18/99
Date of General Membership Approval:  NA


POLICY:  Usage of Capital Assessment Funds

Usage of the Capital Assessment Funds shall be limited to the following items:
1. For the purchase of real property which can be in the form of a down payment, the fees associated with the property purchase, or property loan payments.
2. For the construction of new facilities which can include add-ons or upgrades to existing facilities.
3. For the purchase of major capital equipment such as telephone systems or office computers. Usage of Capital Assessment Funds for the purchase of equipment shall be limited to significant large items that would be considered a capital expense and only by the approval of the Governing Board.

DATE OF BOARD APPROVAL: 4/20/99
DATE OF GENERAL MEMBERSHIP APPROVAL:  N/A


POLICY: Vice Presidential Review of Bank Account Summary Statement

The Vice President is to review and approve a monthly bank account summary statement produced by the Finance Committee. This summary statement will include the actual bank account statements and is the responsibility of the Finance Committee, NOT the Vice president, to produce. The bank account signature authority has been removed from the Vice President which will produce an unbiased review of our bank accounts.

DATE OF BOARD APPROVAL: 8/7/01
DATE OF MEMBERSHIP APPROVAL: N/A