President's Blog

Happy Tu B'Shevat! As we enter this new year, I hope you and your loved ones are well. I wanted to take a brief opportunity to share some updates on our campaign to build for our next 90 years as a congregation. 

I hope you will take the time to read through this message carefully, as it contains important information.

1) New Renovation Dates and Timelines
The renovation committee has reviewed the survey responses (89 online responses plus numerous emails/letters/phone calls) and is working with our architect to incorporate that feedback – in particular: maintaining the Okun chapel in its current location; reworking the sanctuary plan to better balance preserving its historic look and feel while meeting our goals of enhanced accessibility, inclusion, and flexibility; and working to solve for a safe and effective rear entrance.

The process of incorporating the congregation’s feedback into our designs has also helped us update our timeline for the project.
January / February:

• Renovation committee revises concept plans based on feedback
• Site committee reviews further monetization potential of our real estate holdings
• Fundraising Committee launches “Building for our Next 90” campaign

Friday-Saturday, February 19-20: Donor Appreciation Shabbat – Honoring those who donate their time, talent, treasure to Temple Beth-El

Sunday, February 21 at 4pm: Presentation of revised conceptual plans & Campaign Kick-Off presentation

February / March:

• Incorporate congregation feedback via second survey
• Committees (e.g. ritual, membership, etc) review updated plans and provide feedback

March / April:

• Incorporate feedback and create detailed plans
• Finalize project scope, schedule and financing

Sunday, May 16: Annual Meeting to include detailed review of renovation plan and congregational vote

Rosh Hashanah: Renovated sanctuary available for in-person worship

2) Financial News
As many of you know, in recent years Temple Beth-El routinely operated with an annual deficit. Often the Temple was kept afloat via “one time” fixes such as loans from Sisterhood, donations from members, bank loans, etc. As a congregation, we owe our thanks and gratitude to Temple leadership for managing through these lean years and finding ways to keep the shul operating.

The 2020 Parham land sale was transformative. Following the land sale, all outstanding debts were paid off, and the Temple was given not only a 100% clean balance sheet, but also a small cash reserve.

The end result? The land sale, along with other recent endowment contributions and an improved investment strategy, means that our endowment more than tripled from $1.5MM a couple years ago to $5MM now. At a very sustainable 4% distribution rate, this enables our endowment’s support contribution to annual operations to increase by $150k, covering the historical deficit.

The Board approved a balanced budget for the current fiscal year (ending June 30, 2021) and the budget committee is on track to recommend a balanced budget for FY22.  

While the Parham land sale was transformative to placing Temple Beth-El on solid financial footing, there are things we can and must do to ensure our ongoing fiscal wellbeing as a congregation. For example, continuing to grow the endowment allows for inclusion of elective budget items such as deferred facility maintenance, replenishing our capital reserves, increasing spending on programming, and guarding against inflation.

Our conservative investment and distribution strategy combined with the dozens of families who are part of the Life & Legacy give us high confidence we will reach these levels soon and higher! Please reach out to me or Frances Goldman for more information.

I am enthusiastic about our Temple community and our trajectory as we close out our 9th decade of serving the Richmond Jewish community and innovate to serve our community even better for the next 90 years! May we go from strength to strength.

L’Shalom,

Michael J. Doniger
President