April 2, 2015
I have spoken and written many times about the need to create long-term financial viability for the OJC. This includes elimination of debt through paying off the mortgage and creating an Endowment Fund so that we will have money to sustain the synagogue in good times and bad for many years to come. I am pleased to say that on February 17, the Board of Trustees made history. We approved the document that creates the Orangetown Jewish Center Endowment Fund by a 19-0 vote. Many of you have expressed a desire to remember the OJC in your wills and other financial documents. We now have the means to do just that by accepting monies from congregants and others. The Endowment document can be seen on our website and I invite you to read it.
There are several aspects of the Fund document that are worth discussing. First, because of the importance and permanency of the Endowment Fund, it needed to be passed by a three-quarters vote rather than the usual majority. Second, any amendments to the document must also be passed by three-quarters vote. Third, it places severe restrictions around invading both the fund principal and income. Fourth, because we are starting from scratch, the document as written treats principal and income equally. In other words, we are not going to take any of the income and use it for operating purposes so that the Fund can grow.
We have started the Capital Campaign by speaking to Board of Trustees members, Budget & Finance Committee members and our Past Presidents. In the next 60 days we will invite the Congregation to participate. As we initiate the Capital Campaign one of the options is to put money in the Endowment Fund. I hope you will consider remembering the OJC and make a bequest. Beth and I are doing so and I hope you will join us in helping to sustain the future of our wonderful synagogue. It was here for us when we arrived in 2001 and we want to make sure that it will be here for the next generation.
On behalf of our Board of Trustees, I want to wish everyone a Zissen Pesach.