Hebrew College Audited Financials

December 28, 2021

Management Summary of FY’21 Audited Financials

Hebrew College is pleased to report that as of June 30, 2021, Cash on Hand has increased to $6.5MM, Total Assets have increased to $18.5MM, and Net Assets have increased to $12.9MM in comparison with prior year’s $3.6MM, $14.6MM, and $7.7MM respectively.  This improvement in financial position is attributed to a combination of continued enhancements in operational fiscal responsibility combined with initial proceeds from a new campus capital campaign.

Occupancy of the new Auburndale, MA campus is targeted for January 2023.    In conjunction with property owner, Temple Reyim and several other collaborating non-profits with missions offering great synergy with that of the college, a ground-breaking ceremony was celebrated in December 2021. It is anticipated that renovation of the existing structure and construction of a new wing will be completed by November/December 2022, allowing the college to relocate and get settled in prior to spring term of AY2022-2023.

Construction and renovation costs budgeted at $12.5MM plus acquisition costs of $2.0MM combine for a total project cost of $14.5MM.   The project will be funded by $13.3MM in capital campaign proceeds and commitments raised through December 2021, a $1.0MM interest-free private loan, and up to $1.0MM in unrestricted cash reserves.  Eastern Bank is providing $4.0MM in bridge funding during the pledge collection period of up to 4.5 years. The capital campaign will continue into the construction period.

FY’21 Operations reflect a $58K deficit with $8.15MM in Operating Revenue and $8.20M in Operating Expenses. When adjusted to cash basis, this position represents a cash surplus from Operations of $432K. Also, during FY’21 Endowment Investments have increased to $3.5MM from prior year end $2.6MM.

The college is currently celebrating its centennial with an assortment of planned activities. In addition to leveraging this passage for routine Annual Fund support, an initiative to increase the endowment from its current $3 million to a targeted goal of $10 million will kick-off in Spring 2022.

Keith Dropkin
Chief Financial & Administrative Officer