Finance Committee FAQ1

Overall Organization

For those who are concerned about the business side of the Temple or just interested in learning the facts, I would like to offer this message, the first of an informative series of articles describing RCOS’s business operations. In this initial article I will describe the overall operations of the Temple. In future articles I will delve in some detail into individual areas of operations.

The Temple was organized as a non-profit corporation under PA law in 1865. We are exempt from paying sales taxes for purchases in PA. As a religious organization we are considered a non-profit organization under section 501 c 3 of the IRS tax code. We are able to accept tax deductible donations from our congregants. Furthermore, we are exempt from ANY filing requirements. Nonetheless, RCOS maintains a rigorous set of books and records which are reviewed annually by a certified public accountant. The accountant aggregates all of the accounting records generated under the RCOS tax ID and generates statements consistent with generally accepted accounting principles. RCOS operations include:

  • RCOS’s general operations
  • Mt. Sinai Cemetery operations
  • Our Affiliates (Brotherhood and Sisterhood)
  • The Lakin Preschool
  • Our invested funds and trusts
  • Our fundraising committees (Food Festival and Gift Cards)

To give some idea of the size of our organization, our total revenues and expenses are over $600,000 per year and our assets including our building are over $3 million.   In total RCOS maintains twenty one separate bank accounts. The financial data are entered by our bookkeeper, Beth Bruck and overseen by the Board, the Treasurer and Assistant Treasurer, the Finance Committee and, finally, reviewed by our accountants, Long and Barrell.