HTCCR Financial

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The Board of Trustees has the fiduciary responsibility of properly managing the finances of HTCCR – its income and expenses. The HTCCR Finance Committee has been given the responsibility of setting up the policy and procedures and ensuring that they are followed by the Chief Financial Officer (CFO). A committee member deposits the donations collected at the temple (cash and checks) and by the priests (for their services) in Wells Fargo Bank.  The CFO keeps track of donations made by direct bank transfers (ACH) and Zelle donations, as well as any stock donations and large donations for mortgage reduction which are deposited in the Schwab account. The CFO keeps track of various bank accounts and reconciliation. The CFO issues payments to employees, vendors, and contractors.

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The temple building on the developed land and its contents including the deities are the main assets of HTCCR. Their current value is estimated at $5.5 million. HTCCR currently owes $1.5 million on the mortgage loan.

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Currently, the routine monthly expenses are about $35,000 as summarized below:

Mortgage Payment (interest and Principal): $10,000

Priests’ payroll, payroll taxes, housing: $8,000

Janitorial, bookkeeping, and other contract services: $4,000

Programs and functions: $4,000

Routine maintenance (landscaping, snow removal etc.): $3,000

Utilities (gas, electricity, water, phone, security etc.): $3,000

Food, supplies and miscellaneous: $3,000

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As the facilities are getting old, unforeseen maintenance and replacement expenses run into tens of thousands of dollars. If some money (all collected from donations) is left over after paying for these expenses, some of it is saved for unseen future needs and the rest is used to pay off part of the mortgage loan. Since the summer of 2021, the mortgage loan balance has been brought down from about $2 million to $1.5 million.