Financial Report

NORTH AMERICAN SUPPORT FOR THE ABRAHAM GEIGER COLLEGE

FINANCIAL INFORMATION

EXPENDITURE

NORTH AMERICAN SUPPORT FOR THE ABRAHAM GEIGER COLLEGE

The Abraham Geiger College continues to receive national support from
foundations and generous contributors in fifteen U.S. states and Canada.

FOUNDATIONS
Allen H. and Selma W. Berkman Charitable Trust (Pittsburgh, PA)
Louis and Sandra Berkman Foundation (Steubenville, OH)
Meyer and Merle Berger Family Foundation (Pittsburgh, PA)
Arthur M. Blank Family Foundation (Atlanta, GA)
Buncher Family Foundation (Pittsburgh, PA)
Forchheimer Foundation (New York)
Peter Geiger Trust (Los Angeles)
Gradison Foundation (Washington D.C.)
Gimprich Family Foundation (New York, NY)
David A. Glosser Foundation (Johnstown, PA)
Herbert Asche Foundation (Hartford)
Heskins Foundation (Philadelphia)
William and Dora Horwitz Endowment (Butler, PA)
Jewish Community Fund (San Francisco)
Kaufmann-Marx Foundation (New York, NY)
Lebovitz Foundation (Pittsburgh, PA)
Charles M. Morris Trust (Pittsburgh, PA)
David and Inez Myers Foundation (Cleveland, OH)
Obernauer Foundation (New York)
Pittsburgh Foundation (Pittsburgh, PA)
Donald and Sylvia Robinson Family Foundation (Pittsburgh, PA)
Irving Hanni Rosenbaum Charitable Lead Trust (Long Island, NY)
Freda G. and Saul F. Shapira Endowment (Pittsburgh, PA)
Stamm Family Foundation (Philadelphia)
United Jewish Federation (Pittsburgh, PA)
Phillip and Margie Weiner Fund (Pittsburgh)

(list incomplete) July 2004
Thanks!

INTERNATIONAL SCHOLARSHIPS
Thanks to
Women of Reform Judaism, New York
The Memorial Foundation for Jewish Culture, New York
Rabbinical Training Fund of the European Region of the WUPJ
for their support to our rabbinical students.

IDELSON LECTURESHIP
Thanks to
Lord Joffe of Liddington
for the establishment of the Idelson lectureship of Jewish Music.

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FINANCIAL INFORMATION

Financial Report of the Executive
Director Rabbi Dr. Walter Homolka

• Legal construct
  The Abraham Geiger College, the first German seminary for the training of rabbis
  and religion school teachers after World War II, is a not-for-profit company with limited liability in accordance with German law. The College was founded on August 17, 1999. The current statutes date from August 22, 2002. The College prepares an annual financial statement at the end of each calendar year, which is published in this
  report. The annual financial statement is examined by a chartered accountant. The
  executive director has drawn up an annual report for the first time for the year 2002.
  
  
• Not-for-profit Activities
  Die Zielsetzung des Kollegs ist die Schaffung der Voraussetzungen für die Ausbildung von Rabbinern und jüdischen Religionslehrern in Deutschland. Hierzu wurden die in diesem Bericht dargestellten Aktivitäten unternommen.
  
  
• Results of the year 2003
  The College received 138.435, 74 EUR and had expenditures of 286.517,30 EUR. The
  deficit of 148.081,56 EUR could be covered by a grant of 107.641,05 EUR by the
  American Friends of the Union of progressive Jews and the appropriation of 44.726,13 EUR from reserves. The negative financial development was partly due to the low exchange rate of the Dollar against the Euro. Reserves are now down to 4.285,62
  EUR.
  
  
• Fiscal Policy
  The goal of this not-for-profit limited company is the financial realization of rabbinical training in Germany and Continental Europe. To this end, the Abraham Geiger College predominantly strives to cover all projects and running costs. Secondary aim is the accumulation of capital reserves. During the time period of this report, the College would not have been possible without support by grants from the Federal Ministry of the Interior and the Stiftungsfonds Deutsche Bank as well as donations from the American Friends, for all of which we are grateful.
  
  
• Capital Reserves
  The capital of the College amounted to 29.285,62 EUR on December 31, 2003. The
  general meeting and the management of the College do not consider this capital
  sufficient in medium term. Assistance from the American Friends, patronage, sponsoring and the further expansion of continuous public support are decisive in achieving the goal of making rabbinical training possible in Germany again in the long-run, where it did not exist since the forced closing of the Berlin “Hochschule für die Wissenschaft des Judentums“ by the Nazis in 1942.
  
  
• Risk Management
  As a not-for-profit limited company financed by donations and grants, the elements of the College see it as their most noble task to assure adequate and orderly application of the entrusted funds. Particular risks faced by a donation-based organization have been duly identified. An internal control system with procedural routines for appropriate risk management is in operation.
  
  
• Accounting Standards, Auditing and Management Control
  According to the provisions of the statutes, a routine of internal audit executed by an independent chartered accountant safeguard accounting standards and provide management with the tools to act responsibly.
  
  
• Annual Financial Statement for the Year Ended December 31, 2003
  The appended annual financial statement was drawn up by the acting partner in his
  role as executive director and examined by a chartered accountant and duly ascertained
  
• Report of the Chartered Accountant To the executive director of the Abraham Geiger College:
  “On the basis of my commission to prepare the accounts and the annual financial
  statement with encompassing features of audit I hereby issue the annual financial
  statement for the year ended December 31, 2003 and give the following certification:
  ‘ The annual financial statement of the Abraham Geiger College gGmbH, Berlin, for
  the fiscal year ended December 31, 2003 has been drawn up by myself on the basis of my accounting as well as on my participation in creating the inventory in accordance with legal requirements and by-laws.'"

Berlin, June 11, 2004
Signed: Dr. Peter Kunz
Chartered Accountant

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EXPENDITURE

70% for Academic Excellence and Professional Relevance

286.500 EUR

Running Costs 88.500
63.000 Administration
25.500 Public Relations

Academic Costs 81.000
52.500 Scholarships
4.000 Admissions and Evaluation
11.000 Cooperation with Potsdam University*
10.000 Lectureships
3.500 Library
* plus 90.000 EUR Rabbinic Studies Grant raised by us for the University

Congregational and Professional Development Costs 117.000
55.000 Religious Publishing and Development
41.000 Congregational Benefit and Internships
9.000 Counselling and Psychology
12.000 Rabbinic Retreat

Abraham Geiger College – A Transatlantic Joint Venture
286.500 EUR

55% U.S.A. 45% Germany

U.S. Donations (Corporate and Private) 109.600
Subsidy by German Government 76.700
Liquidity from Capital Reserve 40.700
German Corporate Giving 47.200
German Private Giving 12.400