Sydney Yeshiva – statement in full
The Sydney Yeshiva Centre has issued a full statement regarding its current financial crisis.Rabbi Eli Feldman has told J-Wire:
Rabbi Eli Feldman
“The Yeshiva Centre has for more than 50 years provided a range of important services to the community and has established numerous independent communal organisations. Based at our Flood St Campus are a number of organisations such as Yeshiva Synagogue, Rabbinical College, Chabad Youth NSW, Young Adult Chabad, Yeshiva Welfare Fund, Our Big Kitchen and Yeshiva College Bondi.
All of our activities are non-for-profit and as such we have always relied on the generosity of the community to continue our operations.
As a result of the Global Financial Crisis many charitable organisations across the world were affected, and unfortunately so were we, as donations took a dip but our expenses grew with our programs.
Our biggest financial expense is the mortgages on our buildings. Nearly every charitable organisation in Sydney that owns property has mortgages against those properties. The Yeshiva is no different, and owns a number of properties each worth millions of dollars, with mortgages on those properties that it has serviced for many years.
Servicing those mortgages has made it increasingly difficult to cover our ongoing operating expenses. This includes Yeshiva College Bondi, which has grown exponentially over the last few years.
The spirit of Chabad is to perservere despite the challenges that we face. We are as determined as always to continue providing our wide ranging services to the community, particularly the unique Jewish-focused education recognised by the Board of Studies that is provided to so many children at Yeshiva, and the thousands of people that are helped annually through the Rabbinical College, Yeshiva Welfare and Our Big Kitchen.
In relation to Yeshiva College Bondi we are taking a number of steps to independently ensure its continued financial viability. The College itself is able to balance its budget if it does not need to meet the considerable mortgages and capital expenses relating to the buildings and infrastructure. The Yeshiva has approached a representative group of parents to independently oversee the operating budget of the College. This gives further comfort to the teachers and parent body that the school itself can and will meet its ongoing commitments to teachers, and not only survive, but indeed thrive.
At the same time, Yeshiva is currently initiating a separate fundraising drive to cover the mortgages and associated infrastructure costs.
You can donate to Yeshiva and help ensure its future by making a donation via the secure online form at www.yeshiva.org.au/donate
We are confident that with Hashem’s help and the ongoing support of the community, the school will continue to grow from strength to strength in the months and years ahead.”
