Ask
Financial Crisis
Attorney
Ken Gross
about...
Your
Financial
Problems
The challenge is how to
process and disseminate
critical information so that the
business of our community is
appropriately transparent.
I
n the wake of devastating water damage suffered in 2009,
the Max M. Fisher Federation Building in Bloomfield
Township has been transformed. When you have a chance
to visit your Jewish community headquarters building, you
will notice that the physical layout of the Federation offices
has been reconfigured. The new space
has fewer walls, almost no doors and an
open environment. It is an atmosphere
that encourages not only the free flow of
people, but also the free flow of informa-
tion and ideas. In essence, the office
space of our Federation now embodies
an air of transparency.
In this time of continued financial
challenge and given the calls for needed
community collaboration to assure the
most efficient use of precious corn-
munity resources, it seems that the
transparency created with the new
Federation office footprint could, in fact, be a blueprint for
how we conduct the business of our community.
For most in our community, from donors to consumers, the
business of what we work to accomplish as a community can be
quite confusing. It is not to imply that the information that our
community stakeholders seek, need and deserve is not avail-
able; it is simply not available in any user-friendly format.
The Federation and most agencies do, in fact, undertake the
basics. Conducting annual independent audits, filing required
tax returns and making such information available as
required by policy or as required by law. This "raw material"
of data is then usually boiled down into a few charts, mixed
with some marketing messages and published as part of the
annual report. That's a good start; but we can do better.
During High Holiday services last year at Adat Shalom
Synagogue in Farmington Hills, David Schostak and Julie
Teicher provided the congregation a three-minute primer on
synagogue finances. It was honest, simple and direct. In that
short tutorial, Schostak and Teicher created a common denomi-
nator of knowledge for the "investors" of Adat Shalom, its mem-
bers, so they could be empowered to decide how best to protect
and nurture the equity they hold in an institution they love.
In the rough and tumble world of corporate America, the
Securities and Exchange Commission requires listed compa-
nies to provide information from every angle to enable inves-
tors to make rational and informed decisions. The level of dis-
closure is incredible; but it provides that essential ingredient
that holds any financial (or community) system together over
the long term — investor confidence.
Would we not be better positioned if there were a broader
understanding of the financial condition of our central orga-
nizations and agencies? Would we not be better served if we
measured and reported on the level of quality of the services
provided? Would we not have a stronger clarity of mission
if there were a shared understanding of the rationale for the
funding, organization and delivery of services and programs?
The challenge that lay and professional leadership now face
is how to process and disseminate critical information to our
community so that the business of our community is appro-
priately transparent. This effort would foster crisper decision-
making and a shared passion for all we need to accomplish,
while solidifying community (investor) confidence. It is a
challenge worth facing.
Mark Davidoff is a partner with Deloitte Financial Advisory Services
LLP of Detroit and current president of the Jewish Community
Center of Metropolitan Detroit.
Quotable
"Our sages suggest that every one of us
is the author of our own book — a book
that tells the story of the charity and
kindness we do throughout our lives.
Eight-hundred children at Yeshiva Beth
Yehudah are each beginning to write
their own books — books that keep our
most cherished values alive, the values
that make for a wiser, kinder and more
unified world. Timeless Jewish values."
-Rabbi Tzvi Muller, Weiss Family Partners In Torah program,
Yeshiva Beth Yehudah, Southfield
Has financial
problems? You
may think so - but
you're wrong. Let
me share a secret. There
are many, many people
struggling with serious tax
problems, houses under-
water and too much credit
card debt. Some of them
are your friends and many
are your acquaintances.
Unfortunately, we often
conceal these things - even
if it sacrifices our future.
There are great solutions
that can change the next
10-20 years -but you
need to take action. Call
Us - this is what we do
and we'll help you.
The law firm of Thav, Gross,
Steinway and Bennett has been
solving its clients' business,
tax and financial problems for
29 years. Call today for a free
private consultation or email
kengross@thavgross. corn.
0 raw GROSS
888.235.4357 (HELP) or
248.645.1700
For information, visit us online at
thavgross.com fdalkeenter.com
stoptaxdebtem
30150 Telegraph, Suite 444,
Bingham Farms, MI 480Z5
dN
January 20