ISLAMIC CENTER OF KENT (ICK) 2013 Annual Financial Report and Project

update

Prepared by:

ICK Executive Committee

November 24, 2013

1

Mission of the Islamic Center of Kent

Create physical, educational, and spiritual environment to facilitate development of a vibrant Muslim community in the city of Kent and South Puget Sound Region.

2

Goals of the Islamic Center of Kent

To develop infrastructural facilities that meets the growing needs of the Muslim community in the City of Kent and surroundings

To provide religious, educational, social, and recreational services for all strata of the community;

To develop the Center as place of meetings and deliberations for the Community

3

Objectives of the Islamic Center of Kent

To Plan, Design, and Implement the New Multi-purpose Building project by 2020 that can cater services to about 600 Musullees and 200 students;

To acquire and possess the neighbor’s land and building by 2015 and pay-off the installments by 2018.

To start a pre-elementary school (Pre-K & Pre-School) by 2015 and gradually upgrade to elementary school by 2020;

To triple the religious, educational, social, and recreational programs for the community from its existing level by 2018

To initiate and form a forum of the Leadership of the local Masjids in the Puget Sound to coordinate events of common interests by 2014.

4

Islamic Center of Kent, where is it?

• Name: Islamic Center of Kent

• Location: 20857, 20859, & 21009 SE 108th Ave SE, Kent, WA 98031

• Land Coverage: Approx. 2.25 acres (98,000 sft)

• Land Zoning: Commercial (72%) and Single Family Residential (RA-6) (28%)

• Future Zoning: Required RA-6 plot to rezone into Church Services Area

• Debt on Land & Building: $925,000

5

Islamic Center of Kent (Main Building) 6

Islamic Center of Kent (Women Building) 7

8 Islamic Center of Kent (Parking Lot)

Newly Bought Neighbor’s Property

9

Parcel View of the ICK Properties and Neighbor’s (Digital Music

System) Property

10

$807,000 $216,400

$40,000

Total: $1,063,600

FINANCIAL REPORT- 2013

11

ICK Income-Expense Statement (January – October)

12

Particulars Debit Credit

Gross Recipts : Donations/ charity Revenue $295,770.81

Total Revenue Collected $295,770.81Expenses:

Taxes and permits $3,798.94

Utilities $8,614.02

Repair & Maintenance $37,430.82

Salaries & Wages $32,855.14

Bank Fee $1,592.14

Supplies $2,282.70

Insurance $2,000.00

Funeral Exp $450.00

Masjid Khidmat Services $4,080.00

Zakat Distribution $20,064.34

Ramadan Affairs Exp $1,052.93

Fundraising Exp $13,419.17

Event Expenses $4,715.01

Planning & development Exp $51,482.07

Dishonored Checks $865.00

New Property Purchase $275,965.56

Total Expenses $460,667.84

Retianed Income ($164,897.03)

Income-Expense statement, 2013

ICK Balance Sheet as of October 31, 2013

13

Balance Sheet

Particulars

AssetsFixed AssetsOld LAND AND BUILDING (20857 & 20859) $535,000.00

New Land and Bulding (21009) $1,200,000.00

Less Depreciation @2.5% $43,375.00

Total Fixed Assets

$1,691,625.00

Opening cash with bank $300,308.33

Retained earning at the end of October'13 ($164,897.03)

Total Current Assets $135,411.30

Total Assets $1,827,036.30

Liabilities and Equity

Total Liability (New Land and Building) $925,000.00

TOTAL EQUITY WITH ORGANIZATION $902,036.30

Total Liabilities and Equity $1,827,036.30

ISLAMIC CENTER OF KENT

Period :01/01/2013 to 10/31/2013

2013 Budget Performance Analysis

14

Budget Items2013 Target

Amount ($)

Actual ($)

(Jan - Oct)

2013

Projected

Amount ($)

Actual

Perf. (%)

2013 Projected

Perf. (%)

Friday & Donation

Box Collection$50,000.00 $36,421.31 $43,705.57 72.84% 87.41%

Lunch Sale $15,000.00 $10,934.00 $16,719.01 72.89% 111.46%

ACH and Members

Contribution$20,000.00 $17,340.00 $21,768.00 86.70% 108.84%

Fund Raising in

Ramadan at ICK$100,000.00 $22,229.00 $22,229.00 22.23% 22.23%

Fund Raising from

FR events and

Masjid Visits

$300,000.00 $190,739.50 $215,229.10 63.58% 71.74%

Zakat Fund $20,000.00 $17,307.00 $20,768.40 86.54% 103.84%

Funeral Services

Fund$2,000 $800.00 $960.00 40.00% 48.00%

Grand Total: $507,000.00 $294,970.81 $340,419.08 58.18% 67.14%

DEVELOPMENT PROJECT REPORT- 2013

15

New Multi-purpose Building Project Goals

• Construct a medium size multipurpose Islamic Center for about 600 mosullees

• Project that expresses community identity

• Medium construction cost with a low life cycle cost materials

• Local funding source as much as possible

• Also seek funding from external sources

• Building in a shortest possible time (6-8 years) (2012-2020)

16

Major Functionalities Items Capacity Unit Space Total

Space (sft)

Prayer Hall with a mezzanine floor for ladies

600 mosullee 10 sft/person 6,000

Class Rooms (10)- 20’x 15’ 200 students 15 sft/student 3,000

Community Hall – 75’x 40’ 250-300 person @10-12 sft 3,000

Library & Conf. Room Office + Meeting/Counseling Rooms Imam’s Room Reception, Quiet, Lobby areas etc.

700 sft 650 sft 200 sft 1000 sft

3,000

Gymnasium/ Recreational Areas, Plus Other Facilities (Child & Elder Care, Funeral, Kitchen, Storage, etc.

2 units (Male and Female)

3,000 sft 1,000 sft

4,000

Surface/underground /Elevated parking space

150 (surface) 300 sft/car 45,000

Total Space required 19,000+45,000 = 64,000 sft 17

Islamic Center of Kent Site Layout Plan

18

Preliminary Cost Estimate Cost Items Area (sft) Unit

Rate ($) Total Estimated Cost ($)

Prayer Hall 6,000 $200 $1,200,000

Community hall/Class Rooms 6,000 $150 $900,000

Library, office & meeting rooms etc.

3,000 $200 $600,000

Gym & Recreational, Child care, Elder care, kitchen, Funeral, and other Facilities

4,000 $150 $600,000

Parking Stalls 45,000 $20 $900,000

Construction Contingency @15% $630,000

Total Construction Cost: ≈64,000 sft

$4,830,000 ≈5,000,000

19

Project Implementation and Cash flow Requirements

20

2013-14 2015-16 2016-17 2017-18 2018-19 2019-20

$650,000 $550,000 $1,600,000 $2,000,000 $1,000,000 $600,000

Conceptual Plan and Land Use

Permit

Detailed Design, Plan, and Specs, Building

Permit Construction

Bid Documents

Construction

Phase 1

Construction

Phase 2

Down payment for Neighbor’s

Property

Construction

Phase 3

Installment for Neighbor’s Property

Installment for Neighbor’s Property

Project Phasing (Planning and Design Phase)

Major Tasks

Plan & Designing Milestone Schedule

Estimated Expenditure

Task: 1 Feasibility study, Conceptual plans & design, internal space plan, geotechnical study, rezoning, pre. cost estimate. Land Use Permit

2012-13 $100,000

Task: 2 Marketing materials for fund raising, artist’s model, Rendering , Documentary, and Marketing website

2013-18 $50,000

Task 3 Acquisitioning of the Neighbor’s Property 2013-20 $1,200,000

Task: 4 Preliminary Design Plans and Specs (60% level)

2014 $150,000

Task: 5 Detailed Design Plans and Obtaining Building Permit

2015-16 $200,000

Total Cost (Planning & Design Phase ): $1,800,000 21

Project Phasing (Construction Phase)

Constn. Phases

Construction Details Milestone Schedule

Estimated Expenditure

Phase 1 Renovating the newly bought building into a pre-elementary school

2014 $100,000

Phase 2 Construction of Main prayer hall , Library, and office facilities

2016-17 $2,000,000

Phase 3 Construction of community/class rooms, Gym. & recreational facilities

2018-19 $1,700,000

Phase 4 Construction of surface parking space and access roads

2019-20 $1,200,000

Total Cost (Construction): $5,000,000 22

Consultants at Work

• Studio Senbel Architect + Design – PRIME

– Sub-Consultants

• David A. Clark Architects, PLLC : Associate Architects

• Pacific Land Engineering, Inc : Civil Engineering & Permit

• OTAC, Inc : Landscape Designer

• Heath and Associates Inc. : Traffic Consultant

• Other Consultants hired by ICK

– H&S Consulting : Wetland, Fisheries, and Wildlife Specialist

– Tayee Surveyors : Civil Surveying

– S.S. Geotechnical Services : Geotechnical Services

23

Jazakallahu khair for your time and patience!!

24

For Questions and comments, please contact:

Mizanur Rahman President, Executive Committee, ICK

mizan.rahman60@gmail.com Cell: 206.432.6284