Below is a financial breakdown of the MAC Centre’s finances…
| Cost of Acquiring the MAC Centre | |
|---|---|
| MAC Centre Purchase | $2,800,000 |
| Purchase Expenses (Realtor, Lawyer, Taxes) | $305,000 |
| Total | $3,105,000 |
| Source of Funds for Acquisition of MAC Centre | |
|---|---|
| Funds Collected (Donations) | $990,000 |
| Loans (Sharia Compliant) | $1,550,000 |
| Portion of Sale of IIC * | $565,000 |
| Total | $3,105,000 |
* Sale of IIC is $926,000
| 2014 Cost of Renovations & Operation | |
|---|---|
| Phase I Renovations | -$200,000 |
| Phase II Renovations | -$350,000 |
| Utilities + Maintenance | -$18,000 |
| Other Operational Expenses | -$30,000 |
| Repayment of Loan | -$128,832 |
| Remaining Funds from Sale of IIC | $361,000 |
| Rental Revenue from Stores | $60,000 |
| Total | -$305,832 |
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