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 |