Finances

banner_financesBelow 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