Dharma and Dollars: KCC’s Current Financial Picture
Dear Dharma Family,
As our 2022 Blooming Lotus Varjiety Show approaches, KCC finds itself in very similar financial condition as this time last year. The fundraising goal for Blooming Lotus is once again $40,000. When asking for such a large sum, we owe the community full financial transparency.
Our expenses so far in 2022 are significantly greater than our income. As of the end of September, the six-month financial reserve that we strive to maintain was down to 3.3 months, so the $40K goal for Blooming Lotus is very necessary.
Please do attend Blooming Lotus at 2:00 pm on November 12th to enjoy the show and make your contribution. If you must attend by Zoom, the link and detailed information will come in your email from FUN(d)raising@KCC on November 11th.
For those of you who would like to know the details of KCC’s current finances, here’s a dry but thorough summary:
KCC’s 2022 General Fund Budget is $327,555. By this budget, it costs $27,005 per month to care for our Urban Center and SCOL, and run the sangha. Our fiscal year is the calendar year.
Where does the money go?
This is what we projected General Fund expenses for 2022 would be:
—$158,895 (48.5%) for personnel salaries, related expenses and benefits for Lama Eric, Linda Grove, Cynthia Irvine, and SCOL staff.
—$49,312 (15%) for insurance—property insurance and general liability, Lama and Directors insurance, vehicle insurance, and volunteer accident insurance.
—$25,518 (7.7%) for direct expenses for classes and retreats
—$16,806 (5.1%) for technology—telephone, internet, software, IT, mailchimp, website, Zoom, Neon, etc.
—$16,800 (5.1%) for utilities for the Urban Center and SCOL.
—The remaining expenses (18.6%) spread out broadly, ranging from things like maintenance and supplies, to Paypal fees, to legal and professional fees.
Total actual expenses so far this year, as of 9/30/22, were $229,275.
Where do we get the funds to pay for these expenses?
Our General Fund income budget (the way we projected what income would be) for 2022 included:
—$181,000 (54.8 %) in unrestricted contributions (individual gifts, sustaining memberships, and fundraising efforts like Buddhist Bingo and Zooming Lotus contributions)
—$23,460 (7.1%) in restricted contributions (Lama support, scholarships, Friends of SCOL, etc.)
—$125,412 (37.8%) in earned revenue (class donations, retreats, Dharma events, SCOL personal retreats, Dharma Store)
—$671 (.2%) in investment income and Amazon Smile contributions
As often occurs, funds haven’t come in exactly as projected for 2022.
Actual income reported as of 9/30/22 is:
—$95,437 in unrestricted contributions, $17,465 under budget
—$12,815 in restricted contributions, $3,275 under budget
—$69,049 in earned revenue, $20,473 under budget
—$285 in investment income and Amazon Smile contributions, $46 over budget
Total income so far this year, as of 9/30/22, was $176,901.
The Board of Directors aspires that KCC maintain a six-month operating reserve.
As the figures above show, as of 9/30/22, expenses so far this year are $52,374 greater than revenue. We have had to draw from the reserve, and as of 9/30/22 it was at 3.3 months.
Thank you for caring enough about KCC to make you way through this information. Please feel free to contact me if you have questions. I look forward to seeing everyone at Blooming Lotus at 2:00 pm on November 12th.
Finance and Development Service Group Coordinator