Sustaining Membership Drive: KCC’s Current Finances
Overview of KCC’s Finances as of 04/30/2023
As we ask sangha members to consider becoming Sustaining Members or increasing their pledges of financial support, it’s important to offer an opportunity for everyone to ask questions and offer ideas, and to provide full financial transparency.
KCC’s Fabulous Finance Festival – July 16th at 11:15 am
For our sangha meeting in July, we’re having a finance festival. Facing the fact that sustaining our community takes money and volunteers, we’ll ask for your input about how you wish we would raise funds. We’ll answer your questions about how KCC’s funds are spent, and exactly where we stand as of that date. As shameless enticement, we’ll also have savory snacks and cake.
KCC’s Capacity Building Initiative
We want to be sure you are aware that KCC is self-funding a capacity building initiative in 2023 and 2024 to strengthen and build our sangha.
The Board approved funding a percentage of the Executive Director’s salary (Liza Baer), and a new half-time Portland Center Operations Manager position (Gwen Wolfenbarger) in 2023 and a smaller percentage of these costs in 2024.
We’re doing this by drawing funds from the Board designated Capital Projects Fund back into the General Fund. Realistically, it will take 12 to 24 months for this initiative to result in significantly increased programs and Sustaining Membership but we think it will be well worth the investment.
This decision was based on input the Board received from the Service Group Coordinators, the Volunteer and Human Resources Service Group, and the Finance and Development Service Group, that KCC needed more staff to conduct outreach to make KCC more visible to those who are seeking the Dharma; as well as to support our practices, classes, retreats and study groups.
And now, a summary of where we stand financially as of 04/30/2023:
- KCC’s General Fund Budget projects $351,102 in expenses for 2023. This means that the monthly cost to operate KCC in 2023 is $27,634.
- We projected revenue of $135,000 in Sustaining Membership pledges and one-time financial gifts in 2023. This is more than 1/3, actually 38%, of our entire budget for income. Clearly Sustaining Memberships are crucial to KCC’s financial health.
- The total income for 2023 to date has been $80,896. This is $9,127 below budget projections. Class and retreat revenue and donations are all coming in below projections.
- Total expenses for 2023 to date have been $119,831. This $1,758 more than budget projections.
KCC’s Board of Directors wants KCC to maintain a six month financial reserve. As of 4/30/23, we had a 2.6 month reserve. We’re not on the edge of a cliff; and actually, the fact that we own our properties debt-free and have a reserve at all makes us a pretty healthy non-profit organization.
But this is the lowest our reserve has been since we made the gigantic leap to purchase and renovate 4936 NE Skidmore St. We need to be sure that everyone who cares about KCC understands that it is vital for all of us to give as generously as possible of both financial support and volunteer time.
Thank you for considering Sustaining Membership or increasing your current pledge.
As you can see, your donations really matter. We want KCC’s practices, study groups, retreats and classes to remain available to all who seek them. This will easily be possible if all of us who care about KCC are as bountiful toward the Dharma as we can possibly be. Every gift of every size matters equally.
Thank you for nourishing KCC with showers of generosity!
To initiate a new Sustaining Membership pledge, or increase your current pledge, click the button below. Please take a moment to fill in the form, and be sure to write “Sustaining Membership Drive” in the notes.
A More Detailed Overview
For the true finance geeks among us, here is a more detailed summary of KCC’s 2023 budget that delves into income sources and expenses:
KCC’s 2023 General Fund budget projects the following sources of income:
- Unrestricted Contributions of $185,000. These are Sustaining Membership donations, one-time donations, and fundraising event income that may be spent however necessary.
- Restricted Contributions of $23,595. These are donations targeted by the donors for specific expenses within the General Fund such as lama support or SCOL.
- Earned Revenue of $115,960 from classes, retreats, the Dharma Store, and any special Dharma events we may have in 2023.
- Miscellaneous Income of $267.
KCC’s 2023 General Fund budget projects the following expenses:
- Salaries or Wages of $167,480 for five employees—Resident Lama, Executive Director, Portland Center Operations Manager, SCOL staff and Office Manager/Bookkeeper.
- Benefits for employees of $23,408.
- Non-personnel Expenses of $107,448. This includes retreat and event expenses such as food and teaching fees; insurance, for the Portland Center, our own insurance reserve for SCOL, and liability insurance; maintenance and utilities for the Portland Center and SCOL property and vehicles.
- General and Administrative Expenses of $49,866 for supplies, telephone and internet, legal and professional consultation, taxes and licenses, software and IT equipment; volunteer, accident, and Lama and Director’s insurance, PayPal and similar fees.
- Miscellaneous Expenses of $2,900 for lineage expenses, bookstore purchases, and fundraising.
KCC Restricted Funds
In addition to the General Fund budget above, KCC has six additional funds that are restricted to specific expenses.
Our donor restricted funds, with their balance as of 4/30/23 are:
- Emeritus Lama Fund $50,457
- Shrine Statue Fund $9,465
- Financial Assistance Fund $4,430
- Benevolence Fund $2,348
Our Board-designated restricted funds, with their balance as of 4/30/23 are
- Maintenance/Renovation Fund $47,373
- Capital Projects Fund $45,260
And don’t forget, we own our Urban Center on Skidmore and our SCOL Retreat Center outside Goldendale debt free.
You can always view KCC’s latest quarterly Statement of Actual Revenue and Expenditures here: https://drive.google.com/drive/folders/1qlMlU2eM2pxmnZyGUhd7r3noGAlVTfgI)
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