2009 Financial Report

One of the basic principles articulated by the Gampo Acharya, Ani Pema Chödrön, for how Gampo Abbey should operate is that the monastic community must not go into debt. In addition to not borrowing money to run the Abbey, we are also committed to careful, ethical, and prudent management of our financial resources. This report on Gampo Abbey’s finances is based upon information from our 2009 financial year. It is presented here for the information of all those who have an interest in this community and in particular for our patrons and donors without whose support the Abbey would not exist.

Income

We are not a program center so our opportunities for generating revenues from programs are limited. Most of our revenue comes from donations from major patrons, a number of recurring donors, and a large number of smaller annual or one-time donations. We also rely on our cash reserves to balance the operating budget. In 2009 the total income was $343,929. This was made up of income from five areas: donations $133,497 (39%), program fees $36,834 (11%), recoveries $38,813 (11%), interest and appreciation of investments $59,634 (17%), and transfers from reserves $75,105 (22%).

• Donations from US and Canadian supporters totaled $133,497
• Program revenues were $36,834, including fees from In-house retreat, Shambhala programs, Yarne winter retreat and the shedra, our monastic college
• Recoveries were $38,813 from residents’ fees, retreat cabin rentals, transportation recoveries, and book store sales
• Income from investments totaled $59,634
• Transfers from reserves to achieve a balanced budget were $75,105

Expenses

Our expenses equaled our income of $343,929 in 2009. The expenses are presented in the following categories based upon the organization structure of the Abbey. These include: administration and service departments $73,492 (21%), monastic support and culture $65,036 (19%), food and kitchen operations $65,421 (19%), salaries $48,682 (14%), facilities and transportation $44,180 (13%), utilities $25,953 (8%), and year one of our fire safety renovations $21,161 (6%).

• Administration and services expenses were $73, 492 and include a wide array of activities such as: residential insurance, taxes, fund raising and publicity, finance department, IT and media, housekeeping, office supplies, postage, phone services, conferences, gifts and donations, director’s office, and photocopier rental and usage
• Monastic support and culture expenses were $65,036 and include: support for living and travel expenses for all life monastics including Ani Pema, practice and education, monastic training, Shambhala programs, Yarne retreat, our shedra, annual gift to our abbot, and an annual gift to Shambhala
• Food and kitchen costs were $65,421
• Salaries were $48,682 for the director, head of finance, head of facilities, and head of kitchen
• Facilities and transportation were $44,180 for building maintenance and repair, grounds and services, vehicle repairs, tires, and insurance
• Utilities were $25,953 for heating and electricity
• The first year of a three-year fire safety renovations program cost $21,161

The Sopa Choling long term retreat center is part of Gampo Abbey. It was built at the request of our abbot the Venerable Thrangu Rinpoche to provide space for members of the Shambhala sangha to participate in a form of the traditional three year retreat that was designed by Thrangu Rinpoche specifically to meet the needs of western students. Our goal in operating the Sopa Choling retreat center is that it will be self-financing. Income from fees totaled $107,080 while expenses – teaching fees, practice materials, salaries, food, maintenance, utilities, taxes and insurance – totaled $107,842 in 2009.

The Future

For many years a large portion of Gampo Abbey operating expenses were paid from the income we received from Ani Pema Chödrön’s royalties and teaching fees. Over the years, through careful management some of these funds were set aside and form our current cash reserves. In 2007 Ani Pema's royalties were redirected to build an endowment held by the Pema Chödrön Foundation. We are working with the Pema Chödrön Foundation to implement a long-term strategy to insure the financial stability of Gampo Abbey, the home for the development of monasticism in the Shambhala tradition.

Learn more about meditation and buddhism at shambhala.org
Read more about meditation and buddhism at shambhalatimes.org

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Gampo Abbey
Pleasant Bay, Cape Breton,  NS B0E 2P0
Tel. 902-224-2752    Email: