2012 Financial Report
for Gampo Abbey and Söpa Chöling
This financial report on Gampo Abbey and Söpa Chöling is based on information from our 2012 financial year. 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 long-term debt. In addition to not borrowing money to run the Abbey we are also committed to transparent, ethical, and prudent management of our financial resources.
This report provides a breakdown of the operating income and expenses for Gampo Abbey and Söpa Chöling for the 2012 financial year.
Overview of the 2012 Financial Year
Combined Operating Budgets of Gampo Abbey and Söpa Chöling
The combined operating budget for Gampo Abbey and Söpa Chöling showed a loss of $115,753 compared with the anticipated budget loss of approximately $148,700. The operating loss was covered by transferring funds from the Abbey's investments in an amount equal to the loss of $115,753.
Broken down by income and expenses the overall operating income was $297,269.76 or 115% of the projected budget of $258,080 while the operating expenses were $413,023 or 102% of the projected budget of $406,780. A detailed breakdown of the operating income and expenses follows.
There were no major building projects undertaken in 2012. Some new trails were created on the Abbey land and several of the smaller components in the fire safety renovations project were also completed in 2012. These expenses totalled $4,052.23 and are not included in the operating expenses which follow.
Breakdown of Gampo Abbey and Söpa Chöling Operating Income and Expenses
Income is derived from: donations both unrestricted and restricted used in 2012, program fees, cost recovery charges, interest from the Abbey’s investments, and transfers from restricted reserve accounts to operating accounts. Total income for Gampo Abbey and Söpa Chöling from all sources was $297,269.76 or 115% of the projected budget. In the breakdown that follows the percentage in bold in each section is based upon a comparison with the total revenues amount of $297,269.76. Other percentages shown in the different sections reflect the relationship between the various sources of revenues and their individual department budgets.
A total of $129,447.29 (43.5% of total income) in unrestricted donations was received in 2012. Unrestricted donations are used for the general operating expenses of the Abbey usually in the year that they are received.
A total of $15,009.93 (5% of total income) in restricted donations were utilized in 2012. Restricted donations are designated by the donors for specific purposes like life monastic support, three-year retreat scholarships or the lobster release and may or may not be used in the year that they are received. Of these restricted donations held by the Abbey the following were spent in 2012: $10,135.10 from the Life Monastic Support to cover expenses of life monastics, $1,384.50 for the lobster release, $3,172.27 to purchase additional meditation cushions and other expenses. There was an unused balance of $47,189.35 in different Restricted donations accounts which remain to be carried forward into 2013. The unused balances of these restricted donations are not included in the total income shown in this report.
Total programs income was $48,777 (16.4% of total income) including fees from Shedra ($3,973.11 — 66% of the 2012 budget), Yarne ($14,997.30 — 150% of the 2012 budget), In-House Retreats ($23,973.18 — 141% of the 2012 budget), Shambhala programs ($700 — 35% of the 2012 budget), and fees from the Vajrayogini Druppa ($5,133.41 — 109% of the 2012 budget).
Total other income was $45,091.82 (15.2% of total income). This includes income from residents’ fees ($14,939.25 — 83% of the 2012 budget), retreat cabin rentals ($8,302.00 — 83% of the 2012 budget), book store sales after expenses ($6,778.70 — 194% of the 2012 budget), meal and transportation recoveries ($2,486.31 — 2486% of the 2012 budget), Coop dividends ($12,335.56 — 206% of the 2012 budget) and Misc Income ($250 — 5% of 2012 Budget).
Interest, Dividends and Currency Exchange
Total interest and dividends were $4,953.91 (1.7% of total income): Interest on investments ($5,717.32 — 71% of the 2012 budget), unrecognized gain in investments of $5,094.58 and currency exchange loss of $5,857.99.
Söpa Chöling Fees
Fees of $53,989.81 (18.2% of total income) were collected from the current cycle of the three year retreat which occurred in 2012.
Overall operating expenses are organized into two areas: Gampo Abbey operating expenses and Söpa Chöling operating expenses. Gampo Abbey operating expenses of $334,660.45 are sub-divided into the following categories based upon the organizational structure of the Abbey: administration and service departments, monastic support and culture, food and kitchen operations, salaries and benefits, facilities, utilities and transportation. Söpa Chöling operating expenses of $78,363.19 are sub-divided into salaries and staff support, taxes and insurance, building utilities and maintenance, kitchen, practice and housekeeping. Total combined operating expenses were $413,023.64 in 2012.
Gampo Abbey Operating Expenses
Total operating expenses for Gampo Abbey were $334,660.45 (81% of the total combined operating expenses) for 2012. These can be broken down as follows:
Administration and Service Departments
Administration and services expenses were $61,757.54 (15% of total combined operating expenses) and includes a wide array of activities such as: director’s office, finance department, fund raising and publicity, housekeeping, IT and media, conferences, gifts and donations, residential insurance, meal allowance, office supplies, phone services, photocopier rental and usage, postage and taxes.
Monastic Support and Culture
Monastic support and culture expenses were $61,860.79 (15% of total combined operating expenses) and include: support for living and travel expenses for Gampo Acharya Ani Pema Chödrön, support for living and travel expenses for the life monastics, Education Dept, Library, Translation Committee, Monastic Training, Practice Dept, Shambhala Programs, Shambhala Day, Shedra, Yarne Retreat, annual lobster release, new meditation cushion project, annual gift to our Abbot Venerable Khenchen Thrangu Rinpoche, annual gift to Shambhala and to Sakyong Mipham Rinpoche.
Food and Kitchen Costs
Food and kitchen operating expenses were $63,987.09 (15.5% of total combined operating expenses).
Salaries and Benefits
Staff salaries and benefits expenses totalled $60,233.83 (14.6% of total combined operating expenses). This includes salary and benefits for the director and salaries for the heads of practice and finance, plus facilities support staff.
Facilities, Utilities and Transportation
Total expenses for facilities, utilities, and transportation were $86,821.20 (21.3% of total combined operating expenses). This can be broken down into: building maintenance and repair, grounds and services; vehicle repairs, tires, and insurance; heat and utilities.
Söpa Chöling Operating Expenses
Total operating expenses for Söpa Chöling in 2012 were $78,363.19 (19% of total combined operating expenses). These can be broken down as follows: salaries and staff support $28,172.33, taxes and insurance $8,521.72, building utilities and maintenance $21,186.88, kitchen $13,580.99, practice and housekeeping $6,901.27.
There were no major building projects undertaken in 2012. However a few of the smaller components of the fire safety renovations project were completed at a cost of $3,254.29. Some new trails were added on Abbey land at a cost of $798.
Prepared by Les Ste Marie, Gampo Abbey Chagdzo. If you have any questions about this report, please email firstname.lastname@example.org.