Board Treasurer Report/Summary of 2021 Financials

Common Ground Meditation Center
Board Treasurer Report/ Summary of 2021 Financials
March 2022

On behalf of the Common Ground Finance Committee and the Board of Directors, I am happy to report that Common  Ground Meditation Center continues to benefit greatly from the generosity of the community. 

The overall financial goal of Common Ground is to support our mindfulness practice in a healthy and frugal manner.  

We continued to do well last year despite the challenges posed by the pandemic. During the 2021 fiscal year, donations  (dana) received from the community were $437,962, an increase of $47,321. Of this, we received 2021 dana of $52,849 for the renovation and operation of Common Ground Retreat Center. Total Common Ground 2021 operating expenses  

were $297,033 versus a budget plan of $301,013. Net operating income for 2021 was $140,929. We continue to  operate both our city center and the retreat property completely mortgage free. 

A Common Ground financial operating principle is to reserve cash on hand at least equal to the 1.5x the annual expense  budget for both centers plus reserves for future repairs and capital improvements. Our 2021 yearend cash on hand is  $911,284. The yearend cash includes an allocation of $232,967 for future repairs and capital improvements, and  $142,561 earmarked for future projects at the retreat property. 

In the spirit of freely giving to support our practice (the principle of dana), in 2021 the community offered our Guiding  Teacher and Executive Director, Mark Nunberg, a total of $90,620, which includes dana for teaching, administrative  work, professional development and benefits. Shelly Graf was promoted to Co-Guiding Teacher at the end of 2021.  Shelly will work ¾ time and was offered the same dana for teaching on a prorated basis. At year end, the board offered  an additional dana gift of $30,000 to each Co-Guiding Teacher which each teacher chose to donate to the retreat center  in support of Guiding Teacher housing. 

The 2022 budget for dana donations to be received is set at the level of the 2021 actual dana received. Teacher support,  compensation and benefits is the largest component in the 2022 budget, and we estimate that we will spend $241,117 in 2022 to support our administrative staff and our many ongoing and visiting teachers. Robin Major, Office Manager (25 hours/week), and Gail Iverson Bookkeeping Manager (8 hours/week).  

Common Ground is seeking a qualified volunteer to advise the Finance Committee to make a series of longer-term investments that will help us offset the anticipated future added costs of inflation. Ideally the person would have  qualifications and experience advising clients in making similar investment decisions.  

I deeply appreciate my colleagues on the finance committee, Gail Iverson, Mark Nunberg, and Dave Halsey – their  guidance on financial management is invaluable.  

Please let us know if you have questions about this financial review.  

With gratitude, 

Rick Condon, Treasurer 

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One comment on “Board Treasurer Report/Summary of 2021 Financials
  1. Rich and Muggsy Ferber says:

    Wonderful news. Job well done by the finance committee! We have never seen a treasurer’s repot and are grateful to know that Common Ground has this degree of financial stability. Thanks for sharing this information with the community.

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