COMMON GROUND MEDITATION CENTER
Supporting the Twin Cities Mindfulness Meditation Community
2015Board Treasurer Report
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 from the community’s consistent generosity. The overall financial health of Common Ground Meditation Center is good. During the 2015 fiscal year, total donations (dana) were $327,392, an increase of 25% from 2014. In addition, we received 2015 dana of $44,083 for the operation and renovation of Common Ground Retreat at Prairie Farm versus $36,086 received in 2014. Total Common Ground 2015 Operating expenses were $194,673 against a budget plan of $172,549. The net income for 2015 was $176,801 and 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 annual expense budget for both centers ($187,549 in 2016). Our 2015 year end cash on hand was $503,940.
The Board offered our Guiding Teacher and Executive Director, Mark Nunberg, a base salary of $49,584 and total compensation of $70,471, which includes professional development and benefits. At year end, the board offered additional compensation of $20,000, which Mark donated to support the center’s diversity programs and retreat property.
Compensation is the largest component in the 2016 budget, and we estimate that we will spend $183,000 in 2016 to support our three paid staff and our many ongoing and visiting teachers. Shelly Graf, manager works 20 hours a week, Gabe Keller, administrative assistant 20 hours and Gail Iverson, bookkeeping manager 8 hours.
Common Ground volunteers continue to develop and operate the Common Ground Retreat at Prairie Farm. The future improvements, additions and build/improvement time tables are related to the future financial support for these projects. The Board has approved a 2016 retreat operating budget of $750 per month.
I deeply appreciate my colleagues on the finance committee, Gail Iverson, Mark Nunberg and Doug Swanson - their guidance on financial management and insight is invaluable. Special thanks to outgoing treasurer Doug Swanson, and committee member Kay Christiansen for many years of volunteer service. Thank you to our Deposit Team volunteers - Steve Burt, Doug Swanson and Evelyn Kaiser, who put in many hours each month to insure all the donations are counted and correctly entered into our accounting system.
Please let us know if you have questions about this financial review.
With gratitude,
Dave Halsey, Treasurer
Common Ground Meditation Center
Revenue & Expense Statement, FY 2015*2015 ACTUAL / 2014 ACTUAL / 2016 BUDGET
Total Income (Dana) / $327,392 / $261,013 / $252,800
Expenses
Vehicles / 555 / 0 / 0
Administrative / 6,481 / 5,614 / 5,114
Building Related / 6,743 / 5,094 / 6,495
Communications / 2,283 / 4,196 / 3,360
Equipment-furnishings / 4,458 / 1,899 / 2,940
Insurance-Liability / 6,439 / 5,309 / 4,400
Insurance-workers Comp / 718 / 774 / 800
Programs / 14,167 / 12,858 / 13,200
Repairs / 849 / 0 / 240
Compensation / 151,980 / 132,330 / 136,000
Total Expense / $194,673 / $168,075 / $172,549
Other Income/Expenses
Music Festival
Total Donations (offered to selected charities) / 6,051 / 7,983
Event Expenses (paid by Common Ground) / 1,865 / 2,510
Special Projects Expense / 1,981
Inclusivity Expense / 1,575
Prairie Farm Retreat Property
Total Donations / 44,083 / 36,086
Total Expenses / 9,743 / 10,739 / 15,000
If you have any questions, feel free to email , Attn: Dave Halsey