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Dear Friends of Saranaloka,
A primary role of Saranaloka Foundation and its board of directors is to serve as the financial stewardship organization for the nuns and their supporters. So far, 2015 has been a big year for the foundation and its vision of creating a training monastery for bhikkhunis. It's my pleasure to write to you this month to share some of our big numbers:
- We took the very big step of purchasing a $415,000 property and house for the Aloka Vihara nuns this past January.
- At the time of purchase, we made a big down payment of $165,000 and took out a 15-year bank loan for the remaining $250,000.
- We gratefully received our biggest-ever single donation of $50,000 to our Founders Fund for the property purchase.
- So far this year, we've received our biggest cumulative amount of donations to the Founders Fund in any year since our inception - currently $201,245.77 and counting, from well over 100 donors. Amazing!
- In April, we made a big prepayment of $70,000 toward our $250,000 bank loan. This reduces the amount we owe to under $180,000 and reduces the term of our loan by nearly 6 years, resulting in big savings of over $63,000 in anticipated interest costs.
- And in the months ahead, we hope to report even more big prepayments thanks to our supporters' continuing generosity.
As a board member, I find it a big relief not to have worry about money - a rare "luxury" for a nonprofit board. It's a joy to trust in the generosity that the nuns - and the Dhamma - have inspired in so many people in California, across the country, and around the world. Every step of the way, so many individuals have given generously toward our shared vision. This includes not only the many special donations to the Founders Fund but also the ongoing donations to our general fund for the everyday costs of supporting Aloka Vihara and the nuns. So I'd like to share with you a big thank you from the board for making 2015 such a big year for the Saranaloka Foundation and the nuns (and we're still only in June!).
For those interested in details about last year's finances, we have posted a copy of our 2014 IRS Form 990 on the Saranaloka Foundation website.
In closing, we thank Amanda Kimball, who recently completed a term on the board, for her generous service. We are also happy to welcome Julie Dehart, who joined the board in April. Julie has been an active member of the Sacramento Buddhist community for nearly 20 years and has practiced with and supported both nuns and monks in the Theravada Forest Tradition since 2000. Most recently, she helped coordinate Ayya Jayati's ordination festivities this past November. Julie joins board members Sue Boeger, Wren Withers, and myself. (You can read more about Julie and the other board members here.)
Kind regards,
Dennis Crean
Board Member, Saranaloka Foundation
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