Financial Update from the Interim Council

February 1, 2019

Dear Shambhala Community,

The Interim Board has been working on how to continue to fund both the Shambhala organization during this difficult period and deal with a large debt that is continuing to grow from revenue shortfalls. We have been discussing over the past two months the need to sell a real estate asset and if so, which asset or assets should that be. After considerable analysis and due diligence, we have focused on Marpa House as the candidate for a sale. All of our considerations on this subject are set out in “Marpa House Potential Sale Discussion Memo” which can be found here. The Memo also includes feedback the local Interim Board directors received from a meeting that was held with Marpa House residents last week. We intend to continue to work closely with the Marpa House community as this process continues.

As explained in the Memo, our financial condition is such that the Interim Board determined that this action appears unavoidable. However, we also believe that alternative solutions could be found by tapping the creativity and generosity of the community to avoid such a difficult decision.

The Interim Board asks that you read this memo in the spirit and intention that it is offered: an opportunity for the Shambhala community to engage in creative problem solving together. We invite your ideas and suggestions to help us meet these short and long-term challenges we face as a community. You can email us at marpahouse.board@shambhala.org.

Recognizing there are no easy answers, we are committed to making the best decisions possible under the circumstances. However, we need your help in seeing all the options and alternatives and making the difficult, but optimal choices for the community. During this period of comment, we are open to meeting with individuals or groups who wish to make a serious proposal and have more detailed questions. In that regard, please contact the Interim Board rather than the Marpa House leadership.

After taking into account all of the input, we intend to proceed to make a decision on this issue on or after February 28, 2019.

On another subject, we expect to have the Wickwire Holm report available to the community in the coming days. We will also post calendar year end financial data, along with budget projections for 2019, later in February 2019.

Sincerely,
The Interim Board

Veronika Bauer
Mark Blumenfeld
Martina Bouey
John Cobb
Jen Crow
Sara Lewis
Susan Ryan
Paulina Varas

The link to the memo on the finance update page is here: https://shambhala.org/members/finance-updates/ You need to log into the members section with your Shambhala account in order to view it.

Leave a Reply

Your email address will not be published. Required fields are marked *