2015 Annual Financial Report
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Rochester Zen Center A Buddhist Community
Annual Report of Trustees Pursuant to New York Not-for-Profit Corporation Law Section 519
Presented at the Fiftieth Annual Corporate Meeting May 28, 2016
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The record date for the Center’s 2016 Annual Meeting was April 28, 2016. As of that date, the Center had 445 members. The record date for the Center’s 2015 Annual Meeting was April 16, 2015. As of that date, the Center had 441 members. Accordingly, the Center’s membership has increased by four during this period. The names and places of residence of the Center’s current members may be found in the records of the Center’s Secretary.
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ROCHESTER ZEN CENTER SUMMARY OF 2015 ANNUAL FINANCIAL RESULTS
2015
2014
As of December 31, 2015
12/31/15 as % of 2015 Budget
As of December 31, 2014
12/31/14 as % of 2014 Budget
Year-to-Date Operating Revenue Year-to Date Operating Expenses
$403,546 $475,003
102% 98%
$395,975 $461,804
100% 99%
YTD Revenue Less Expenses YTD Operating Draw from Investments (5%)
($71,457) $60,788
($65,830) $57,371
YTD Net Operating Surplus (Loss)
($10,668)
($8,458)
Membership Contributions
$177,426
Accumulated Operating Surplus (Loss) at 5% draw since 2009 Inception of Current System
$20,919
$31,587
YTD Investment Gain (Loss) YTD Operating Draw from Investments (5%)
$21,493 ($60,788)
$102,045 ($57,371)
YTD Net Investment Gain (Loss) YTD Legacies and Special Donations
($39,296) $0
$44,674 $0
YTD Total Investment Fund Change
($39,296)
$44,674
96%
$180,600
99%
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ROCHESTER ZEN CENTER BALANCE SHEET – December 31, 2015 Operating Fund
Investment Fund
Held for Others
Realty and Art (Carried at Cost)
Total
ASSETS CURRENT ASSETS Cash & Money Market* Inventories Accounts Receivable Prepaid Expenses Earmarked Donations (Contra)
156,373.53 5,421.87 22,735.79 28,268.93 (109,027.51)
173,619.30 0.00 0.00 0.00 0.00
268,359.41 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
598,352.24 5,421.87 22,735.79 28,268.93 (109,027.51)
Total Current Assets
103,772.61
173,619.30
268,359.41
0.00
545,751.32
NON-CURRENT ASSETS Non-Equity Investments (At Book) Equity Investments (At Market) Mortgage Loans Outstanding Depreciable Fixed Assets (Net) Buildings & Land (At Cost) Buddhist Art & Implements (At Cost)
0.00 0.00 0.00 255,319.69 0.00 0.00
197,781.83 800,479.79 77,702.54 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 5,366,162.27 118,419.07
197,781.83 800,479.79 77,702.54 255,319.69 5,366,162.27 118,419.07
Total Non-Current Assets
255,319.69
1,075,964.16
0.00
5,484,581.34
6,815,865.19
TOTAL ASSETS
359,092.30
1,249,583.46
268,359.41
5,484,581.34
7,361,616.51
CURRENT LIABILITIES Taxes, Medicare, SS Payable Prepaid Income Other Current Liabilities
2,353.70 28,600.00 3,393.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
2,353.70 28,600.00 3,393.00
Total Current Liabilities
34,346.70
0.00
0.00
0.00
34,346.70
LONG-TERM LIABILITIES Accrued Staff Departure Fund Auckland Zen Centre Fund Louisville Zen Center Fund Abbot's Scholarship Fund
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
1,109.89 243.40 250,064.60 16,941.52
0.00 0.00 0.00 0.00
1,109.89 243.40 250,064.60 16,941.52
Total Long-Term Liabilities
0.00
0.00
268,359.41
0.00
268,359.41
EQUITY »»Year-to-Date Revenues »»(Less Year-to-Date Expenses)
403,546.19 475,002.81
21,492.69 0.00
0.00 0.00
0.00 0.00
425,038.88 475,002.81
»YTD Revenues Less Expenses »YTD Investment Draw (5% per annum)
(71,456.62) 60,788.32
21,492.69 (60,788.32)
0.00 0.00
0.00 0.00
(49,963.93) 0.00
Year-to-Date Net Surplus (Loss) Previous Year-End Fund Balances
(10,668.30) 335,413.90
(39,295.63) 1,288,879.09
0.00 0.00
0.00 5,484,581.34
(49,963.93) 7,108,874.33
Total Equity (Current Fund Balances)
324,745.60
1,249,583.46
0.00
5,484,581.34
7,058,910.40
TOTAL LIABILITIES & EQUITY
359,092.30
1,249,583.46
268,359.41
5,484,581.34
7,361,616.51
LIABILITIES & EQUITY
*Adjusted to consolidate all Investment Fund money market & cash into single account
5 of 10 ROCHESTER ZEN CENTER Income and Expense Statement for the Quarter Ended December 31, 2015 Account
4Q2015 Actual
GENERAL OPERATING FUND - INCOME ACCOUNTS Net Item Sales Income Net Special Events Income 40143G Royalty Income 40150G Zen Bow Income 40151G Membership Contributions 4C151G CM Operating Donations 40152G Workshop Income 40153G Training Program Income 4C153G CM Training Program Income 40159G Buddha Hall Rental Income 4C159G Net CM Rental Income 40160/2G Misc. Income & Contributions 4C160G CM Miscellaneous Income 40161G Sesshin Income Total Operating Revenue GENERAL OPERATING FUND - EXPENSE ACCOUNTS 60170G Charity Expenses 60171G Zen Bow Expenses 60172G Teaching Expenses 6C172G CM Teaching Expenses 60175G Medical & Health Insurance 6C175G CM Medical & Health Insurance 60176G Staff Salary Expense 6C176G CM Staff Salary Expense 60177G Kitchen Expenses 6C177G CM Kitchen Expenses 60178G Housekeeping Expenses 6C178G CM Housekeeping Expenses 60179G To Staff Departure Fund 6C179G CM Staff Departure Fund 60180G Misc Administrative Expenses 6C180G CM Misc Administrative Expense 60181G Office Expenses 6C181G CM Office Expenses 60182G Telecommunications Expenses 6C182G CM Telecommunications Expenses 60183G Gas & Electricity Expenses 6C183G CM Utility Expenses 60184G Repair & Maintenance Expenses 6C184G CM Rep & Maintenance Expenses 60186G Insurance Expenses 6C186G CM Insurance Expenses 60187G Fundraising & Advertising Exp. 60188G Garden & Grounds Expenses 6C188G CM Garden & Grounds Expenses 60189G Library Expenses 60190G Automobile Expenses 6C190G CM Automobile Expenses 60191G Taxes & Municipal Fees 6C191G CM Tax & User Fee Expenses 60192G Computer Expenses 60193G Banking, PayPal & Crdt Crd Fees Income and Expense Statement, page 1 of 2
2015 Budget
% of Budget
47%
4Q2014 Actual
$468 $0 $7,904 $420 $177,426 $39,518 $13,470 $3,788 $45 $13,847 $67,884 $14,538 $523 $63,715
$1,000 $0 $6,500 $600 $185,000 $40,000 $15,000 $6,000 $200 $13,500 $52,000 $12,500 $300 $63,000
122% 70% 96% 99% 90% 63% 23% 103% 131% 116% 174% 101%
$1,565 $0 $7,025 $535 $180,600 $38,644 $13,707 $7,593 $0 $13,646 $60,532 $12,342 $92 $59,694
$403,546
$395,600
102%
$395,975
$435 $4,472 $3,244 $66 $78,672 $22,210 $66,294 $12,731 $42,258 $9,801 $4,327 $1,880 $21,185 $5,324 $2,393 $97 $4,541 $975 $4,957 $3,586 $7,762 $13,080 $15,122 $21,562 $37,053 $22,032 $1,800 $2,266 $3,101 $139 $8,671 $6,134 $7,006 $5,732 $2,532 $503
$500 $6,000 $3,500 $200 $83,800 $18,500 $68,300 $12,500 $43,000 $7,000 $6,000 $2,300 $21,200 $5,300 $1,500 $100 $4,400 $500 $5,300 $4,400 $9,700 $16,100 $17,000 $15,300 $37,200 $22,300 $1,500 $3,200 $5,500 $300 $9,000 $3,000 $6,700 $4,200 $3,000 $500
87% 75% 93% 33% 94% 120% 97% 102% 98% 140% 72% 82% 100% 100% 160% 97% 103% 195% 94% 81% 80% 81% 89% 141% 100% 99% 120% 71% 56% 46% 96% 204% 105% 136% 84% 101%
$0 $5,845 $2,135 $62 $81,948 $15,696 $64,170 $13,175 $41,706 $7,374 $4,434 $2,393 $18,856 $5,324 $911 $225 $4,241 $575 $5,642 $4,388 $10,028 $17,209 $11,799 $18,678 $34,680 $20,590 $1,255 $3,563 $3,547 $287 $12,157 $4,358 $6,780 $5,347 $3,014 $203
6 of 10 ROCHESTER ZEN CENTER Income and Expense Statement for the Quarter Ended December 31, 2015 Account 6C192G 60300G 60389G 6C389G 60500G
4Q2015 Actual CM Computer Expenses Bad Debt Expense Depreciation Expense CM Depreciation Expense Contingency (Budget Use Only)
2015 Budget
$379 $100 $21,385 $9,197
$500 $0 $21,200 $8,400 $5,000
$475,003
Operating Revenue Less Expenses 40168G Operating Draw from Investments Total Net Operating Surplus (Loss)
Total Operating Expenses
Extraordinary Income & Expenses
CAPITAL EXPENDITURES 15000G Furniture and Fixtures 15100G Equipment and Computers 15200G Motor Vehicles Non-CM Capital Expenditures
% of Budget 76%
4Q2014 Actual
101% 109%
$877 $0 $20,532 $7,800
$483,900
98%
$461,804
($71,457) $60,788
($88,300) $60,400
101%
($65,830) $57,371
($10,668)
($27,900)
38%
($8,458)
$0
$0
$33,053 $0 $0
$0 $953 $8,179
$33,053
$36,278
91%
$9,132
$5,017
$5,000
100%
$14,433
Total Capital Expenditures
$38,070
$41,278
92%
$23,565
INVESTMENT FUND 40167I ML Equity YTD Gain (Loss) 40168I Interest Income (IF) 40170I Other Income (IF)
$10,651 $10,841 $0
$89,085 $12,950 $10
$21,493
$102,045
($60,788) ($39,296)
($57,371) $44,674
1C500G
CM Capital Expenditures
Gross Investment Income 60168I
Operating Draw from Investments Investment Income Less Draw
40155I
Legacies & Special Donations
Total Net Investment Fund Gain (Loss)
Income and Expense Statement, page 2 of 2
$0 ($39,296)
$0 $44,674
7 of 10 ROCHESTER ZEN CENTER Past-Year Comparison – December 31, 2015 31-Dec-15 GENERAL OPERATING FUND – INCOME Net Item Sales Income Net Special Events Income 40143G Royalty Income 40150G Zen Bow Income 40151G Membership Contributions 4C151G CM Operating Donations 40152G Workshop Income 40153G Training Program Income 4C153G CM Training Program Income 40159G Buddha Hall Rental Income Net CM Rental Income 40160/2G Misc. Income & Contributions 4C160G CM Miscellaneous Income 40161G Sesshin Income
Average 2010-2014
31-Dec-14
31-Dec-13
31-Dec-12
31-Dec-11
31-Dec-10
468 0 7,904 420 177,426 39,518 13,470 3,788 45 13,847 67,884 14,538 523 63,715
1,310 (2,356) 7,109 530 178,175 40,187 14,761 4,999 66 13,145 50,218 13,074 198 62,313
1,565 0 7,025 535 180,600 38,644 13,707 7,593 0 13,646 60,532 12,342 92 59,694
821 601 7,323 377 182,649 38,800 13,213 5,280 0 13,544 58,507 12,448 800 65,447
1,251 316 5,662 627 180,040 39,141 16,145 4,605 300 12,941 49,269 12,930 100 63,715
2,035 (5,551) 7,189 277 176,032 40,514 16,150 3,825 15 12,912 40,490 13,745 0 63,659
878 (7,148) 8,348 835 171,554 43,835 14,590 3,690 15 12,681 42,290 13,904 0 59,049
403,546
383,728
395,975
399,810
387,041
371,293
364,520
435 4,472 3,244 66 78,672 22,210 66,294 12,731 42,258 9,801 4,327 1,880 21,185 5,324 2,393 97 4,541 975 4,957 3,586 7,762 13,080 15,122 21,562 37,053 22,032 1,800 0 2,266 3,101 139 8,671 6,134 7,006 5,732 2,532 379 503 100 21,385 9,197
496 6,033 4,391 145 66,602 13,417 57,489 10,847 37,601 6,870 5,085 2,058 16,700 4,548 1,633 116 4,654 317 5,468 3,780 9,486 15,734 22,363 16,010 30,649 18,262 1,106 18 3,791 4,756 137 15,164 3,156 6,677 4,319 2,206 390
719 6,368 4,059 137 78,102 13,153 63,210 12,732 43,424 8,754 4,896 1,372 21,629 5,324 1,471 155 3,012 14 6,733 3,479 8,901 13,621 21,294 18,386 28,387 16,405 1,589 0 2,586 5,675 142 16,004 2,956 6,649 4,946 2,512 446
0 4,452 2,071 153 66,426 13,725 55,481 9,931 38,401 5,906 6,853 2,585 17,081 3,549 1,206 0 5,638 371 5,233 3,731 6,414 12,207 27,527 16,969 31,112 17,873 1,400 0 2,941 6,298 0 14,152 2,351 6,645 4,296 2,697 338
442 9,561 1,924 292 52,654 13,189 51,688 9,388 33,349 6,705 3,605 1,936 13,070 4,548 1,212 100 5,447 238 4,786 3,842 10,460 16,641 24,482 16,919 32,743 21,456 1,060 0 7,256 2,851 0 13,921 2,492 6,690 4,137 944 89
1,321 3,939 11,768 80 53,878 11,323 52,896 9,007 31,125 5,611 5,639 2,004 12,866 3,993 3,366 100 4,929 387 4,946 3,462 11,627 18,993 26,712 9,097 26,322 14,988 225 90 2,610 5,409 256 19,584 3,626 6,620 2,871 1,861 200
110 16,749 8,140
0 5,845 2,135 62 81,948 15,696 64,170 13,175 41,706 7,374 4,434 2,393 18,856 5,324 911 225 4,241 575 5,642 4,388 10,028 17,209 11,799 18,678 34,680 20,590 1,255 0 3,563 3,547 287 12,157 4,358 6,780 5,347 3,014 877 203 0 20,532 7,800
385 19,190 7,820
163 17,008 9,183
0 13,996 8,111
0 13,018 7,784
475,003
427,513
461,804
456,637
422,366
402,225
394,531
YTD Operating Income Less Expenses 40168G Operating Draw from Investments
(71,457) 60,788
(43,785) 52,142
(65,830) 57,371
(56,827) 54,795
(35,326) 51,861
(30,932) 50,347
(30,011) 46,336
Total Net Operating Surplus (Loss)
(10,668)
8,357
(8,458)
(2,033)
16,536
19,415
16,324
0
10,000
0
Total YTD Operating Income GENERAL OPERATING FUND – EXPENSES 60170G Charity Expenses 60171G Zen Bow Expenses 60172G Teaching Expenses 6C172G CM Teaching Expenses 60175G Medical & Health Insurance 6C175G CM Medical & Health Insurance 60176G Staff Salary Expense 6C176G CM Staff Salary Expense 60177G Kitchen Expenses 6C177G CM Kitchen Expenses 60178G Housekeeping Expenses 6C178G CM Housekeeping Expenses 60179G To Staff Departure Fund 6C179G CM Staff Departure Fund 60180G Misc Administrative Expenses 6C180G CM Misc Administrative Expense 60181G Office Expenses 6C181G CM Office Expenses 60182G Telecommunications Expenses 6C182G CM Telecommunications Expenses 60183G Gas & Electricity Expenses 6C183G CM Utility Expenses 60184G Repair & Maintenance Expenses 6C184G CM Rep & Maintenance Expenses 60186G Insurance Expenses 6C186G CM Insurance Expenses 60187G Fundraising & Advertising Exp. 6C187G CM Fundraising & Adv Expenses 60188G Garden & Grounds Expenses 6C188G CM Garden & Grounds Expenses 60189G Library Expenses 60190G Automobile Expenses 6C190G CM Automobile Expenses 60191G Taxes & Municipal Fees CM Tax & User Fee Expenses 6C191G 60192G Computer Expenses 6C192G CM Computer Expenses 60193G Banking, PayPal & Crdt Crd Fees 60300G Bad Debt & Theft Expense 60389G Depreciation Expense 6C389G CM Depreciation Expense Total YTD Operating Expenses
Extraordinary Income & Expenses
Past-Year Comparisons, page 1 of 2
0
2,000
0
0
8 of 10 ROCHESTER ZEN CENTER Past-Year Comparison – December 31, 2015 31-Dec-15
Average 2010-2014
31-Dec-14
31-Dec-13
31-Dec-12
31-Dec-11
31-Dec-10
CAPITAL EXPENDITURES 15000G Furniture and Fixtures 15100G Equipment and Computers 15200G Motor Vehicles 1C500G CM Capital Expenditures Total YTD Capital Expenditures
33,053 0 0 5,017 38,070
23,274 3,513 3,140 13,568 43,495
0 953 8,179 14,433 23,565
938 746 3,684 6,963 12,332
61,746 5,209 0 32,831 99,786
4,111 9,589 0 7,436 21,136
49,575 1,068 3,838 6,178 60,659
INVESTMENT FUND 40167I ML Equity YTD Gain (Loss) 40168I Interest Income (IF) 40170I Other Income (IF) 40181I W&R YTD Gain (Loss)
10,651 10,841 0 0
89,209 13,123 47 69
89,085 12,950 10 0
164,376 7,772 14 0
112,076 13,941 87 73
2,726 14,369 46 18
77,784 16,582 77 252
21,493
102,448
102,045
172,162
126,178
17,160
94,694
(60,788)
(52,142)
(57,371)
(54,795)
(51,861)
(50,347)
(46,336)
(39,296)
50,306
44,674
117,368
74,317
(33,187)
48,359
12,523
0
6,500
10,000
62,829
44,674
123,868
84,317
Gross YTD Investment Fund Income 60168I
Operating Draw from Investments
Net Investment Fund Gain (Loss) 40155I
Legacies and Special Donations
Total YTD Investment Fund Change
Past-Year Comparisons, page 2 of 2
0 (39,296)
0 (33,187)
46,113 94,472
9 of 10 ROCHESTER ZEN CENTER INVESTMENT FUND – December 31, 2015
Account
14052I
10006I
13200I
14100I 14106I
Instrument
As Carried on Balance Sheet
Equity Investments* Merrill Lynch Equities Account** IF Equities
At Market $800,480 $800,480
Cash & Money Market IF Share of Money Market Funds & Cash** IF Cash & Money Market
$173,819 $173,819
Fixed-Income Investments Merrill Lynch Fixed-Income Account** Total Fixed-Income Investments
Cost Basis $197,782 $197,782
Market Value
Cost Basis
Gain (Loss)
64%
$800,480 $800,480
$177,361 $177,361
$623,119 $623,119
14%
$173,819 $173,819
$173,819 $173,819
16%
$190,499 $190,499
$197,782 $197,782
Loans Zengården Mtg Loan (variable %) 3/31/25 Mdsn ZC Mtg Loan 5.08% 7/31/18 Total Loans
Outstanding $70,110 $8,276 $78,386
6%
Investment Fund Total
$1,250,467
100%
($7,283) ($7,283)
Original $135,637 $35,739 $171,376
* Donated equities that do not meet the Center's ethical investment criteria must be sold by the Center's Finance Committee within one year **Adjusted to report all Investment Fund money market & cash as residing in account 10006
Annual Return on Basis
Est. Annual Fixed Income
Current Int Rate 0.07% 0.07%
$122 $122
Crrnt Rtrn on Basis 4.03% 4.03% Loan Rate 2.92% 5.08%
$7,978 $7,978
$2,246 $321 $2,566 $10,666
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Peter (Bodhin) Kjolhede President, Rochester Zen Center State of New York ) ) ss. County of Monroe ) On the day of May in the year 2016, before me personally came Peter (Bodhin) Kjolhede, to me known, who, being by me duly sworn, did depose and say that he resides at 308 San Gabriel Drive, Rochester, NY 14610; that he is the President of the Rochester Zen Center, the corporation described in and which executed the above instrument; that he knows the seal of said corporation; that the seal affixed to said instrument is such corporate seal; that it was so affixed by order of the Board of Trustees of said corporation, and that he signed his name thereto by like order. In Witness Whereof, I have hereunto set my hand and affixed my official seal.
Colleen O’Brien Treasurer, Rochester Zen Center State of New York ) ) ss. County of Monroe ) On the day of May in the year 2016, before me personally came Colleen O’Brien, to me known, who, being by me duly sworn, did depose and say that she resides at 100 7th Street, Apartment 1009, Pittsburgh, PA 15222; that she is the Treasurer of the Rochester Zen Center, the corporation described in and which executed the above instrument; that she knows the seal of said corporation; that the seal affixed to said instrument is such corporate seal; that it was so affixed by order of the Board of Trustees of said corporation, and that she signed her name thereto by like order. In Witness Whereof, I have hereunto set my hand and affixed my official seal.
Rochester Zen Center A Buddhist Community
Annual Report of Trustees Pursuant to New York Not-for-Profit Corporation Law Section 519
Presented at the Fiftieth Annual Corporate Meeting May 28, 2016
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The record date for the Center’s 2016 Annual Meeting was April 28, 2016. As of that date, the Center had 445 members. The record date for the Center’s 2015 Annual Meeting was April 16, 2015. As of that date, the Center had 441 members. Accordingly, the Center’s membership has increased by four during this period. The names and places of residence of the Center’s current members may be found in the records of the Center’s Secretary.
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ROCHESTER ZEN CENTER SUMMARY OF 2015 ANNUAL FINANCIAL RESULTS
2015
2014
As of December 31, 2015
12/31/15 as % of 2015 Budget
As of December 31, 2014
12/31/14 as % of 2014 Budget
Year-to-Date Operating Revenue Year-to Date Operating Expenses
$403,546 $475,003
102% 98%
$395,975 $461,804
100% 99%
YTD Revenue Less Expenses YTD Operating Draw from Investments (5%)
($71,457) $60,788
($65,830) $57,371
YTD Net Operating Surplus (Loss)
($10,668)
($8,458)
Membership Contributions
$177,426
Accumulated Operating Surplus (Loss) at 5% draw since 2009 Inception of Current System
$20,919
$31,587
YTD Investment Gain (Loss) YTD Operating Draw from Investments (5%)
$21,493 ($60,788)
$102,045 ($57,371)
YTD Net Investment Gain (Loss) YTD Legacies and Special Donations
($39,296) $0
$44,674 $0
YTD Total Investment Fund Change
($39,296)
$44,674
96%
$180,600
99%
4 of 10
ROCHESTER ZEN CENTER BALANCE SHEET – December 31, 2015 Operating Fund
Investment Fund
Held for Others
Realty and Art (Carried at Cost)
Total
ASSETS CURRENT ASSETS Cash & Money Market* Inventories Accounts Receivable Prepaid Expenses Earmarked Donations (Contra)
156,373.53 5,421.87 22,735.79 28,268.93 (109,027.51)
173,619.30 0.00 0.00 0.00 0.00
268,359.41 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
598,352.24 5,421.87 22,735.79 28,268.93 (109,027.51)
Total Current Assets
103,772.61
173,619.30
268,359.41
0.00
545,751.32
NON-CURRENT ASSETS Non-Equity Investments (At Book) Equity Investments (At Market) Mortgage Loans Outstanding Depreciable Fixed Assets (Net) Buildings & Land (At Cost) Buddhist Art & Implements (At Cost)
0.00 0.00 0.00 255,319.69 0.00 0.00
197,781.83 800,479.79 77,702.54 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 5,366,162.27 118,419.07
197,781.83 800,479.79 77,702.54 255,319.69 5,366,162.27 118,419.07
Total Non-Current Assets
255,319.69
1,075,964.16
0.00
5,484,581.34
6,815,865.19
TOTAL ASSETS
359,092.30
1,249,583.46
268,359.41
5,484,581.34
7,361,616.51
CURRENT LIABILITIES Taxes, Medicare, SS Payable Prepaid Income Other Current Liabilities
2,353.70 28,600.00 3,393.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
2,353.70 28,600.00 3,393.00
Total Current Liabilities
34,346.70
0.00
0.00
0.00
34,346.70
LONG-TERM LIABILITIES Accrued Staff Departure Fund Auckland Zen Centre Fund Louisville Zen Center Fund Abbot's Scholarship Fund
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
1,109.89 243.40 250,064.60 16,941.52
0.00 0.00 0.00 0.00
1,109.89 243.40 250,064.60 16,941.52
Total Long-Term Liabilities
0.00
0.00
268,359.41
0.00
268,359.41
EQUITY »»Year-to-Date Revenues »»(Less Year-to-Date Expenses)
403,546.19 475,002.81
21,492.69 0.00
0.00 0.00
0.00 0.00
425,038.88 475,002.81
»YTD Revenues Less Expenses »YTD Investment Draw (5% per annum)
(71,456.62) 60,788.32
21,492.69 (60,788.32)
0.00 0.00
0.00 0.00
(49,963.93) 0.00
Year-to-Date Net Surplus (Loss) Previous Year-End Fund Balances
(10,668.30) 335,413.90
(39,295.63) 1,288,879.09
0.00 0.00
0.00 5,484,581.34
(49,963.93) 7,108,874.33
Total Equity (Current Fund Balances)
324,745.60
1,249,583.46
0.00
5,484,581.34
7,058,910.40
TOTAL LIABILITIES & EQUITY
359,092.30
1,249,583.46
268,359.41
5,484,581.34
7,361,616.51
LIABILITIES & EQUITY
*Adjusted to consolidate all Investment Fund money market & cash into single account
5 of 10 ROCHESTER ZEN CENTER Income and Expense Statement for the Quarter Ended December 31, 2015 Account
4Q2015 Actual
GENERAL OPERATING FUND - INCOME ACCOUNTS Net Item Sales Income Net Special Events Income 40143G Royalty Income 40150G Zen Bow Income 40151G Membership Contributions 4C151G CM Operating Donations 40152G Workshop Income 40153G Training Program Income 4C153G CM Training Program Income 40159G Buddha Hall Rental Income 4C159G Net CM Rental Income 40160/2G Misc. Income & Contributions 4C160G CM Miscellaneous Income 40161G Sesshin Income Total Operating Revenue GENERAL OPERATING FUND - EXPENSE ACCOUNTS 60170G Charity Expenses 60171G Zen Bow Expenses 60172G Teaching Expenses 6C172G CM Teaching Expenses 60175G Medical & Health Insurance 6C175G CM Medical & Health Insurance 60176G Staff Salary Expense 6C176G CM Staff Salary Expense 60177G Kitchen Expenses 6C177G CM Kitchen Expenses 60178G Housekeeping Expenses 6C178G CM Housekeeping Expenses 60179G To Staff Departure Fund 6C179G CM Staff Departure Fund 60180G Misc Administrative Expenses 6C180G CM Misc Administrative Expense 60181G Office Expenses 6C181G CM Office Expenses 60182G Telecommunications Expenses 6C182G CM Telecommunications Expenses 60183G Gas & Electricity Expenses 6C183G CM Utility Expenses 60184G Repair & Maintenance Expenses 6C184G CM Rep & Maintenance Expenses 60186G Insurance Expenses 6C186G CM Insurance Expenses 60187G Fundraising & Advertising Exp. 60188G Garden & Grounds Expenses 6C188G CM Garden & Grounds Expenses 60189G Library Expenses 60190G Automobile Expenses 6C190G CM Automobile Expenses 60191G Taxes & Municipal Fees 6C191G CM Tax & User Fee Expenses 60192G Computer Expenses 60193G Banking, PayPal & Crdt Crd Fees Income and Expense Statement, page 1 of 2
2015 Budget
% of Budget
47%
4Q2014 Actual
$468 $0 $7,904 $420 $177,426 $39,518 $13,470 $3,788 $45 $13,847 $67,884 $14,538 $523 $63,715
$1,000 $0 $6,500 $600 $185,000 $40,000 $15,000 $6,000 $200 $13,500 $52,000 $12,500 $300 $63,000
122% 70% 96% 99% 90% 63% 23% 103% 131% 116% 174% 101%
$1,565 $0 $7,025 $535 $180,600 $38,644 $13,707 $7,593 $0 $13,646 $60,532 $12,342 $92 $59,694
$403,546
$395,600
102%
$395,975
$435 $4,472 $3,244 $66 $78,672 $22,210 $66,294 $12,731 $42,258 $9,801 $4,327 $1,880 $21,185 $5,324 $2,393 $97 $4,541 $975 $4,957 $3,586 $7,762 $13,080 $15,122 $21,562 $37,053 $22,032 $1,800 $2,266 $3,101 $139 $8,671 $6,134 $7,006 $5,732 $2,532 $503
$500 $6,000 $3,500 $200 $83,800 $18,500 $68,300 $12,500 $43,000 $7,000 $6,000 $2,300 $21,200 $5,300 $1,500 $100 $4,400 $500 $5,300 $4,400 $9,700 $16,100 $17,000 $15,300 $37,200 $22,300 $1,500 $3,200 $5,500 $300 $9,000 $3,000 $6,700 $4,200 $3,000 $500
87% 75% 93% 33% 94% 120% 97% 102% 98% 140% 72% 82% 100% 100% 160% 97% 103% 195% 94% 81% 80% 81% 89% 141% 100% 99% 120% 71% 56% 46% 96% 204% 105% 136% 84% 101%
$0 $5,845 $2,135 $62 $81,948 $15,696 $64,170 $13,175 $41,706 $7,374 $4,434 $2,393 $18,856 $5,324 $911 $225 $4,241 $575 $5,642 $4,388 $10,028 $17,209 $11,799 $18,678 $34,680 $20,590 $1,255 $3,563 $3,547 $287 $12,157 $4,358 $6,780 $5,347 $3,014 $203
6 of 10 ROCHESTER ZEN CENTER Income and Expense Statement for the Quarter Ended December 31, 2015 Account 6C192G 60300G 60389G 6C389G 60500G
4Q2015 Actual CM Computer Expenses Bad Debt Expense Depreciation Expense CM Depreciation Expense Contingency (Budget Use Only)
2015 Budget
$379 $100 $21,385 $9,197
$500 $0 $21,200 $8,400 $5,000
$475,003
Operating Revenue Less Expenses 40168G Operating Draw from Investments Total Net Operating Surplus (Loss)
Total Operating Expenses
Extraordinary Income & Expenses
CAPITAL EXPENDITURES 15000G Furniture and Fixtures 15100G Equipment and Computers 15200G Motor Vehicles Non-CM Capital Expenditures
% of Budget 76%
4Q2014 Actual
101% 109%
$877 $0 $20,532 $7,800
$483,900
98%
$461,804
($71,457) $60,788
($88,300) $60,400
101%
($65,830) $57,371
($10,668)
($27,900)
38%
($8,458)
$0
$0
$33,053 $0 $0
$0 $953 $8,179
$33,053
$36,278
91%
$9,132
$5,017
$5,000
100%
$14,433
Total Capital Expenditures
$38,070
$41,278
92%
$23,565
INVESTMENT FUND 40167I ML Equity YTD Gain (Loss) 40168I Interest Income (IF) 40170I Other Income (IF)
$10,651 $10,841 $0
$89,085 $12,950 $10
$21,493
$102,045
($60,788) ($39,296)
($57,371) $44,674
1C500G
CM Capital Expenditures
Gross Investment Income 60168I
Operating Draw from Investments Investment Income Less Draw
40155I
Legacies & Special Donations
Total Net Investment Fund Gain (Loss)
Income and Expense Statement, page 2 of 2
$0 ($39,296)
$0 $44,674
7 of 10 ROCHESTER ZEN CENTER Past-Year Comparison – December 31, 2015 31-Dec-15 GENERAL OPERATING FUND – INCOME Net Item Sales Income Net Special Events Income 40143G Royalty Income 40150G Zen Bow Income 40151G Membership Contributions 4C151G CM Operating Donations 40152G Workshop Income 40153G Training Program Income 4C153G CM Training Program Income 40159G Buddha Hall Rental Income Net CM Rental Income 40160/2G Misc. Income & Contributions 4C160G CM Miscellaneous Income 40161G Sesshin Income
Average 2010-2014
31-Dec-14
31-Dec-13
31-Dec-12
31-Dec-11
31-Dec-10
468 0 7,904 420 177,426 39,518 13,470 3,788 45 13,847 67,884 14,538 523 63,715
1,310 (2,356) 7,109 530 178,175 40,187 14,761 4,999 66 13,145 50,218 13,074 198 62,313
1,565 0 7,025 535 180,600 38,644 13,707 7,593 0 13,646 60,532 12,342 92 59,694
821 601 7,323 377 182,649 38,800 13,213 5,280 0 13,544 58,507 12,448 800 65,447
1,251 316 5,662 627 180,040 39,141 16,145 4,605 300 12,941 49,269 12,930 100 63,715
2,035 (5,551) 7,189 277 176,032 40,514 16,150 3,825 15 12,912 40,490 13,745 0 63,659
878 (7,148) 8,348 835 171,554 43,835 14,590 3,690 15 12,681 42,290 13,904 0 59,049
403,546
383,728
395,975
399,810
387,041
371,293
364,520
435 4,472 3,244 66 78,672 22,210 66,294 12,731 42,258 9,801 4,327 1,880 21,185 5,324 2,393 97 4,541 975 4,957 3,586 7,762 13,080 15,122 21,562 37,053 22,032 1,800 0 2,266 3,101 139 8,671 6,134 7,006 5,732 2,532 379 503 100 21,385 9,197
496 6,033 4,391 145 66,602 13,417 57,489 10,847 37,601 6,870 5,085 2,058 16,700 4,548 1,633 116 4,654 317 5,468 3,780 9,486 15,734 22,363 16,010 30,649 18,262 1,106 18 3,791 4,756 137 15,164 3,156 6,677 4,319 2,206 390
719 6,368 4,059 137 78,102 13,153 63,210 12,732 43,424 8,754 4,896 1,372 21,629 5,324 1,471 155 3,012 14 6,733 3,479 8,901 13,621 21,294 18,386 28,387 16,405 1,589 0 2,586 5,675 142 16,004 2,956 6,649 4,946 2,512 446
0 4,452 2,071 153 66,426 13,725 55,481 9,931 38,401 5,906 6,853 2,585 17,081 3,549 1,206 0 5,638 371 5,233 3,731 6,414 12,207 27,527 16,969 31,112 17,873 1,400 0 2,941 6,298 0 14,152 2,351 6,645 4,296 2,697 338
442 9,561 1,924 292 52,654 13,189 51,688 9,388 33,349 6,705 3,605 1,936 13,070 4,548 1,212 100 5,447 238 4,786 3,842 10,460 16,641 24,482 16,919 32,743 21,456 1,060 0 7,256 2,851 0 13,921 2,492 6,690 4,137 944 89
1,321 3,939 11,768 80 53,878 11,323 52,896 9,007 31,125 5,611 5,639 2,004 12,866 3,993 3,366 100 4,929 387 4,946 3,462 11,627 18,993 26,712 9,097 26,322 14,988 225 90 2,610 5,409 256 19,584 3,626 6,620 2,871 1,861 200
110 16,749 8,140
0 5,845 2,135 62 81,948 15,696 64,170 13,175 41,706 7,374 4,434 2,393 18,856 5,324 911 225 4,241 575 5,642 4,388 10,028 17,209 11,799 18,678 34,680 20,590 1,255 0 3,563 3,547 287 12,157 4,358 6,780 5,347 3,014 877 203 0 20,532 7,800
385 19,190 7,820
163 17,008 9,183
0 13,996 8,111
0 13,018 7,784
475,003
427,513
461,804
456,637
422,366
402,225
394,531
YTD Operating Income Less Expenses 40168G Operating Draw from Investments
(71,457) 60,788
(43,785) 52,142
(65,830) 57,371
(56,827) 54,795
(35,326) 51,861
(30,932) 50,347
(30,011) 46,336
Total Net Operating Surplus (Loss)
(10,668)
8,357
(8,458)
(2,033)
16,536
19,415
16,324
0
10,000
0
Total YTD Operating Income GENERAL OPERATING FUND – EXPENSES 60170G Charity Expenses 60171G Zen Bow Expenses 60172G Teaching Expenses 6C172G CM Teaching Expenses 60175G Medical & Health Insurance 6C175G CM Medical & Health Insurance 60176G Staff Salary Expense 6C176G CM Staff Salary Expense 60177G Kitchen Expenses 6C177G CM Kitchen Expenses 60178G Housekeeping Expenses 6C178G CM Housekeeping Expenses 60179G To Staff Departure Fund 6C179G CM Staff Departure Fund 60180G Misc Administrative Expenses 6C180G CM Misc Administrative Expense 60181G Office Expenses 6C181G CM Office Expenses 60182G Telecommunications Expenses 6C182G CM Telecommunications Expenses 60183G Gas & Electricity Expenses 6C183G CM Utility Expenses 60184G Repair & Maintenance Expenses 6C184G CM Rep & Maintenance Expenses 60186G Insurance Expenses 6C186G CM Insurance Expenses 60187G Fundraising & Advertising Exp. 6C187G CM Fundraising & Adv Expenses 60188G Garden & Grounds Expenses 6C188G CM Garden & Grounds Expenses 60189G Library Expenses 60190G Automobile Expenses 6C190G CM Automobile Expenses 60191G Taxes & Municipal Fees CM Tax & User Fee Expenses 6C191G 60192G Computer Expenses 6C192G CM Computer Expenses 60193G Banking, PayPal & Crdt Crd Fees 60300G Bad Debt & Theft Expense 60389G Depreciation Expense 6C389G CM Depreciation Expense Total YTD Operating Expenses
Extraordinary Income & Expenses
Past-Year Comparisons, page 1 of 2
0
2,000
0
0
8 of 10 ROCHESTER ZEN CENTER Past-Year Comparison – December 31, 2015 31-Dec-15
Average 2010-2014
31-Dec-14
31-Dec-13
31-Dec-12
31-Dec-11
31-Dec-10
CAPITAL EXPENDITURES 15000G Furniture and Fixtures 15100G Equipment and Computers 15200G Motor Vehicles 1C500G CM Capital Expenditures Total YTD Capital Expenditures
33,053 0 0 5,017 38,070
23,274 3,513 3,140 13,568 43,495
0 953 8,179 14,433 23,565
938 746 3,684 6,963 12,332
61,746 5,209 0 32,831 99,786
4,111 9,589 0 7,436 21,136
49,575 1,068 3,838 6,178 60,659
INVESTMENT FUND 40167I ML Equity YTD Gain (Loss) 40168I Interest Income (IF) 40170I Other Income (IF) 40181I W&R YTD Gain (Loss)
10,651 10,841 0 0
89,209 13,123 47 69
89,085 12,950 10 0
164,376 7,772 14 0
112,076 13,941 87 73
2,726 14,369 46 18
77,784 16,582 77 252
21,493
102,448
102,045
172,162
126,178
17,160
94,694
(60,788)
(52,142)
(57,371)
(54,795)
(51,861)
(50,347)
(46,336)
(39,296)
50,306
44,674
117,368
74,317
(33,187)
48,359
12,523
0
6,500
10,000
62,829
44,674
123,868
84,317
Gross YTD Investment Fund Income 60168I
Operating Draw from Investments
Net Investment Fund Gain (Loss) 40155I
Legacies and Special Donations
Total YTD Investment Fund Change
Past-Year Comparisons, page 2 of 2
0 (39,296)
0 (33,187)
46,113 94,472
9 of 10 ROCHESTER ZEN CENTER INVESTMENT FUND – December 31, 2015
Account
14052I
10006I
13200I
14100I 14106I
Instrument
As Carried on Balance Sheet
Equity Investments* Merrill Lynch Equities Account** IF Equities
At Market $800,480 $800,480
Cash & Money Market IF Share of Money Market Funds & Cash** IF Cash & Money Market
$173,819 $173,819
Fixed-Income Investments Merrill Lynch Fixed-Income Account** Total Fixed-Income Investments
Cost Basis $197,782 $197,782
Market Value
Cost Basis
Gain (Loss)
64%
$800,480 $800,480
$177,361 $177,361
$623,119 $623,119
14%
$173,819 $173,819
$173,819 $173,819
16%
$190,499 $190,499
$197,782 $197,782
Loans Zengården Mtg Loan (variable %) 3/31/25 Mdsn ZC Mtg Loan 5.08% 7/31/18 Total Loans
Outstanding $70,110 $8,276 $78,386
6%
Investment Fund Total
$1,250,467
100%
($7,283) ($7,283)
Original $135,637 $35,739 $171,376
* Donated equities that do not meet the Center's ethical investment criteria must be sold by the Center's Finance Committee within one year **Adjusted to report all Investment Fund money market & cash as residing in account 10006
Annual Return on Basis
Est. Annual Fixed Income
Current Int Rate 0.07% 0.07%
$122 $122
Crrnt Rtrn on Basis 4.03% 4.03% Loan Rate 2.92% 5.08%
$7,978 $7,978
$2,246 $321 $2,566 $10,666
10 of 10
Peter (Bodhin) Kjolhede President, Rochester Zen Center State of New York ) ) ss. County of Monroe ) On the day of May in the year 2016, before me personally came Peter (Bodhin) Kjolhede, to me known, who, being by me duly sworn, did depose and say that he resides at 308 San Gabriel Drive, Rochester, NY 14610; that he is the President of the Rochester Zen Center, the corporation described in and which executed the above instrument; that he knows the seal of said corporation; that the seal affixed to said instrument is such corporate seal; that it was so affixed by order of the Board of Trustees of said corporation, and that he signed his name thereto by like order. In Witness Whereof, I have hereunto set my hand and affixed my official seal.
Colleen O’Brien Treasurer, Rochester Zen Center State of New York ) ) ss. County of Monroe ) On the day of May in the year 2016, before me personally came Colleen O’Brien, to me known, who, being by me duly sworn, did depose and say that she resides at 100 7th Street, Apartment 1009, Pittsburgh, PA 15222; that she is the Treasurer of the Rochester Zen Center, the corporation described in and which executed the above instrument; that she knows the seal of said corporation; that the seal affixed to said instrument is such corporate seal; that it was so affixed by order of the Board of Trustees of said corporation, and that she signed her name thereto by like order. In Witness Whereof, I have hereunto set my hand and affixed my official seal.
