Financial Statements

2020 first half financial graphic

Income and Expenses for 2020 First 6 Months

Insight Santa Cruz is a volunteer-based non-profit operating with a minimal amount of administrative infrastructure. Donations fully support Insight Santa Cruz.

Donations exceeded expenses in the first half of 2020 by 5.2%. The generosity shown by ISC members has made it possible to keep ahead of expenses. So far, unfortunately, the necessary replacement of all in-person programs with online offerings starting in March had an impact on donations. The dana received through the in-center sangha and teacher’s baskets have not been fully replaced using PayPal and Venmo online giving methods.

2020 begins a new alignment toward financial management for Insight Santa Cruz. ISC is now only accepting donations and expenses toward operations to its core non-profit activities. Moreover, ISC has had to adjust to California’s Assembly Bill 5, known as the Gig Workers Bill. The result is two-fold. First, teacher dana no longer flows through ISC but is handled as an appreciation gift from a sangha member to an individual teacher, and second, the Guiding Teacher was required to become a part-time employee. For these reasons, ISC is reporting less overall income and Teachings expense, while adding a new Payroll category.

Descriptions of the five expense categories are:

Teachings

The Teachings category has reached a sunset phase. Reported Teachings expenses in the first quarter of 2020 finished any delayed distribution of 2019 teacher dana balances. Going forward ISC will not have significant activity in the reported Teachings expense category.

The Guiding Teacher’s portion of Teachings will now report under Payroll.

Payroll

The Payroll category includes payroll processing fees and wages. The Guiding Teacher remains eligible to receive gifts from sangha members.

Rent

Insight Santa Cruz is located in The Galleria in downtown Santa Cruz. This space is rented on a multi-year lease. The Galleria rent is the only component in the category. Rent expenses had a one-time reduction due to a delay in benefiting from a 2018-2019 property tax exemption.

Insurance and Professional

Insight Santa Cruz carries the required insurance and occasionally contracts for short-term professional services. Professional services have been enlisted to address impacts due to new California legislation.

Operations

The Operations category contains everything else that is not covered in the prior four categories. The Operations sub-categories along with their respective Operations percentages are:

  • Mailing/emailing software (5%)
  • Fundraising expenses (4%)
  • Other charitable contributions (8%)
  • Licenses, permits, and taxes (13%)
  • Physical operational expenses (42%)
  • General office expenses (7%)
  • Website expenses (14%)
  • Postage/PO box (7%)

Summary

Because of our volunteer network, ISC is able to operate with an incredibly low level of operational expenses. We are grateful for this and are always on the lookout for volunteers with specialized skills and the desire to fully engage in helping ISC.

Dana and donations are key to providing skilled meditation teachings. With continuing support, we look forward to expanding the programs by Insight Santa Cruz as our community encompasses a more diverse sangha.