May 2020
Dear Meher Center Family and Friends,
A loving Jai Baba to each of you.
A few short months ago, before the arrival of the coronavirus pandemic, we shared an update regarding the Center’s financial picture.
At that time, we were grateful to report that the donations received in 2019 had exceeded our goal. We also shared that we had budgeted a modest increase in donations for 2020, in order to keep the Center’s operating deficit at a financially prudent level.
Since that communication, the Center’s financial situation has taken a dramatic turn for the worse. This turn of events is serious enough that we feel it is important to keep all who love and support the Center in touch with what has happened.
The dramatic change is not about the loss of income from overnight stays since the Center closed on March 16th. Of course, the closure has resulted in a loss of income, and that loss will deepen the operating deficit.
But the major event has to do with a sudden disruption of the annual income the Center receives from the Burroughs & Chapin Company, which Elizabeth Chapin Patterson’s father co-founded in the early 1900s. This is the company from which the Center’s land was originally given in the 1940s. During her lifetime, Elizabeth served on its board of directors and owned stock in the company. That stock eventually became a significant part of the Center’s financial holdings.
Burroughs & Chapin has been the most important company in the history and development of Myrtle Beach. Currently, its two biggest assets are Broadway at the Beach and Barefoot Landing. Due to the pandemic, both of these properties have been essentially closed for the last couple of months. As a consequence, the normal dividend payments that Burroughs & Chapin makes to its shareholders have been discontinued for the balance of this year, and possibly longer.
As a result, the Center will see a reduction in dividend income this year of more than $300,000. Additionally, the value of Burroughs & Chapin stock is no longer anything close to what it was at the beginning of this year. This event in combination with a reduction in income from overnight stays will create a serious strain on the Center’s financial resources.
In the face of this situation, the need is greater than ever for a higher level of donations in 2020.
We understand that the financial circumstances of many people will be different this year, and, in many cases, more difficult. It may be challenging to provide even as much support as last year. But we feel it’s vitally important to let you know what has happened to the Center’s financial situation. With a strong enough level of donations, the Center will be able to resume and sustain normal operations. Without sufficient support from donations, the Center’s ability to do that will be significantly impaired.
While it is the Center’s board of directors’ charge to understand and communicate the financial challenges that have arisen, all of us who love the Center have the opportunity and responsibility to take part in its care during this crisis. If ever there was a moment to reinforce the principle of shared stewardship, this is it.
You can donate to the Center through our website at mehercenter.org/donate, where you can choose to begin a monthly donation or give a one-time gift. Or if you prefer, you can send a
check to the address listed below. If you have an existing monthly donation and would like to increase it, please contact the Gateway at 843-272-5777.
In His Love and Service,
