MEHER BABA’S HOME IN THE WEST,
WHERE ALL WHO COME CAN EXPERIENCE HIS LOVE.
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"I am like the ocean you see before you—always ready to receive anything, good or bad, or anyone, healthy or sick, saint or sinner. I can absorb anything and everything! So dedicate everything to me—all your actions, good or bad, all your thoughts—all and everything. Lay them at my feet and be free!"
Meher Baba
Lord Meher Online, page 1388
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Dear Meher Center Family and Friends,
A loving Jai Baba to each of you as we move into 2021.
Now that 2020 is behind us, we’d like to give you an update on a number of different parts of the Center’s financial picture.
As you would expect, last year’s operating budget was full of pandemic-related impacts. With the Center closed for overnight guests from the middle of March through the end of 2020, there was a major drop-off in cabin fee revenue. Fortunately, cabin fees represent a small percentage of the operating income that the Center depends on. Most of the Center’s income comes from donations, and thanks to so many of you, last year was a record year for donations. Additionally, the Center received Payroll Protection Plan funding that more than offset the loss of cabin-fee revenue and helped make it possible for the Center to keep its entire staff fully employed.
As a result of all of that, 2020 was the first time in decades that the Center did not have to take any funds from its endowment to cover an operating deficit. This was an amazingly positive turn of events. Thanks go first to Baba Himself for taking care of His Center, and then to His family for being the instruments through which that care was given.
Last year we shared that a significant portion of the Center’s endowment is vested in Burroughs & Chapin (B&C) stock. B&C’s most important holdings are Broadway at the Beach and Barefoot Landing. Both of these properties were significantly impacted by the pandemic, and there was a lot of uncertainty about how that would affect the once-a-year stock valuation that B&C receives. We’re pleased and relieved to share that the new valuation is very little changed from the beginning of 2020. Last year was considered to be essentially an anomaly. B&C has also indicated that it is planning on paying dividends this year, though not quite at the pre-pandemic level. With no real decline in the value of B&C stock, and with the Center’s operating budget not having to take any money at all from the endowment, the Center is starting 2021 with an actual increase in the value of its endowment. This is very encouraging considering how 2020 might have turned out.
To put this into a longer-term perspective, the ongoing financial health of the Center hinges on taking as little money as possible from its endowment. This can only happen if we are able to sustain or increase the donation level that we saw last year over an extended period of time. Naturally, operating costs do go up over time, so, once again, we hope each of you will be as generous to the Center as your circumstances allow. Donations of every amount are truly appreciated, and we now have around 300 people signed up for monthly online donations. If that is something that might be a good fit for you, you can set it up here: https://www.mehercenter.org/donate/
Besides helping the Center minimize its operating deficit, donations are also needed to support a number of mission-critical projects and capital expenditures, such as major repairs and infrastructure maintenance. Last year, for example, new foundation work was done at the Near and Far Cabins, at the Caretaker’s Cabin, and at the Lake Cabin. This year we will be doing foundation work at the Log Cabin and the Lantern. As this kind of work is disruptive in many ways, we are glad it will be completed by the time the Center re-opens for overnight stays.
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Our next mission-critical project is focused on addressing the security needs of the Center. This will be a costly initiative and we are still determining its scope and cost. Similarly, in the last two years, we have mostly completed major fire-mitigation work that was fully funded from people who contributed specifically for that purpose.
There are also new building projects under consideration that will require funding independent of what is needed to manage the Center’s operating budget. As these projects take more shape, we will share more details. We will also be updating everyone on where things stand with the Center’s Master Plan and how new building projects fit within the guidance of that framework.
You can see from all of the above that the Center will need financial support in many different areas. Our first priority remains developing a reliable, recurring donation level that keeps the Center from depleting its endowment. But, in addition to that, we will need funding for mission-critical projects, for major maintenance and repair work, and for new building projects.
It will only be possible for the Center to meet all of these financial challenges through a deep, sustained level of engagement from all of us who love the Center and recognize how important it is to help in whatever way we can.
As a reminder, you can donate to the Center through our website at www.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,
The Meher Spiritual Center, Inc. Board of Directors
Meher Center, 10200 North Kings Highway, Myrtle Beach, S. C. 29572
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