New Economic Model Working Group

Interim Report – July, 2004

Chair: Jim Rosen

Ground

•      There isn't a well-developed central finance function today and basic financial reporting and planning are not being delivered on a timely basis.

•      The Central Office does not have predictable revenues and has a history of unforeseen financial crises.

•      The organizations in the Shambhala Mandala are financially interdependent.

•      Many members do not trust the financial management of the Shambhala Mandala.

 

Path

•      Create new financial model for supporting the central office that provides financial stability and is responsive to the needs and realities of all the entities in our mandala.

•      Build a strong finance organization that can support relevant financial services to the entire mandala.

 

Fruition

•      Will build trustworthy foundation that will enable us to better serve our members as well as "turn the flower outwards".

 

Membership

Trish Barbato

Bill Brauer

Connie Brock

Brian Callahan

Michael Greenleaf

Lynele Jones

Ed Keizer

Nancy McCabe

Dan Naistadt

Denny Robertson

Jim Rosen (chair)

Terry Rudderham

Chris Tamdjidi

Jeff Waltcher 

Objectives and Status

•             Articulate a view and strategy of finance in our Mandala

This document will be international in its scope and will need to take into account varying requirements existing at the local, regional and continental level.

Team Leader: Jim Rosen

Status: Under development

•             Prepare a funding model for entities in our Mandala to support the Central Office.

Will cover, as a minimum, detailed proposals for the following:

• Comprehensive view of how funding will be provided over the next several years
• Funding model for North American Local Centers to support Central Office
• Funding model for Local Centers and Major Practice Centers outside of North America to support Central Office
• Funding model for major North American practice centers to support Central Office

Team Leaders:

• Overall coordination of funding plan: Connie Brock and Chris Tamdjidi
• North American Local Centers to support Central Office: Connie Broc
• Local Centers and Major Practice Centers outside of North America to support Central Office: Chris Tamdjidi
• North American practice centers to support Central Office: Connie Brock

Status: Proposal submitted

 

•             Make a recommendation for the function and staffing of the central finance function

Working with the President and Comptroller, this group will identify ongoing and anticipated activities in the finance office at SI in Halifax. In the short-term, this will lead to a draft proposal for the hiring of a CFO.  

This group will serve as the Finance Committee for SI, identifying ongoing issues that would normally face the committee. We anticipate recommendations to the governing board on some of these ongoing issues including selection of independent accountants for SIÕs 2003 financial statement review engagement.

Team Leader: Michael Greenleaf

Status: Proposal submitted

•             Define required and recommended financial reports

• Define what financial reports are required by Central Office, Local Centers, and other groups like Nalanda Translations.
• Recommend time line for reporting.

Team Leader: Trish Barbato

Status: Proposal submitted

•             Prepare recommendations for structuring the legal entities in Mandala in order to support the MandalaÕs requirements and simplify financial management.

Team Leader: Denny Robertson

Status: Proposal submitted

Recommendations Submitted to Date

•      Recommendation for funding the Central Office

•      Recommendation to hire a CFO for central office

•      Recommendation for financial reporting

•      Recommendation regarding changes to structure of legal entities

---

Updated 2004/08/26