September 4, 2020 Dear CSA Family: We, your Board of Stewards, are writing to update you on the financial status of CSA. We are very pleased to report that we have received $41,442 in response to our recent appeal. Your timely and generous response is very much appreciated. THANK YOU. As a reminder, our financials are posted quarterly on our website.
Due largely to the Covid pandemic, many individuals and organizations are having to make difficult, unanticipated decisions to adapt. Exploring the potential sale of our beloved spiritual home, CSA’s building at 522 Central Avenue, is included in this group. Over 16 years ago we bought this building; we have maintained it and significantly improved it lovingly and thoughtfully. This is a success story! And, a true manifestation of our spiritual teachings and practices at work. Without your generous and ongoing support all of these years, we would not have been able to accomplish this. At this point in our Center’s history, we must all trust and know that through continuing to put our spiritual principles into practice that we as a community can create a way in which to retain our lovely building for future generations.
We mentioned in our July 8th letter to you that we had applied for and been offered an Economic Injury Disaster Loan (EIDL) and that we were hesitant to accept this as we did not want to add to our current level of debt. After much consideration, we did decide to take on this loan, as it is specifically designed to be used in times of crisis to help with operating expenses to keep businesses afloat. The terms are extremely favorable: $150,000 at an interest rate of 2.75%, over 30 years, with a monthly pay-back of $641/month, starting in one year.
The EIDL funds, in combination with our cash reserves and those monies most recently raised, are expected to cover our current minimum operating expenses for almost a year, through next July. As favorable as this is, 11 months will go by very quickly and an important reality that the Board continues to keep in mind is that on October 16, 2021, we need to pay back $322,000 to 21 note holders who helped us to save our building in late 2018 by self-refinancing when Union Bank and other financial institutions would no longer carry church mortgages. Although monies were being set aside monthly for a partial payback of these loans, given the unanticipated impact of Covid, some of those funds have been diverted to cover operating expenses; and, currently, no additional funds are being set aside for this purpose. In 2018, at the time of the self-refinancing, we discussed the possibility of some of the note holders rolling over their investment and/or being bought out by others that might want to invest at the date of maturity in October of 2021. We are in the process of contacting our 21 note holders individually to assess their openness to extending their investment, forgiving all or a portion of their investment by converting it to a donation, and/or buying-out another investor’s interest at maturity in October of 2021. Gathering this information is essential to The Board so we can continue to make plans for the retention of CSA’s building. And, equally as important, your Board has determined that the long-term financial well-being of CSA requires a financial base composed of, in part, contributions from Sustaining Members who give regular, weekly or monthly donations, thus enabling CSA to plan and budget for its future. Almost all of CSA’s income sources, other than donations, are related to having the building open for full use. Thus, being able to predict and count on regular donations over the next 12-month period is absolutely crucial, as it will be quite a while until the building is open and ready for full utilization. We are very grateful for our existing Sustaining Members whose regular donations have been instrumental in CSA’s 29-year history of success. At this critical crossroad in CSA’s journey, we need each and every one of YOU to join them if we are to retain our spiritual home. Your Board wants to assure that everyone is able to demonstrate their love and appreciation for CSA – including many of you who are experiencing financial stress at this time. You will see on the attached table, that there are many different giving levels available to assure that all can participate. In exchange for your commitment as a Sustaining Member, we will be able to continue to offer our Sunday live-stream program free of charge as our gift to you. By becoming a Sustaining Member of CSA, you acknowledge your gratitude for the gifts of CSA’s ancient teachings and spiritual community. By doing so, you demonstrate your spiritual understanding of The Law of Abundance, completing the cycle of giving and receiving, through which you cannot be diminished. We truly need everyone to take action at this time. Please review the Sustaining Member Chakra Levels at the end of this letter detailing the levels of giving, choose the level of giving that feels right in your heart, then click on the button below to sign-up.
Once you have signed-up, please visit The Mindshop to receive an additional gift of a CSA Logo mug or CSA Logo water bottle. These will be available after September 15th.
If you are already giving to CSA for a set amount on a weekly or monthly basis via a credit card/paypal/bank check, please feel free to pick up your gift as well after September 15th. It is imperative that everyone signs-up before our next scheduled Board Meeting on September 17th. Based upon the feedback we receive from each of you and the 21 noteholders, we will then be able to better assess the retention of our lovely spiritual home at 522 Central Avenue. We also ask that you continue to treat for CSA’s prosperity and to know, as Ernest Holmes so perfectly states: “As we unify with the invisible Substance of creation, there is never any question about supply.” We sincerely thank you, bless you and will keep you updated. With great respect, gratitude and love, Your Board of Stewards William A. Little, President William David Martin, Vice President Michael F. Clark, Treasurer Carol E. Arredondo, Secretary Coleen A. Gsell, Steward and Cathy Jean Cole, Chief Financial Officer