“Creating a Solid Future”

During the more than 3 years of running our center on Young Avenue in Halifax we have served the local sangha by providing classes, feast practice and daily meditation practice as well as hosting visiting teachers and renting out our Mahasangha space. It feels that we are now well established in Halifax and are looking to stabilizing our future.

We purchased the Karma Changchub Ling building at 871 Young Avenue in June of 2021 after a rather lengthy purchase process. The final sales price was $1,375,000 which we were able to meet through the generous support of the sangha and a mortgage of $825,000. The mortgage was at a slightly higher interest rate (4.26 %) than was available at the time to domestic home buyers due to KCCL’s status as a non-profit organization with limited financial history. We also had to rely upon the generosity of a local sangha member to co-sign the loan to further protect the bank.

KCCL’s financial performance through the past 3+ years has been excellent through the continued strong support of the sangha. We have not only paid the mortgage and covered our operating expenses but have done $173,000 in renovations and capital improvements. Our intention is to continue to invest and improve the property as it serves as an important asset for the Nova Scotia sangha, a venue for in-person and on-line practice and a home for monastic training opportunities.

The initial mortgage had a 4-year fixed rate and comes due for renewal in June of 2025. Interest rates are higher now so the renewal rate will be higher and therefore the strain on our monthly operating costs will increase. The ending balance for the mortgage in June 2025 will be $722,000 and it is our hope that through support we can raise funds between now and then to make a prepayment to reduce the renewal mortgage amount and the ensuing monthly payment. Our current monthly payment is $4,474 – wouldn’t it be great to use some of that for other dharmic activity?

Approaching the KCCL mortgage situation generally separates into two distinct but related pathways. The first is that we would like to raise at least $150,000 between now and June 2025. This combined with a small capital fund we have saved would let us reduce the capital balance by $200,000. Ambitious – yes. Doable – we hope so.

The second pathway is through legacy gifts – including KCCL in your will or estate planning. The mortgage will be reviewed again in 4/5 years and again and again until it is gone. We all want to leave our sangha in the best state possible. Many of the older sangha have substantial fixed assets or investments they depend upon but could be a part of legacy giving.

We ask you to consider what you are willing to do for this project. You may direct any questions to KCCL board member Ron Stubbert — ron.stubbert@dal.ca — who is spearheading this effort.

Thank you,
Ron Stubbert (on behalf of the KCCL directors)

You can make your donation in Canadian or US currency.