Zone 9 Gathering 2019, Subud Center Mina Clavero, Argentina / Photo courtesy Serena Sandoval.
Annual Report 2018 02
MUHAMMAD SUBUH FOUNDATION
WEL COME Contents
03 | Chairperson Message
04 | Grants to Subud Groups
08 | Subud Houses
09 | Grants to WSA
10 | Liaison Program
11 | Fiscal Report
12 | Statement of Activities Notes
13 | Financial Report
14 | Asiamet Resources
Bapak in early May, 1976, visiting Subud Long Island Subud House in 15 | Donations & Huntington, NY, photo courtesy Simón Cherpitel. Bequests
ANNUAL REPORT 2018 MUHAMMAD SUBUH FOUNDATION 03
Chairperson Message
Dear Brothers and Sisters,
Since the last World Congress held As an active international organization in our community, in Freiburg in 2018, I have had we have observed the difficulty that several Subud the honor of presiding over the centers in the world have experienced in sustaining Muhammad Subuh Foundation themselves, as well as the fact that membership, in (MSF) for the next four years. The general, has decreased and generational renewal has not mission of the Foundation since occurred at the pace that many expected. This should its incorporation in 1991, has been not prevent us from looking at the future with optimism to support the long-term growth and while being aware of our reality. The ties between all of us worldwide development of Subud. In the course of its as Subud members must come closer creating a culture 27 years of operation, MSF has built a financial capacity of true collaboration and mutual support, where MSF that has supported the purchase and improvement of can continue to contribute by being a bridge that allows Subud houses in more than 50 groups in 25 countries. the resources that flow through it to proceed with total In addition, the Foundation has supported substantially transparency, and taking care of the preservation of our the travel of the International Helpers and projects to assets and growth for the future. These responsibilities preserve the archives of Bapak’s and Ibu Rahayu’s Talks, might sometimes lead to take important and difficult documents and media. All this would not have been decisions, but we believe they will benefit the entire possible without the generosity and trust that many Subud World Community. Subud members have placed in MSF through their donations and bequests, and the voluntary work of the I would like to express our sincere wish on behalf of 45 trustees who along with several collaborators have the MSF team that the work during this term may served MSF throughout its history. contribute to the strengthening of Subud, and that the Latihan Kejiwaan continues to expand to more people Following its mandate to build a lasting financial and more places in the world. capacity for the future of Subud, MSF continues to change and improve the management of its investment May Almighty God bless our work together for Subud. portfolio. Since 2015, it has been managed professionally With love and respect, in accordance with the rules of responsible investment management for non-profit organizations (UPMIFA) of the state of Virginia, USA, where MSF is legally registered. The investment portfolio strategy is under continual review in order to make the necessary Mauricio Castillo adjustments to preserve its purchasing capacity while Chairperson 2018-2022 we comply with the role to provide grants according to the Foundation’s mission. Additionally, we have worked arduously to improve our processes and procedures which along with the staggered term system, promoted a successful transition between the previous and the new trustees in an atmosphere of total harmony and teamwork. Our intention is to improve our work by continuously implementing the necessary changes to help strengthen our most valuable asset, which is the trust that Subud Brothers and Sisters place in MSF. We strive to communicate our progress on a regular basis through the different media in Subud.
ANNUAL REPORT 2018 MUHAMMAD SUBUH FOUNDATION 04 Grants One of the main objectives of the Foundation is to support Subud groups in the purchase and improvement of their Subud properties. In 2018 we were able to assist in the capital improvement of the following existing Subud properties.
Cape Town group at South Africa Congress.
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YAYASAN GRANT AWARDED USD 5,000 MUHAMMAD Grant awarded for renovations of the Muhammad Subuh Centre in Rungan Sari, Central Kalimantan SUBUH
Muhammad Subuh Centre, Kalimantan. YAYASAN SUBUD
GRANT AWARDED USD 7,000
To finish repair of the asphalt road in the Wisma Subud complex, Cilandak, South Jakarta. The total cost of the road repair was USD 18,991. Wisma Subud residents and others contributed with USD 12,000 and MSF helped with the remaining funds to cover the total cost. Yayasan Subud manages and maintains certain properties, including the latihan hall and guest house at Wisma Subud.
The condition of the asphalt road from Latihan Hall to Wisma Indonesia building in Wisma Subud Complex, June 2018.
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SUBUD SAO PAULO GRANT AWARDED USD 13,060
Grant of USD 7,000 for loan repayment for recent capital improvements to the Sao Paulo Subud house and conversion of the USD 6,060 balance of their 2004 USD 15,000 loan to purchase the house. The house is now beautifully renovated and the group has begun to rent out one of the rooms on airbnb.
Renovated room at the Sao Paulo house is now used to gain income by airbnb rentals.
Sao Paulo house renovation.
Sao Paulo group in front of their house.
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GRANT AWARDED USD 10,000
Grant to upgrade the 2nd floor as an independent unit with its own kitchen SUBUD CAPE and toilet. Only the ground floor is used for latihan. The refurbished house TOWN was recently used to host a National Congress and the group plans to rent out the upper level as an office facility.
(This was supplementary to the USD 10,000 grant awarded last year to replace the roof).
Cape Town house renovation. Renovated Cape Town house kitchen.
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Subud Houses Subud Groups awarded around the World
Europe 9
Spain Germany Órgiva Munich Asia 12 Bosnia Indonesia France Thailand Banja Luka Mayenne North America 6 Bangkok MSC, Rungan Sari Ukraine United Kingdom Palangkaraya Cherkasy Malaysia Adi Puri Lewes Kuala Lumpur United States Dnipro Bogor Durham Portugal Menteng, Jakarta Portland Italy Lisbon Malang Seattle Florence Kulon Progo Sonoma Purwokerto Spokane Wisma Subud, Cilandak Washington DC Surabaya
Germany Ukraine United Kingdom France Bosnia Portugal Spain United States Italy Lebanon
Mexico
Central Colombia Thailand America Nigeria Ecuador Suriname Malaysia Indonesia 2 Peru Middle Brazil DR Congo Mexico East Puebla 1 Tlaxcala Chile Lebanon Argentina Beirut South Africa Australia South America Africa 14 7 Oceania 2 Australia DR Congo Chile Canberra Colombia Providencia, Matadi Perth Amanecer Santiago Kinshasa Cali La Florida, San- Kingantoko Bogota tiago Popayán Armenia South Africa Brazil Istmina Johannesburgh Sao Paulo Cape Town Ecuador Argentina Quevedo Nigeria Mina Clavero Quito Calabar Suriname Lagos Peru Accaribo Lima
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Subud Groups awarded around the World Grants to Grant 2018: USD 79,000 WSA
INTERNATIONAL HELPERS TRAVEL
The Foundation supports travel for International Helpers through grants Grant 2018: USD 34,028 to the World Subud Association. Each year International Helpers travel in each of the three Areas of the globe meeting with Subud groups of all sizes, ARCHIVES attending national Subud events and MSF has continuously supported the working with national, regional and preservation of Bapak´s and Ibu Rahayu´s local helpers. In a typical year, the 18 international helpers make over 80 talks where grants are provided to journeys to approximately 50 countries. the World Subud Association Archives Committee (WSAA).
International Helpers Area 2 visiting Subud Oslo Norway Original analogue reel-to-reel tape recording of Bapak’s Gathering, March 2019, photo courtesy Howard Ray. talk, photo courtesy WSAA.
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MSF LIAISON PROGRAM The MSF Liaison Program
We have realized that deeper awareness of MSF still needs to be raised in our Subud community and for that rea- My experience as MSF son we created the MSF Liaison Program in order to Liaison by Lydia Farrand spread the Mission and Vision of the MSF.
MSF attempts to have one or more Subud members It was during the 2014 world congress in each country that is a member of the World Subud in Puebla, Mexico, when I became Association to take on the role of “MSF Liaison”. This reacquainted with MSF and soon found program was set up to insure that there is a person in each country that attends national and zonal meetings and presents a myself working as a national liaison for short overview of MSF, its goals, current financial condition, where the Foundation. the grants are being distributed and the process of receiving funding for the now three major areas of support: Subud Houses, WSA I remembered hearing about the Foundation International Helper Travel and International Archives. when it was first set up in the 1990s but had always associated it with wills and bequests, something to The Liaisons are nominated by the Chair of each country and then be kicked down the road for future consideration. approved by the MSF Trustees. The term of this role is from World I had certainly not taken much notice in the Congress to World Congress or four years. When Trustees of MSF are intervening years. In taking on the role of a national available they assist in these presentations. liaison, reading past newsletters and perusing the website in search of information, I became We currently have ten Liaisons but are hoping for more by the end of increasingly aware of the tremendous importance 2019 to serve in the communication role of MSF, not just for building financial stability for the future but for its support of current projects within our global Subud community.
It has been extremely rewarding on so many levels to help raise awareness of the Foundation in some small way. I’ve been surprised by just how many members Mariamah Flores Paloma de la Viña Arnaud Delune Levana Fraval Lachlan Hunter haven’t heard of MSF, or don’t know what it does. Puebla, Liaison with Madrid, Liaison with France, Liaison with Los Angeles, Liaison with Christchurch, Liaison with Subud Mexico Subud Spain Subud Congo Subud USA [West Coast] Subud New Zealand Every presentation given, every leaflet distributed and every poster displayed at gatherings and congresses sows the seeds for future donations and bequests, or for future projects to be funded. As liaisons we may never fully understand the difference we make in speaking forth, but I have seen members moved to Renata Dunn Sandra Egege Sjarifah Roberts Murtado Bustillo Ramonde Zrihen ‘give’, and truly grateful for the reminder of Varindra’s Vancouver, Liaison with Adelaide, Liaison with Scotland, Liaison with Durham, Liaison with Tel Aviv, Liaison with Subud Canada Subud Australia Subud UK Subud USA [East Coast] Subud Israel dream and the significance of the Muhammad Subuh Foundation to the future of Subud.
Lydia Farrand We would like to invite Subud Members in different countries to support MSF in the role of the liaison between National Liaison USA, 2015-2018 the MSF and the member countries
Marston Gregory Trustee & Liaison Program Coordinator
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FISCAL REPORT (USD)
Statement of Activities and Change in Net Assets.
Unrestricted Temporarily Permanently Total Total Restricted Restricted 2018 2018 2018 2018 2017
SUPPORT AND REVENUE
Contribution from Subud Members 24,682 41,188 3,752 69,622 74,115 Dividends & Interest 63,589 56,859 0 120,448 93,124 Realized gains 145,939 130,622 0 276,561 132,136 Unrealized gains/losses net -861,356 -287,848 0 -1,149,204 1 962,238 Gains on Foreign Currency exchange rates 190 -553 0 -363 -513 Management Fee 18,893 -18,893 0 0 2,800
Net Assets Released from Restrictions 60,498 -60,498 0 0 0
Total Support and Revenue -547,565 -139,123 3,752 -682,936 1,263,900
EXPENSES
2 Grants for Subud Houses 53,980 0 0 53,980 63,005 Grants for World Subud Association 113,028 0 0 113,028 106,125 Grants Other 8,260 0 0 8,260 2,318 Amanecer property costs 33,000 0 0 33,000 12,836 Depreciation Expenses on Long Term Assets 5,475 0 0 5,475 5,475
Total Program Expenses 213,743 0 0 213,743 189,759 Management and General 161,874 0 0 161,874 106,582 Total Expenses 375,617 0 0 375.617 296,341
Change in Net Assets -923,182 -139,123 3,752 -1,058,553 967,559 Net Assets Beginning of Period 3,118,857 174,879 1,497,232 4,790,968 3,823,410 Transfer - Inflation uplift 0 -41,461 41,461 0 0 Net Assets End of Period 2,195,675 -5,705 1,542,445 3,732,415 4,790,969
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Statement of Activities Notes
Index 1. MSF Investments:
The world stock markets were very volatile as demonstrated in the 2017 and 2018 results. This is the reason why MSF are long term investors in their portfolio and with the management of their professional advisors are able to even out these fluctuations.
In the fourth quarter of 2018 the stock market took a downward trend and the MSF portfolio showed unrealized losses (ie paper losses) which are shown in the 2018 audited accounts of USD 1,1149,204. These losses include both the managed investments and those of Asiamet Resources Ltd.
These losses should be compared to the unrealized gains shown in the 2017 audited accounts of USD 962,238.
In the first quarter of 2019 nearly all of the unrealized loss in 2018 were picked up again when the market recovered.
The Asiamet Resources Ltd shares (previously known as Kalimantan Gold shares ) gifted over the years to MSF alone showed an unrealized loss in 2018 in share values of USD 540,577.
The MSF trustees together with their professional advisors monitor the portfolio of shares held on a daily/monthly basis and review the long term investment strategy to satisfy themselves that the average annual targets are being achieved.
Index 2. Grants for Subud Houses:
USD 53,980 is split as:
Grants Awarded: USD 29,000.
Loans converted into grants for the following groups: Accaribo (Suriname), La Florida (Chile), Durham (USA), Sao Paulo (Brazil):
USD 24,980
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Financial Report 2018 2017
ASSETS
Cash 377,601 570,086 Accounts Receivable & Prepayments 2,800 7,182 Investments 3,267,921 4,173,450 Notes Receivable from Subud Organisations 111,025 114,980 Land and Buildings Net of Accumulated Depreciation 99,372 104,847
Total Assets 3,858,719 4,970,545
LIABILITIES
Euro Loan 77,734 79,510 Accounts Payable 48,570 100,066 Total Liabilities 126,304 179,576
Total Net Assets 3,732,415 4,790,969
FUNDS
Unrestricted - General Fund 2,195,675 3,118,858 Total Unrestricted Net Assets 2,195,675 3,118,858
Temporarily Restricted -5,705 174,879 Permanently Restricted - Permanent Capital Fund 1,542,445 1,497,232
Total Funds 3,732,415 4,790,969
Seven Year Trend 2012 2013 2014 2015 2016 2017 2018
Gifts 88,680 329,719 760,370 635,716 177,617 74,115 69,622 Grants 92,300 9,000 173,102 377,083 229,350 184,284 208,268 Assets 3,350,033 3,490,029 3,852,545 3,988,262 3,987,935 4,970,545 3,858,719
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Asiamet Resources Gifted to MSF
The Foundation frequently receives Unfortunately, when the Foundation receives the certificate inquiries from members on how from Computershare UK there is no information regarding to gift their shares of Kalimantan the individual that gifted it to us. All that is received is the Gold Corporation – now called number of shares issued on a new certificate into our account. Asiamet Resources. We are very fortunate to receive When the Foundation is aware of the individual member bequests, cash donations that gifted the shares, it is able to send a follow up tax-free and gifts from members and donation thank you letter. For those members that do not hope the following explanation alert us of a transfer we would like to recognize you as a donor. provides further context to those Below is a table with the date and number of shares that were holding Asiamet shares. issued to the Foundation. If you see a share number on this list that matched your gift and did not receive a follow up Asiamet Resources (symbol on the London AIM exchange: letter please let us know by contacting our executive director ARS) is the corporation that was formed after it acquired Renato Sotelo at: [email protected] Kalimantan Gold Corporation. Many members that now hold shares in ARS realize that they have no liquidity. This means Renato is also available to assist you with any questions you it cannot be ‘cashed in’. One reason for this is that brokers have regarding Computershare UK transfers. (that do market transactions) do not like to deal with ‘penny stock’ due to the high-risk nature of the companies involved The trustees sincerely wish to thank all the members that have – especially mining companies. So, brokers do not accept ARS donated their Asiamet Resources shares to the Foundation shares for you to trade. In 2018, the price of ARS shares on the over the past years. exchange ranged between 4¢ to around 11¢. Lucian Parshall, Trustee & Corporate Secretary Over the past two years a number of members have gifted their shares of ARS to the Foundation using Computer share UK. Computershare UK is a company that will hold your shares and issue a paper certificate to you – in case the original paper certificate you have was misplaced or damaged. In most cases the member gifting their ARS shares alerted the Foundation of the pending transaction but not in all cases.
Date of transfer Number of shares Date of transfer Number of shares Dec 4, 2018 79,177 Jun 28, 2017 4,644 Oct 5, 2018 3,179 Jun 28, 2017 15,747 Oct 9, 2017 10,000 Jun 12, 2017 3,884 Aug 24, 2017 2,676 Jun 6, 2017 23,621 Aug 11, 2017 2,068 May 23, 2017 20,000 Aug 11, 2017 2,891 May 15, 2017 2,271 Aug 11, 2017 252 Apr 3, 2017 79,869
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Donations & Bequests
The trustees have pledged themselves to follow Bapak’s injunction that the Muhammad Subuh Foundation ‘would look after money well’, so that members who make bequests and donations may have full confidence that they will be prudently and trustworthily handled in accordance with their wishes”. Varindra Vitachi, NYC, 1991. Varindra Vitachi, Founder of Muhammad Subuh Foundation, at 1990 Subud USA Denver Gathering, photo courtesy Simón Cherpitel.
The Muhammad Subuh Foundation would like to express our sincerest appreciation to all of you who have given to the Foundation during 2018, as well as to the hundreds of members who have donated since MSF’s inception in 1991.
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Who we are Board of Trustees The Team
Mauricio Castillo Lucian Parshall Federica Pulido Uraidah Arratia Marston Gregory Chairperson Trustee & Trustee Trustee Trustee 2018 - 2022 Corporate Secretary 2018 - 2022 2018 - 2022 2018 - 2022 (Chile) 2018-2022 (Colombia) (Dubai) (USA) (USA)
Michael Heathcote Elaina Dodson Nahum Harlap Muchsin Silva Trustee & Treasurer Trustee Ex-officio Trustee Trustee 2016 - 2020 2016 - 2020 2018 - 2022 2016 - 2020 (UK) (USA) (Australia) (Colombia)
Administrative Staff Portfolio Manager Team in Colombia
Renato Sotelo Executive Director (Chile) Helene Jelman Luqman Rivera Portfolio Manager MSF Legal Representative (UK) in Colombia
Lillian Shulman Administrator (USA)
Carlota Barney Assistant in Amanecer
Elwyn Waugh Chartered Accountant (UK)
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Who we are The Team Kejiwaan Support from the World Subud Association
Halinah Rizzo-Busack Suryadi Haryono Sumohadiwidjojo International Helper Liaison to MSF International Helper Liaison to MSF 2018-2022 2018-2022 (USA) (Indonesia)
Liaison with the Foundations (Yayasan) holding MSF assets in Indonesia
Hannah Baerveldt Olvia Reksodipoetro Liaison with Yayasan Subud Liaison with Yayasan Muhammad Subuh 2018-2022 2018-2022
Great Collaborators
Stuart Nauen Lydia Farrand Fatimah Bustillo Margarita Fiscó Andrew Morgan Translator Recording Secretary Board Meeting Translator Annual Report Web Designer (Chile) (USA) (Rungan Sari/Kalimantan) Graphic Designer (USA) (Chile)
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Latihan Hall in Subud Mina Clavero, Argentina.
ANNUAL REPORT 2018 MUHAMMAD SUBUH FOUNDATION