Dear BCA Sangha Members and Friends:
Dharma Forward
Dharma Forward is our vision to build the future of Buddhism in America. It helps to provide the means for the continuous source of support for our Sangha by strengthening the pillars of Education & Programs, Outreach & Technology, Ministerial Support & Scholarships, and Facilities & Operations on which the Buddhist Churches of America and the Institute of Buddhist Studies stand. As word of this vision has spread, many Sangha members have chosen to contribute. Dharma Forward is part of our generation’s opportunity to help assure the future of Jodo Shinshu Buddhism in America and the BCA Endowment Foundation is doing all it can to support this campaign.
2022 BCA Endowment Foundation Results
The Endowment Foundation manages the investments for the BCA, IBS and 26 affiliated organizations.
This past year, the Endowment Growth Fund showed a return of -19.2%, which compares to a return of 20.3% in 2020 and 10.3% in 2021. In retrospect, the past three years set the stage for the financial results that occurred in 2022. The year 2020 brought the COVID-19 financial crash and extraordinary recovery. The extensive government subsidy of society in 2021 may have helped to initiate the inflation that became a central focus of concern. The war in Ukraine and the Federal Reserve Bank dramatically raising interest rates in its response to battling inflation depressed the financial market in 2022.
Investments decreased by -$8,059,819 in 2022 compared to an increase of $3,948,969 in 2021 and $1,699,293 was disbursed to support programs. Total assets managed by the Endowment decreased from $47.8 million to $39.2 million. Although we are experiencing ups and downs in the market, the average annual return over the past 10 years for the Growth Fund has been 6.4%. Investing in equities such as the Growth Fund should be part of a longer multi-year strategy that can accommodate a potential loss along with gains.
As of Dec. 31, 2022, the Dharma Forward campaign has collected $6.6 of the $15 million target which is 44% toward the goal. Please consider joining in assuring Jodo Shinshu teachings will always be available to us and others by contributing to Dharma Forward. If you need any assistance, please contact Michiko Inanaga, Director of Development at the BCA Endowment Foundation at minanaga@bcahq.org or 415-651-5164.
In Gassho,
Charles Ozaki
President
BCA Endowment Foundation