For the Fiscal Year 2007
(February 1, 2006-January 31, 2007)

This is IMS’ first annual report of operations. Each year we will provide this report to keep you in touch with important financial and operational data.

During the fiscal year 2007, a total of 243 days of teacher-led courses were offered at the Retreat Center, and 365 days for personal retreats were offered at the Forest Refuge. Fifty-four teachers, including six monks and two nuns from the ordained sangha, taught the Buddha’s priceless teachings throughout this period. Retreat highlights included:

• Courses at the Retreat Center for specific groups: Women, Men, People of Color, Teens, Young Adults (18-32 year olds), Families, participants in the Advanced Study and Practice Program, and Experienced Students.
• Special focus courses at the Retreat Center: Metta (2), Parami and Concentration, Monastic, and Mudita.
• Burmese meditation master Pa Auk Sayadaw taught for two months at the Forest Refuge.
• Thirteen courses at the Retreat Center (including the Fall Intensives), as well as the months of September, 2006 and January, 2007 at the Forest Refuge were all offered at rates chosen by the participants (now known as the “You Choose” fee option).

A total of 2,292 individuals registered for one or more retreats at IMS during this period, representing an 11% increase in the number of people coming to IMS from the previous fiscal year. The number of participants grew at both the Retreat Center (8%) and the Forest Refuge (40%). Some pertinent information about those who sat at IMS:

• 60% were women, 40% were men
• 13% were under the age of 32 years
• 41% had never been to IMS before
• 30% received some form of financial assistance

Despite the growth in the number of IMS retreatants, we still had the capacity for more. Our occupancy rate at the Retreat Center was 81% and 67% at the Forest Refuge. In other words, while we were full for a few courses at the Retreat Center and for a few weeks at the Forest Refuge, we could have hosted more people for many of our Retreat Center courses and Forest Refuge weeks.

We attribute this underutilization of capacity to the dramatic growth in the number of opportunities we have offered for practice at IMS in recent years. Specifically, with the opening of the Forest Refuge in 2003, we added the capacity to accommodate 30 people every day of the year. In addition, we increased the number of days we hold courses at the Retreat Center from 211 in fiscal year 2003 to 243 in fiscal year 2006. As we look to the future, we are confident that we will see greater utilization.

Total operating expenses for the year (before depreciation) were $2,527,476. Revenues from registrations for retreats covered just 46% of our expenses; the rest came from donations and investment income. Clearly IMS relies heavily on donations to both keep our rates affordable and to sustain our operations.

The following revenue and expense information is derived from our audited financial statement.

Operating Expenses (before depreciation expense)

*Does not include donations to teachers.
**This operational deficit was covered by investment income.