Kagyu Changchub Chuling
Resident Lama Approval of a Major Financial Transaction
Article IV, Section 1, Paragraph 5 of the bylaws of Kagyu Changchub Chuling state, “All major financial transactions must be approved in advance by the Resident Lama.” The Board of Directors has defined a major financial transaction as follows:
The purchase or sale of real estate on behalf of Kagyu Changchub Chuling or the encumbrance of real estate already owned by Kagyu Changchub Chuling.
New construction on or renovation of real estate owned by KCC where the total project budget is equal to or exceeds $25,000. In this case, the Resident Lama will approve the overall project plan and budget prior to contracting and start of work.
The sale of Kagyu Changchub Chuling assets other than real estate (e.g. thangkas, vehicles, etc.) valued at $25,000 or above. This does not include the sale of stock received as a donation; KCC has a standing policy of selling all stock gifts immediately upon purchase.
The acceptance of any restricted donation that would require KCC – as a condition of acceptance – to commit to new programmatic initiatives, expand the size or scope of existing programs, or change the focus of existing programs.
Any single purchase equal to or above $25,000. This specifically includes:
Employment agreements that promise an annual salary of $25,000 or more,
Purchases over time through financing that carry a total payout value of $25,000 or more, and
Contracts that obligate Kagyu Changchub Chuling to spend more than $25,000 over the life of the agreement. For contracts that are part of construction or renovation projects described under #2 above, the Resident Lama’s approval of the project plan is taken as approval of all of the underlying contracts, even if they individually equal or exceed $25,000.
Therefore on this day I, Michael Conklin, Resident Lama of KCC, with my signature below do approve of the transaction described below.