** Appeals for funds on New Years Eve. **
We have around $300,000 of unpaid bills from the construction of Gurdwara Sahib. Mangament humbly requests the Sangat to donate generously this month so that we can enter the New Year with clean books. If every family contributes at least $101 (and more if possible) in addition to their regular contributions, we can wipe this debt off.
FINANCIAL INFORMATION INTRO.
The Gurdwara land is located at 3636 Murillo Ave, San Jose, CA 95148. This land is over 40 acres and was purchased in 1996 for $2.2 million. Since the Gurdwara did not have enough funds available, construction of new building was delayed. After the initial plan, it was determined that the building construction cost will exceed 20 million dollars. The Gurdwara Committee then decided to split construction into two phases and requested Sangat (devotees) to give personal loans to build the Gurdwara. In 1998 and 1999, several members from Sangat gave personal loans to Gurdwara to start construction of the Gurdwara Building. In July 2003, loans given by Sangat were more than $4.5 million. All of the funding from loans was invested in construction of the Phase 1. In August 2003, part of the current land was sold to a home builder for $6.75 million. From the proceeds of sale, the $2.2 million loan from Wells Fargo and all personal loans from Sangat were paid off. To continue building construction, the Gurdwara Committee again requested personal loans from Sangat in September 2003. At present, there are no loans from Sangat. With Waheguru's grace, Phase 1 of the Gurdwara is completd in 2004. Phase 2 is now complete also and the grand opening is on April 10, 2011. Without Sangat's loans and strong support, the Gurdwara Committee could not have accomplished monumental task of building the Gurdwara.
The Gurdwara Committee maintains all previous years CPA certified financial statements, all donation receipts, all invoices and all documents related to personal loans from Sangat. If you wish to examine any of these documents, please contact any Gurdwara Committee Member. (Years 1999 and 2010 are in pdf format. You will be prompted to download them.
If you do not have Adobe Reader to view the Financial Reports, you may download it free of charge from the Adobe website by clicking here.
Year 2008 CPA Certified Financial Report
Year 2007 CPA Certified Financial Report
Year 2006 CPA Certified Financial Report
Year 2005 CPA Certified Financial Report
Year 2004 CPA Certified Financial Report
Year 2003 CPA Certified Financial Report
Year 2002 CPA Certified Financial Report
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