Supporters around the country began a $2 Million Capital Campaign in August  2015 to support the emergence of this community and retreat center. In less than 45 days, we raised just over $250,000. Our first acquisition fell through at the last minute and in perfect timing, a property Pannavati had admired for over a decade suddenly came on the market. We settled on this historic 5-building, 90-unit property in January 2016, named it Heartwood Refuge & Conference Center and immediately began renovation plans.

While our original property selection was turn-key, Heartwood needs extensive renovation. However, from a financial standpoint, its value and benefit is substantially greater. The acquisition cost was $895,000. The renovations are close to $800,000. With short-term, seller-held financing, we have received a conditional commitment for a 12-year permanent loan from a private equity firm that includes funds to complete the renovation — a total debt of $1.5M. We are required to escrow 10% ($150,000) of loan amount to be applied to the back end of the loan (our “skin” in the game). The property last appraised for $5.5M — our debt-to-value ratio would only be 24.5%. Retiring this debt not only puts the community on a solid fiscal standing, but ensures its commitment and capacity to offer dana-based retreats and scholarships for decades to come.

If you waited to see the “bricks and mortar” before getting on board, or are just hearing about Heartwood and want to be part of this great dream to preserve and transmit the Dharma in America, NOW is your opportunity. Please give generously, dream big. We dedicate the merit of your gifts to hungry, suffering beings everywhere. May they quickly attain Nibbana.


Capital Campaign Financial Summary(through February)

(Rounded to nearest $100)


Total cash:                                                                                        $251,000

Total pledges:                                                                                 $  60,000

Withdrawn (2 situation changes)                                              $  40,000

NET                                                                                                    $271,000



Due diligence/real estate legal               $  10,000

Down payment Heartwood                     $150,000

Closing/insurance                                      $    9,700

On-line transaction fees-paypal             $    4,300

Donation platform(mobile cause)         $    4,400

Brochures, design, logo, brand              $    7,500

Consultant – legal  (general)                   $    1,500

Consultant – business                               $    2,100

Administrative/accounting                      $    3,200

Donor/volunteer hosting in NC              $    1,600

Mailings (2)                                                  $       900

Computer/2 laptops/misc IT                   $    3,500

Inspections/Cost software                      $    5,000

Payments to contractors                         $  35,200

Hauling/storage                                        $     3,000

Staging and supplies                                 $    1,900

Professional Photography                       $    1,600

Pledges confirmed, not rec’d                  $  20,000

EXPENSES                                                                                      ($267,900)


BALANCE                                                                                          $  3,600