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2011 annual report

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Muhammad Subuh Foundation is registered in Virginia, U.S.A and is tax exempt under 501(c)3 No. 52-1742864

contents

Mission & Vision o5

Chairman’s letter 07

Highlights 09

Funds 15

Grants 19

Financial Report 25

Investments 31

Cover Photo Bapak in Wolfsburg, 1964 . Courtesy Subud Archives Canberra

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MissionThe Muhammad Subuh Foundation honors the name of the founder of Subud, Bapak Muhammad Subuh Sumohadiwidjojo. It serves to build a lasting financial capacity for the Subud community, with emphasis on the long-term aims of the World Subud Association.

VisionThe Foundation envisages a Subud community that is ac-tive and effective in the world, in many fields of human en-deavor. It supports this vision by providing financial and other assistance to a wide-range of activities and programs aimed at improving the condition of the communities they serve, including social and humanitarian work, cultural endeavors, child and youth projects, and others.

Bapak Muhammad Subuh Sumohadiwidjojo « Photographer: Simón Cherpitel

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The year 2011 was one of change for the board, with three trustees ap-pointed: Heloise Jackson from the UK, Hannah Baerveldt from Indonesia, for a second 4-year term, and myself. I had the privilege to take over the Founda-tion chairmanship from Samuel Si-monsson, my neighbor in Spain, which facilitated a smooth hand over.

The Foundation has three main areas of activity: managing the financial port-folios and physical assets held by the Foundation on behalf of WSA, fundrais-ing, and providing financial support to the programs and the activities of the Subud community.

A prudent, actively managed trad-ing portfolio minimized the effects of the difficult world financial situation in 2011. Adjustments to the Foundation’s grant policy and procedures were made to strengthen the Foundation’s sup-port to Subud international organiza-tions, including WSA, SDIA and SICA. Improvements to Subud House grant procedures initiated in 2009 were ex-panded to include new procedures to evaluate grant requests.

The Foundation provided $105,000 of support to the Subud community, which consist of a $ 60,000 grant to WSA, a $ 25,000 grant for social and humani-tarian projects and $ 20,000 for Subud house development. The Subud Houses program also includes loans totaling about $ 120,000 that benefit nine coun-tries, including six in Latin America.

chairman’s letter

In June 2011, MSF and WSA jointly recognized the urgency and importance of an Archives Preservation Program. As a result, the Foundation initiated two archives projects to assist WSA. A one-year $ 210,000 project for the preser-vation of the sound recordings of Bap-ak’s talks began in December 2011. The Foundation also began preparing for a major fundraising drive, known as the Legacy Project, to raise $ 1,000,000 for the 12-year budget (2013 – 2026) of the WSA archives program that will be launched in November 2012.

After a year as a Foundation trustee and chairman, I feel that it is a bless-ing and a privilege to serve the Subud community in this way. It is an opportu-nity to witness that it is possible to give a noble and high content to the use of the funds given by the Subud members from all round the world when caring for the growth of the Subud community from the right inner place.

For this reason, I wish to invite you to support the work of the Foundation, not only financially, but above all, with your prayers and positive feelings, so the present Foundation team can contribute to the noble mission of the Muhammad Subuh Foundation.

Warmest regards

Bachtiar Lorot

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highlights

2011 was a time of progress for MSF, both within the organization and in its work of providing key support to many essential parts of the international Subud community in an effort to strengthen Subud as a whole...

The Road to Kedung Jati, Bapak’s Birthplace « Photographer: Hadiyono

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• Assure the long-term financial capacity of Subud

• Preserve Bapak and Ibu Rahayu’s talks for future generations

• Care for WSA non-financial assets

• Foster the creation of new Subud houses as well as improve current ones

• Support the work and travel of International Helpers

• Strengthen the development of Subud through capacity building of its

organizations

• Support the work and projects of our partner organizations – SDIA and SICA.

During its annual meeting in Indonesia, the Foundation trustees selected seven strategic goals, or Foundation programs, for their long-term impact to provide for the long-term needs and development of Subud. These are:

strategic goals

Bapak and his translator Usman at an early talk « photo courtesy Subud Archives, Canberra

highlights2011 was a time of progress for MSF, both within the organization and in its work of providing key support to many essential parts of the international Sub-ud community in an effort to strengthen Subud as a whole.

WSA and MSF are working closely to-gether for the well being of our organi-zation. To date, the Muhammad Subuh

preserving our legacyIn designing the Foundation programs for the long term development of Sub-ud, the Board of Trustees was moved to join the WSA effort in preserving the original audio tapes of Bapak’s talks, the heritage of the Subud community. Those archives represent the legacy that Bapak has given to humankind, and it is incumbent upon all of us to look after and care for this valuable inheritance. 2011 saw the signing of an agreement with the WSA to take

over not just the funding of the Legacy project to preserve and restore Bapak’s audio tapes but to also implement this project. That same year MSF signed a contract with an expert archival compa-ny in Belgium to professionally preserve and restore all 1315 surviving talks. A recent review of these tapes found 85% can be digitized without restoration. Today we don’t how many recordings will be lost until the end of the digitiza-tion process.

Foundation has provided approximately $2.5 Million in funding since 1996 in order to strengthen Subud activities. This is a significant amount and hope-fully only the beginning of what the Foundation and all Subud members can accomplish. In that way, the Subud membership, MSF and WSA can help take Subud forward in the way that Bapak intended.

“The original records of Bapak’s talks represent an extraordinary asset for Subud members today and especially for future generations of people who never met Bapak and wish to worship Almighty God through the latihan kejiwaan (spiritual practice) of Subud. And so, the preservation of Bapak’s voice to the best quality technology can provide, has come to this generation of Subud members to safeguard, and together can make this project a reality.”Hannah Baerveldt, Trustee

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in 2011 MSF entered into a new Settle-ment Agreement with Yayasan Muham-mad Subuh (YMS) regarding Adi Puri that, in part, allows YMS more flexibility in how it can manage Adi Puri. MSF also completed a loan settlement agreement with Yayasan Muhammad Subuh. This agreement was primarily an accounting formality to more accurately reflect the reality of the financial situation between the two partner organizations. It also acknowledged the fact that the YMS is holding the assets of the World Subud Association that are commonly known as “Bapak’s Big House” and the “Archive house”.

The Muhammad Subuh Foundation also signed a Memorandum of Understand-ing with Yayasan Subud (YS). The MoU states that YS recognizes that certain assets, such as the latihan hall and guest house at Wisma Subud, are as-sets of the World Subud Association.

YS still retains management control and is responsible for covering the costs of taxes, maintenance, repairs, and insur-ance for the property.

Formally Bapak’s home, Adi Puri is now a beautiful meeting venue.Photographer« photographer Harry

A new MSF website was launched in 2011. Considerable efforts were put into the creation of this new comprehensive website which now includes extensive information on bequests and charitable giving.

appointment of new trustees

the new msf website

Samuel Simonsson resigned as trustee and chairman in early 2011. His integ-rity, professionalism and expertise are greatly missed by the Board. After serv-ing two terms as trustee, Ibu Ismana Haryono retired; the Board very much appreciated her dedication and service over the years. Our appreciation also goes to Shyam Wadhera who retired in 2011 after serving as trustee for two years.

strengthening our partners

At the annual meeting in Indonesia in June 2011, the World Subud Council and the Muhammad Subuh Founda-tion jointly appointed Bachtiar Lorot as chairman of the Foundation. Appointed by the WSC to four-year terms as trus-tees were Bachtiar Lorot, Heloise Jack-son and Hannah Baerveldt, who con-tinues into her second term. Remaining trustees fulfilling their current terms are Olvia Reksodipoetro, Lawrence Fryer (treasurer), Lailani Moody, and Luke Penseney (ex-officio).

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funds

“ After discussion with my wife Hannah, we decided that when each of us passes away, we will make a bequest to the Muhammad Subuh Foundation to further its work which is essentially in furthering the work of Bapak.” Konrad Baerveldt, MSF Donor

“ If you want Subud to grow and be more than what it is today. no question you need money. you need money to build a college, you need money to build houses for Subud members, hospitals this is what Bapak envisioned for us to do these things Money is extremely important... so how do we get it? The best way to get it is when a person passes on, he leaves his money to the Muhammad Subuh Foundation maybe not all of it he has children but leave something to MSF and youll see it grow. “ Peter Fillippelli, Former MSF Chair

The train station near Bapak’s home in Kedung Jati. As a young man, Bapak worked for the dutch railway line « Photographer: Hadiyono Wibowo

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In an effort to increase the Foundation’s capacity to attract and manage be-quests and endowments, a permanent Foundation committee called the MSF Endowment Advisory Committee has been proposed and presented on the new website. This framework provides donors with the opportunity to contrib-ute to the oversight and management of their own, and other, endowments and bequests. As this is a permanent committee, without terms of service, it is envisaged that a knowledgeable resource-pool can be developed to as-sist current and future trustees with their endowment responsibilities.

The increase in the numbers of coun-tries wishing to establish their own national endowments is of great con-cern to the Foundation, as the creation of national bequests could adversely impact the ability of the Foundation to attract bequests and endowments un-der the umbrella of MSF. To address this challenge, the MSF Endowment Advi-sory Committee framework includes the opportunity of a national representative to provide input on the management

bequests and endowments

national endowments

• The Bapak Legacy Fund which was designed to promote lasting financial capacity for the Subud Association. It is a permanently-restricted fund whose principal is held in perpetuity and only the income and appreciation on the funds may be distributed.• The Francois & Lucienne Farkas Endow-ment Fund supports educational opportu-nities and programs for young people in need around the world, and helps make Bapak’s talks widely available.• The Leonard & Aisah Parker Endowment Fund benefits the development of Subud houses in Australia.

and oversight of their national endow-ment under the auspices of MSF. How-ever, due to the technical inability of MSF to provide tax benefits to donors within all countries, an alternative ap-proach would be to sign Memorandums of Understanding (MoUs) between MSF and the national committees forming their own national endowments, so that mutual support and coordination is achieved.

Bapak confirmed that the role of the Muhammad Subuh Foundation is to serve as the receptacle to receive the bequests of Subud members for the long-range stability and development of Subud.

In the mid 1960’s, when Varindra was chairman of the World Subud Council he had a dream that led to the devel-opment of Subud and in 1991 to the establishment of the Muhammad Subuh Foundation

“I saw a big building and on its white marble façade were the words: ‘Muhammad Subuh Foundation’. When I en-tered the building, it seemed to be a formal place like a bank, but instead of money what I saw was a stack of legal documents which turned out to be people’s Wills and Testaments in which Subud members had willed a portion of their assets as bequests to the Brotherhood.”

Varindra told his dream to Bapak, who explained:“Your dream is a true dream. It is right that you start work on establishing such a Foundation to look after be-quests of Subud members. But Bapak asks that as long as Bapak is in this world it should not be called Muhammad Subuh Foundation. Better call it Subud Brotherhood In-ternational Foundation.”

Varindra’s dream for MSF

The Muhammad Subuh Foundation currently has three endowment funds:

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grants

Members get their first look at the interior of the latihan hall in Wisma Subud, 1971. Courtesy Subud Archives Canberra « Photographer: Unknown

“ If you have a place for latihan [the spiritual practice of Subud] which is really big and open and wide enough for all of you, and really suitable - this will itself give you ad-ditional enthusiasm to do the latihan more; and it is this enthusiasm which will lead you quickly to receive more and deeper guidance which will be of greater use for your life.”

Extract from a talk by Bapak: Recording 77 BRS 3 Copyright © 2012 the World Subud Association

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grants subud houses

United StatesSeattleSpokaneWashington DC

MexicoPueblaTlaxcala

SurinameAcaribo

ColombiaAmanecerPopayanArmeniaIstmina

EcuadorQuevedoQuitoTumbaco

PeruLima

ChileLa Florida

BrazilSao Paulo

ArgentinaMina Clavero

United KingdomLewes

GermanyMunich

ItalyFlorence

FranceMayenne

BosniaBanja Luka

UkraineCherkessyDnepropetrovsk

PortugalLisbon

LebanonBeirut

NigeriaCalabarLagos

DR CongoMatadiKinshasaKingantoko

MalaysiaKuala Lumpur

IndonesiaCilandak - Adi PuriCentral JakartaBogorMalangPurwokertoSurabayaMuhammad Subuh Center - Central Kalimantan

AustraliaCanberra

.

Pueblo Tlaxcala

Lima

La Florida

Mina Clavero

Sao Paulo

Acaribo

Lewes

Lisbon

Mayenne

Munich

Florence

BOSNIA

Banja Luka

Cherkassy Drepropetsowsk

Kuala Lumpur

Canberra

Muhammad SubuhCenter. Palangkaraya

Adi PuriBogorJakarta CentralMalangPurwokertoSurabaya

Beirut

MatadiKinshasaKingantokoKingantoko - Water

QuevedoQuitoTumbaco

AmanecerPopayanArmeniaIstmina

MEXICO

PERU

CHILE

ARGENTINA

BRAZIL

SURINAM

UNITED KINGDOM

PORTUGAL

FRANCE

GERMANY

ITALY

UKRAINE

MALAYSIA

AUSTRALIA

INDONESIAKALIMANTAN

INDONESIAJAVA

LEBANON

DR CONGO

ECUADOR

COLUMBIA

UNITED STATESSeattle Spokane

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washington dcWashington D.C., USA: The trustees ap-proved a grant of $20,000 and a loan of $20,000 to help with the construction of a new Subud Center near Washing-ton D.C.

This new DC Center has been chosen as the future location of the SUBUD USA (SUSA) National Office. It has been designed for Regional activities; it will include two large meeting halls, a full kitchen, a small studio apartment, an additional bedroom, and spacious grounds for gardening, wandering, and camping. Perhaps one day this DC Center will also serve as a National or even an International Center.

Mina Clavero, Argentina: A $13,000 loan to replace the roof of the Subud house in Mina Clavero was approved in 2011. In the 90s, the Muhammad Subuh Foundation had already assisted this group with a grant and loan to build their house in a popular mountain resort in the central region of the Ar-gentines. The principal use of the house is for the spiritual practice of Subud and social gatherings of members. Members of the public also use the house for seminars, teachers’ meetings, gradua-tions, baptisms etc.

mina clavero

Mina Clavero « Photographer: UnknownWashington DC Subud House «

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financial report

Central Kalimantan « Photographer: Osanna Vaughn

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2011 2010

Cash Available for Current Use 786,838 1,580,897

Accounts Receivable & Prepayments 51,670 53,124

Investments 2,201,165 1,707,995

Notes Receivable Long Term 120,070 231,137

Notes Receivable from Subud Organisations 125,183 96,168

Land and Buildings Net of Accumulated Depreciation 137,697 143,172

TOTAL ASSETS 3,422,623 3,812,493

Loans from Trustees 15,000 15,000

Euro loan 88,074 90,950

Distributable Grants 0 3,467

Accounts payable 20,817 9,839

Total Liabilities 123,891 119,256

Unrestricted - Capital Use Fund 2,022,731 2,346,123

Unrestricted - Designated as Capital Preservation Fund 5,000 5,000

Unrestricted - Designated as Youth Support Fund 0 11,000

Total Unrestricted Net Assets 2,027,731 2,362,123

Temporarily Restricted 119,091 155,169

Permanently Restricted - Permanent Capital Fund 1,151,910 1,175,945

Total Net Assets 3,298,732 3,693,237

TOTAL LIABILITIES AND NET ASSETS 3,422,623 3,812,493

Assets

Liabilities

Net Assets

Temporarily PermanentlyUnrestricted

Restricted Restricted

Total Total

2011 2011 2011 2011 2010Support and Revenue

Contributions from Subud Members 13,655 2,338 15,993 9,863

Legacies & Bequests 0 245,786

Dividends and Realized Gains 21,396 18,659 40,055

Interest Revenue 199 23 222 16,316

Miscellaneous 280 280 253

35,530 2,338 18,682 56,550 272,218

Net Assets Released from Restrictions 25,196 -25,196

TOTAL SUPPORT AND REVENUE 60,726 -22,858 18,682 56,550 272,218

Expenses

Programs

Grants for Subud houses 20,000 20,000 71,247

Grants to World Subud Association 60,000 60,000 64,740

Grants Other 25,027 25,027 48,212

Depreciation Expense on LongTerm Assets 5,475 5,475 5,475

Total Program Expenses 110,502 110,502 189,674

YMS loan written off 57,039 57,039

Management and General 67,757 67,757 82,488

Total Expenses 235,298 235,298 272,162

Other Gains/Losses

Unrealized Loss/(Gain) on Managed Portfolio 38,122 33,323 71,445

Unrealized (Gain )/Loss on Investments 108,126 13,219 0 121,345 -209,626

(Gains )/Losses on Currency differences 13,573 9,393 22,966 26,007

Correction previous years 0 -5,545

TOTAL EXPENSES AND LOSSES 395,119 13,219 42,716 451,054 82,998

Change in Net Assets -334,393 -36,077 -24,034 -394,504 189,220

Net Assets Beginning of Period 2,362,123 155,169 1,175,945 3,693,237 3,504,017

Net Assets End of Period 2,027,730 119,092 1,151,911 3,298,733 3,693,237

LIABILITIES & NET ASSETS

2011 2010

Cash Available for Current Use 786,838 1,580,897

Accounts Receivable & Prepayments 51,670 53,124

Investments 2,201,165 1,707,995

Notes Receivable Long Term 120,070 231,137

Notes Receivable from Subud Organisations 125,183 96,168

Land and Buildings Net of Accumulated Depreciation 137,697 143,172

TOTAL ASSETS 3,422,623 3,812,493

Loans from Trustees 15,000 15,000

Euro loan 88,074 90,950

Distributable Grants 0 3,467

Accounts payable 20,817 9,839

Total Liabilities 123,891 119,256

Unrestricted - Capital Use Fund 2,022,731 2,346,123

Unrestricted - Designated as Capital Preservation Fund 5,000 5,000

Unrestricted - Designated as Youth Support Fund 0 11,000

Total Unrestricted Net Assets 2,027,731 2,362,123

Temporarily Restricted 119,091 155,169

Permanently Restricted - Permanent Capital Fund 1,151,910 1,175,945

Total Net Assets 3,298,732 3,693,237

TOTAL LIABILITIES AND NET ASSETS 3,422,623 3,812,493

Assets

Liabilities

Net Assets

Temporarily PermanentlyUnrestricted

Restricted Restricted

Total Total

2011 2011 2011 2011 2010Support and Revenue

Contributions from Subud Members 13,655 2,338 15,993 9,863

Legacies & Bequests 0 245,786

Dividends and Realized Gains 21,396 18,659 40,055

Interest Revenue 199 23 222 16,316

Miscellaneous 280 280 253

35,530 2,338 18,682 56,550 272,218

Net Assets Released from Restrictions 25,196 -25,196

TOTAL SUPPORT AND REVENUE 60,726 -22,858 18,682 56,550 272,218

Expenses

Programs

Grants for Subud houses 20,000 20,000 71,247

Grants to World Subud Association 60,000 60,000 64,740

Grants Other 25,027 25,027 48,212

Depreciation Expense on LongTerm Assets 5,475 5,475 5,475

Total Program Expenses 110,502 110,502 189,674

YMS loan written off 57,039 57,039

Management and General 67,757 67,757 82,488

Total Expenses 235,298 235,298 272,162

Other Gains/Losses

Unrealized Loss/(Gain) on Managed Portfolio 38,122 33,323 71,445

Unrealized (Gain )/Loss on Investments 108,126 13,219 0 121,345 -209,626

(Gains )/Losses on Currency differences 13,573 9,393 22,966 26,007

Correction previous years 0 -5,545

TOTAL EXPENSES AND LOSSES 395,119 13,219 42,716 451,054 82,998

Change in Net Assets -334,393 -36,077 -24,034 -394,504 189,220

Net Assets Beginning of Period 2,362,123 155,169 1,175,945 3,693,237 3,504,017

Net Assets End of Period 2,027,730 119,092 1,151,911 3,298,733 3,693,237

LIABILITIES & NET ASSETS

2010 - 2011

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0

100,000

200,000

300,000

400,000

2005 2006 2007 2008 2009 2010 2011

0

75,000

150,000

225,000

300,000

2005 2006 2007 2008 2009 2010 2011

0

1,250,000

2,500,000

3,750,000

5,000,000

2005 2006 2007 2008 2009 2010 2011

gifts total expenditures

grants

assets

Gifts 309,359 179,087 234,255 208,648 242,509 255,650 15,993

Grants 150,775 76,379 257,490 196,386 192,069 184,199 105,027

Assets 2,743,685 3,414,173 4,268,380 2,960,014 3,709,407 3,812,493 3,422,623

Subud House Grants

WSA Grants

Youth/Other Grants

Depreciation

YMS Loan write off

Operating expenses

Gifts 309,359 179,087 234,255 208,648 242,509 255,650 15,993

Grants 150,775 76,379 257,490 196,386 192,069 184,199 105,027

Assets 2,743,685 3,414,173 4,268,380 2,960,014 3,709,407 3,812,493 3,422,623

Subud House Grants

WSA Grants

Youth/Other Grants

Depreciation

YMS Loan write off

Operating expenses

Gifts 309,359 179,087 234,255 208,648 242,509 255,650 15,993

Grants 150,775 76,379 257,490 196,386 192,069 184,199 105,027

Assets 2,743,685 3,414,173 4,268,380 2,960,014 3,709,407 3,812,493 3,422,623

Subud House Grants

WSA Grants

Youth/Other Grants

Depreciation

YMS Loan write off

Operating expenses

30 31

investments

32 33

investment categories

primary currencies

Fixed Income 30%

Equity 33%

Other 7%

Cash and Equiv 30%

Euro 38%

Other 18%

USD 44%

Fixed Income 30%

Equity 33%

Other 7%

Cash and Equiv 30%

Euro 38%

Other 18%

USD 44%

Fixed Income 30%

Equity 33%

Other 7%

Cash and Equiv 30%

Euro 38%

Other 18%

USD 44%Fixed Income 30%

Equity 33%

Other 7%

Cash and Equiv 30%

Euro 38%

Other 18%

USD 44%

The following additions to the portfolio were made during 2011:• Additional inflation-linked bonds and a euro covered-bond fund.• Increased positions in several US bond funds. • Six additions to the equity portfolio, most of which provide currency diversification. • Small positions in high yield bond funds and an international (excluding the US) real estate fund, which provides both currency diversification and exposure to the global real estate market.

Target asset allocation for 2011 was 10% cash, 35% fixed income, 45% equity and 10% other assets. The following movement towards the target allocation oc-curred during the year:

• Cash was reduced from 50.5% to 30.2%• Fixed Income increased from 21.1% to 29.9%• Equity increased from 26.9% to 32.8%• Other Assets increased from 1.5% to 7.

By year end, each category was about halfway to achieving its target allocation, with the exception of the equity allocation. Steep and sudden swings in asset prices during the year, particularly in equity markets, made further investments challenging. In addition, further investment opportunities in fixed income proved difficult in an environment of low interest rates and weakness in global debt mar-kets, as many countries worked to reduce their debt levels.

total fund positions and main movements in 2011

The value of MSF’s managed investment portfolio at 31 December 2011 was USD 2,472,859, which represents a 2 percent decline in portfolio value for the year. The primary components of the loss were

• A decline in the value of the non-US equity portion of the portfolio with devel-oped markets (excluding the US) down between 10% and 20% (in USD) and emerging markets down 11% (in USD). US equities gained 2% in 2011, which effectively represents their dividend yield.

• A decline in the value of the euro relative to the US dollar

• The declines in the value of equities and the euro were offset by good perfor-mance in US government and US corporate bonds, in particular US Tips (inflation-linked bonds)

investment performance overview

34 35

sub-funds’ interests in managed investment account at 31/12/2011

looking forward

Fixed Income 30%

Equity 33%

Other 7%

Cash and Equiv 30%

Euro 38%

Other 18%

USD 44%

The economy is challenging, with governments and enterprises dealing with excessive debt, historically low interest rates, threats of long-term inflation that would reduce the value of fixed income securities, many developed economies slowing to near recession levels, emerging markets experiencing slower growth, and the Eurozone facing a challenge to its monetary integrity as well as continu-ing economic weakness.

In this economic environment, MSF is likely to consider portfolio moves similar to those made in 2011, including the following:

• Currency diversification: Investing small amounts in fixed income and equity securities denominated in reserve currencies other than the US dollar and the euro, such as the British pound, the yen and the Swiss franc, and in other strong currencies, such as the Norwegian krona and the Singapore dollar.

• Fixed income: Additions to fixed income securities will continue to focus on inflation-linked and short-duration bonds.

• Equity securities: Given the low yields on fixed income and the risk of inflation, equities should perform better over the mid- to long-term. However, an economic downturn would negatively impact equities in the short-term. With volatility in equity markets, purchases of equities will be made during periods of market weakness and will favour large companies and high dividend-paying companies.

• Other assets: Investments in real property should provide additional yield and inflation protection.

msf sub-fundsEach of MSF’s four sub-funds – the Muhammad Subuh Legacy Fund, the Far-kas Fund, the Parker Fund and the General Fund – has a proportionate inter-est in the managed investment account.

The chart below provides the value of each sub-fund at 31 December 2011. In addition to its interest in the managed investment account, the General Fund also holds shares in the following Subud enterprises: Kalimantan Gold Cor-poration, E.C.T. Ltd., Oakenhall Ltd., and Pelham House Ltd. Together these securities were valued at $336,019 at 31 December 2011.

Fixed Income 30%

Equity 33%

Other 7%

Cash and Equiv 30%

Euro 38%

Other 18%

USD 44%

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donors 2011 our team

KLG SharesMichael SchermeleLaura WestGerhard WannetLeonard van WillenswaardAnonymousEmmanuel WilliamsMashuri L. WarrenA.J. & M.L. WarrenIdina WaughElwyn WaughH. TaylorMiftach & Astrid TaylorHubert ThomsonBethia ToothJ.R.H. AdamsMarzuki AndujarSimon AndrewsHeather BodkinFaqith Rohana BourneVivana BrodeyR.R. BachelorAnonymousLouisa BedfordLatifah BrettSophia BigwoodFrederick & Melanie BranchflowerH. BallA. & M. BakarHilda M. BlakeyMichael CutterRoy CharlesMashud DarlingtonSulayman J.T. DowellEvan H. Padilla Family TrustEstate Rachmat Keith Fischer

Reynold ForsterKaren Ann GamblinAnonymousSamuel & Helena GudgeonHonora GoughRenee GoetzStephen Hobson

General FundSubud JapanEstate of Lawrence (Machmud) BrantingRohana DarlingtonEstate of Lavinia Swanson

NZ Earthquake ReliefLuqman HarrisOsanna VaughnMuchtar NankivellJulia HurdElaina DodsonR. & C. RobertsonSassienieLorna & Hamish BarkerGauhar WadheraSanta RaymondRoosmiwati ReynoldsThe Son MaiF. & Y. RichardHamdan BravoAnonymousChristine SzepesiOrlando Sandoval Nocchi

Japan Earthquake ReliefOrlando Sandoval Nocchi

TRUSTEESBachtiar Lorot Chairman & Trustee Luke Penseney Ex-Officio TrusteeOlvia Reksodipoetro TrusteeLawrence Fryer TreasurerHannah Baerveldt TrusteeLailani Moody TrusteeHeloise Jackson Trustee

MSF STAFF & SERVICE PROVIDERSRayner Sutherland Executive DirectorLillian Shulman AdministratorElwyn Waugh AccountantAmalijah Thompson MSF’s Archive ConsultantPt Begin CommunicationMSF’s PR & Communication Agencywww.beginchange.coSuzanna Dayne and Mardiyah Miller

MSF’S DONOR RELATIONS Representative For Bapak’s Legacy Project Mariam PadillaJorge Bustillo MSF’s Legal Representative in Colombia

NATIONAL LIAISONSBritain Dorothea Hamidah RogersCanadaLester SutherlandColombiaSamuel (Sharif) MarcksFranceFrancoise Ivanoff

Liliane TavakilianHarlinah ChalomGermanyHermina RuetzIndonesiaAryati Prawoto (Marmita)Lita Arida FitrianiJapanSaodah Kimiko HayashiNew ZealandJudy GibbNorwayRaymond HemsenR.D. CongoArnaud DeluneSpainJorge GuerinU.S.AMaria Wallington

MSF TRANSLATORSFrenchSamuel ChapleauFrancoise IvanoffArnaud DeluneSpanishMariam PadillaMaryam RoldanArif RiveroEmmanuel FajardoGermán (Sebastián) Alvarez AyalaMartin Fisco

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www.msubuhfoundation.org