Principles of Financial Management for Buddhist Monasteries: An Analysis and Synthesis from Vinaya and Good Governance

Abstract

The research aims to analyze the principles of property management given in the Vinaya and the good governance to synthesize the principles of financial management for Buddhist monasteries in the aspects of responsible person, revenue, payments, and savings. The research finds that regulations concerning the abbot, who is the legal representative of the monastery and the authoritative person regarding its property, should be supplemented with certain traditions, i.e., monastic rules and Sangha governance in the Vinaya.The people in charge of financial management should form a committee of monastery or foundation members, which consists partly of donors.Revenue should be based on documented donations according to the monastery’s capacity. Expenses should be for worthwhile causes and should correspond to the donor’s will. Management of the savings should follow parameters set up by the committee, and a part of the savings should be set aside as fund for monasteries in need. The study clearly shows that the monastic rules and the Sangha governance in the Vinaya will help to make the abbot’s executive work more effective and transparent.