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Financial Highlights of the 2010/11 Fiscal Year
On the revenue side:
·
General contributions declined slightly in 2010/11, especially in
regard to fellowships.
·
Restricted contributions increased as almost $10,000 was received
for the Kiwanis Children’s Cancer Program.
·
Investment income was still positive ($4,152) despite a downturn
near the end of the Kiwanis fiscal year.
An unrealized loss of $15,238 was more than offset by
dividend income and capital gains.
However, total investment income was down from $58,890 in
2009/10.
On the expenditure side:
·
The Foundation awarded $7,000 in Key Club and CKI scholarships (up from
2009/10 when not all CKI scholarships were awarded) and a further $4,000 in
general grants to CKI and Key Club.
·
The Foundation awarded $9,232 in designated grants, down slightly
from the $9,500 in 2009/10, but also disbursed $9,478 to the Kiwanis Children’s
Cancer Program.
·
Administrative and fundraising expenses increased by $4,258, largely
reflecting increased compensation for the Secretary and for Accounting.
Overall:
·
The Foundation’s net income for 2010/11 was -$16,780, largely due to
unrealized investment losses.
·
Despite experiencing a 2.6% decline in 2010/11, the Foundation’s net
assets have increased by $31,658 (4.9%) over the past two years – to
$673,701 US.
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