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FINANCIAL INFORMATION
Investment Information
All assets of all endowment funds with the Outer Banks Community Foundation are pooled and currently invested through the investment management firm of Trust Company of the South which has offices in Raleigh, Rocky Mount and Burlington, N.C.  This firm manages the Foundation’s balanced portfolio by selecting the individual money managers for each type of investment.  The types of investments, names of individual money managers and investment fees charged are available on request from the Foundation.  Trust Company of the South monitors the individual money managers’ efforts on an ongoing basis.  The Foundation’s Board determines the overall asset balance as needed and the Finance Committee reviews the portfolio and investment procedures quarterly.

Financial Report
Statements of Assets, Liabilities and Net Assets - Cash Basis
December 31, 2008 and 2007

ASSETS
2008
2007
Cash and cash equivalents
73,794
53,971
Sales tax receivable
-
483
Investments
6,448,611
8,884,787
Charitable remainder unitrusts*
176,833
176,833
Donated inventory**
1,055
1,055
Property and equipment, net of depreciation
343,207
305,071
Total Assets
$7,043,500
$9,422,200
     
LIABILITIES    
Sales tax payable
15
-
Payroll liabilities payable
-
10
Funds held as agency endowments***
229,208
267,571
Total Liabilities
$229,223
$267,581
     
NET ASSETS    
Unrestricted    
Designated
2,840,629
3,807,546
Undesignated
3,796,815
5,170,240
Temporarily restricted*
176,833
176,833
Total Net Assets
$6,814,277
$9,154,619
     
Total Liabilities and Net Assets
$7,043,500
$9,422,200
     

*Funds not available until demise of donors or release of restrictions
**Value of unsold photographs donated by The Virginian-Pilot
***Federal accounting standard requires that agency endowment funds be listed as both an asset and a liability

The full audit report as prepared by Johnson, Burgess, Mizelle & Straub is available at the Foundation office.

Financial Information

Form 990, Return of Organization Exempt from Income Tax, is available on the link below, on request by contacting the office or at www.guidestar.com.

2008 Form 990

2007 Form 990

2006 Form 990