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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, 2009 and 2008
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| ASSETS |
2009 |
2008 |
| Cash and cash equivalents |
55,181 |
73,794 |
| Sales tax receivable |
44 |
- |
| Investments |
7,949,212 |
6,448,611 |
| Charitable remainder unitrusts* |
101,250 |
176,833 |
| Donated inventory** |
1,055 |
1,055 |
| Property and equipment, net of depreciation |
335,112 |
343,207 |
| Total Assets |
$8,441,854 |
$7,043,500 |
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| LIABILITIES |
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| Sales tax payable |
- |
15 |
| Funds held as agency endowments*** |
229,175 |
229,208 |
| Total Liabilities |
$229,175 |
$229,223 |
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| NET ASSETS |
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| Unrestricted |
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| Designated |
3,499,282 |
2,840,629 |
| Undesignated |
4,542,147 |
3,796,815 |
| Temporarily restricted* |
101,250 |
176,833 |
| Total Net Assets |
$8,142,679 |
$6,814,277 |
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| Total Liabilities and Net Assets |
$8,441,854 |
$7,043,500 |
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*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.
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