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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, 2006 and 2005
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| ASSETS |
2006 |
2005 |
| Cash and cash equivalents |
26,071 |
23,845 |
| Sales tax receivable |
286 |
416 |
| Prepaid payroll taxes |
56 |
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| Investments |
8,553,467 |
7,299,596 |
| Charitable remainder unitrusts* |
176,833 |
176,833 |
| Donated inventory** |
1,165 |
1,275 |
| Property and equipment, net of depreciation |
5,305 |
6,189 |
| Total Assets |
$8,763,183 |
$7,508,154 |
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| LIABILITIES |
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| Payroll liabilities payable |
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120 |
| Funds held as agency endowments*** |
243,941 |
166,956 |
| Total Liabilities |
$243,941 |
$167,076 |
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| NET ASSETS |
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| Unrestricted |
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| Designated |
3,500,848 |
3,079,124 |
| Undesignated |
4,841,561 |
4,085,121 |
| Temporarily restricted* |
176,833 |
176,833 |
| Total Net Assets |
$8,519,242 |
$7,341,078 |
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| Total Liabilities and Net Assets |
$8,763,183 |
$7,508,154 |
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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.
Financial Information
Form 990, Return of Organization Exempt from Income Tax, is available on request. This document is also available at www.guidestar.com.
Investment Information
Distributions from the Jewell-Doran Operating Endowment Fund paid most of the Foundation's expenses so that one cent of each $100 undesignated donation in 2006 was needed for operations while $99.99 was added to funds for grants.
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