A Note from the Treasurer - Annual Report 2009
DESPITE THE FISCAL CHALLENGES OF 2008-2009, revenues of the JDVSF totaled USD190,505.26, about 76 percent of the target set for last year. About half of this revenue was raised at a benefit held in October in London. The Deutsche Bank Asia Foundation generously contributed the other half.
Due to legal fees associated with the Foundation’s compliance with UK and US child protection regulations, administrative costs rose 65 percent to USD7,347.40, putting our administrative overhead at 3.8 percent of total revenue, slightly short of our 3 percent efficiency target. Without these costs, the JDVSF would have comfortably met its target.
In the past fiscal year, the JDVSF contributed USD65,203.88 to Saint Martin de Porres. Funds were used for the construction of a dining hall, the hire of two live-in social workers, and the purchase a mini van that now transports the children to school. The JDVSF’s sponsorship has also helped secure local donations, which will fund the next three cottages.
USD200,000 is the budget for 2009–2010, during which we’ll see completion of the dining hall, the construction of another cottage, and the furnishing of the existing cottages as well as the kitchen-dining facilities. We are also seeking partnerships with existing organisations to help provide college and vocational training, scholarships, and internships to SMDP teens, 16 years and older. Looking ahead, we are also investigating forming an investment fund to ensure that the JDVSF can cover the longterm costs of social workers, scholarships, and any other programs to which we’ve committed.
—HUGO BANZIGER, Treasurer
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