A Note from the Treasurer – Annual Report 2010
I AM PLEASED TO REPORT THAT despite continuing market turbulence, JDVSF revenues in 2009-2010 totalled USD200,453, 5.2 percent higher than the year’s before. While corporate donations were lower, we increased our revenues via fund-raising activitiesin London and our first benefit in New York.
In the past fiscal year, administrative costs (driven by higher bank service charges) rose 2.56 percent to USD8,836.08, yielding an efficiency ratio of 4.01 percent, just shy of our 3 percent target. The JDVSF contributed USD124,436.00 to Saint Martin de Porres, primarily for the construction of a dining hall, two resident social worker salaries, and furnishings for the kitchen and cottages.
The primary focus of our 2010-2011 spending will be the construction of a Manila residence for SMDP graduates in vocational training. We expect final cost estimates in the first quarter of 2011. The budget for 2010– 2011 will be left unchanged at USD200,000.
—HUGO BANZIGER, Treasurer