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John M. Kelso, Jr.Foundation Chair
Roger L. TrottSociety Executive Director
John M. Kelso, Jr.(1969-2002)
Foundation ChairmanEx-Officio Trustee 2008-2011
Bradley N. Maryman(1972-2001)
Trustee 2008-2011
Richard J. Egan(1979-2002)
Trustee 2009-2012
Hilda A. Kogut(1979-2003)
Trustee 2010-2013
Lester A. Davis(1969-1994)
Society PresidentEx-Officio Trustee 2009-2012
George B. Hamiliton(1966-1986)
Trustee 2008-2011
Benjamin S. Purser, Jr.(1970-1998)
Trustee 2009-2012
Clarence H. Campbell, III(1968-1998)
Trustee 2010-2013
Burton H. Jensen(1968-1998)
Trustee 2010-2013
Bradley B. Benson(1970-1998)
Society President-ElectEx-Officio Trustee 2010-2013
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Former Agents of the FBI FoundationFiscal Year 2010-11 Annual Report
I wanted to personally thank you for your generous gifts in 2011 to the Former Agents of the FBI Foundation and to let you know how grateful we are for your wonderful generosity.
We are pleased to present our report of accomplishments for 2010-11. As you will see, gifts from our donors enabled us to respond to current Special Agents who lost everything in a fire; we were able to answer the call from an Agent whose child needed a special protective helmet; and we provided nearly $200,000 in scholarships to undergraduate students and directly to colleges and universities. In addition, we were able to contribute to other law enforcement organizations as well as the needs of the homeless and hungry through the Fran Keogh Fund. The Foundation also supported the FBI Family through the Grapevine Widows/Widowers Program and Life Memberships.
On behalf of the entire Board of Trustees and those who have benefitted from your kindness, please accept our sincere appreciation to you for helping us change lives for the better. Thanks to you, we can say Mission Accomplished in 2011.
Back cover photo of Lexie, daughter of Society staff member Tracey Czechowski.Former Agents of the FBI Foundation is a public 501 (c)3 nonprofit organization and is not a part of the FBI or acting on behalf of the FBI.
*deceased Former Agents of the FBI Foundation
Program ServicesOct. 1, 2010 - Sept. 30, 2011
2011 Annual Report and Honor Roll
The mission of the Former
Agents of the FBI Foundation
is to aid the members of the
Society and families in need,
further the education of our youth, recognize humanitarian efforts of our
members, spouses and others
and to contribute to worthy
organizations related to law
enforcement.
How we accomplishedour mission in 2011
Assisted Two Special Agents and a support employee whose
homes were damaged by fire. Two Special Agents with medical costs.A Special Agent in purchasing a special helmet for his
son.The widow of a Special Agent with her monthly food and
medical expenses.
Contributed $1,500 from the Fran Keogh Memorial Fund to the
Capital Area Food Bank.$10,000 to the FBI Agents Association Memorial College
Education Fund.$1,000 to COPS program for surviving spouses.$3,000 to the HEROES, Inc. program to aid families of
law enforcement officers and fire fighters who died in the line of duty.
Provided26 scholarships of $5,000 or more.24 scholarships to children of FBINAA members.$22,500 in JEH Scholarships divided among nine
schools.A memorial plaque for service martyr, Special Agent
Terry Anderson.One student with the opportunity to attend the FBINAA
Youth Leadership Program.
Fundedthe Grapevine Widows/Widowers Program.The Oral History Heritage Project.
AwardedThe Humanitarian Service AwardThe Lou Peters Memorial AwardThe William Webster Award
Mission Statement
Former Agents of the FBI Foundation
aid the members of the Society and families in need
Disaster Relief
The Former Agents of the FBI Foundation stands ready to answer the call when members of the FBI Family face a disaster or personal tragedy.
FBI Oral History Heritage ProjectApproximately 550 interviews and memoirs have been completed, and 237 FBI oral histories are currently housed at the National Law Enforcement Museum. That Web site is http://research.nlem.org.
Life Memberships
For our most senior members (those 90 and above), the Foundation underwrites the cost of membership (including the Grapevine magazine). During 2011, $26,775 went toward 315 life memberships.
the Grapevine Widows/Widowers
Each year, thanks to the generosity of our donors, we provide the Grapevine magazine, free of charge, to widows and widowers of former members. In 2011, nearly 500 widows and widowers received the magazine each month!
Assistance and Grants
$10,000 — to a former Special Agent for medical expenses.
Ongoing monthly support — to the widow of a Special Agent to assist with food and prescription medications.
$2,500 — to a Special Agent for medical expenses.
$10,000 — to two Special Agents after a fire destroyed their home.
$2,000 — to a support employee after a fire damaged her home.
$1,550 — to a Special Agent to help purchase a helmet for his son.
$2,000 — for a memorial plaque for service martyr Special Agent Terry Anderson.
Sponsorship — of a participant in the 2011 FBI National Academy Associates Youth Leadership Program
Former Agents of the FBI Foundation
Programs
further the education of our youth
“The uncertain economy can wreak havoc in the lives of our students. Your generosity is the safety line that helps them navigate their college journey. Encouraging one deserving individual to transform his or her life can profoundly change the trajectory of a family for generations to come.”
~ Geraldine Gallagher, President & CEO, Valencia College Foundation
“I have admired the service and sacrifice of
all the many FBI Special Agents during their
careers. But, the amazing thing is that this spirit
is continued in service to the FBI extended family
and community even after retirement, through
programs like these.”
~ Brianna Johnston, Leadership Scholarship Recipient
Scholarships to Undergraduates
In 2011, 50 undergraduate scholarships were awarded for a total of $189,000
• 11 Financial Need Scholarships• 11 Leadership Scholarships• Three L. Russell and Jean Mills Hashman
Scholarships• One Lawrence G. Lawler Scholarship• 24 George A. Zeiss Scholarships
*deceased
Hashman ScholarsSean T ChatlosThomas J. Dolan, grandfather
Sara B RobertsDonald H. Roberts, grandfather
Timothy GossRonald D. Wolfe, grandfather Lawler ScholarCourtney A. WelchJames Gallagher, grandfather Freeh & Kelly Leadership ScholarsJane D. MentonJohn Menton, grandfather
Tanner G. SullivanMichael Sullivan, father
Emily C.TargonskiLyle Theisen, grandfather
Leadership ScholarsClaire A. BradyClay Brady, grandfather
Scott C. EgbertDavid Wesley Egbert, grandfather
Kevin M. EnnisJohn C. Ennis, father
Amelia H. GillilandL. Gene Gilliland, grandfather
Sandie L. GillilandL. Gene Gilliland, grandfather
Brianna J. JohnstonMark C. Johnston, father
Joseph R. ReedRobert L. Lalley, grandfather
Caitlin A. SherryRonald Schmucker, grandfather
Financial Need ScholarsKarl R. BergerRobert Wertman, grandfather
Brooke N. BerryJ. Charles Merriman, grandfather
Eileen A. BiscahaKaren Biscaha, mother
Hannah M. DunnCharles D. Johnson, grandfather
Tyler P. DunnCharles D. Johnson, grandfather
Chelsea C. ElrodRoger N. McLaughlin, grandfather
Haley L. GannonWilliam Gavin, grandfather
Marisa A. GesualdiWilliam C. Lynch, grandfather
Madelyn G. GioffreJohn Portella, grandfather
Lindsy C. GutierrezGordon Ellison, grandfather
Laura J. SatherEugene I. Sather, grandfather
2011-2012 Former Agents of the FBI Foundation Scholarship Recipients(Parent or grandparent is listed below the recipient’s name)
Taylor J. AdamsKenneth R. Adams, father
Hilary A. BeairdLyle D. Beaird, father
Jonathan J. CoronaPatrick J. Corona, father
Lyndsey B. DavisCraig Davis, father
Connor S. DurkinStephen P. Durkin, father
Joel H. GoodloeRaymond J. Goodloe, III, father
Douglas A. HardmanCharlie Hardman, father
Jessica N. HollarRichard Hollar, father
Forrest C. Hunter, Jr.Forrest Craig Hunter, Sr., father
Zachary S. JacobsPatrick Todd Jacobs, father
Eric R. LaGesseCharles F. LaGesse, father
Devin M. LineVincent Line, father
Karch E. LockerbyBryan E. Lockerby, father
John W. OrzechJohn T. Orzech, Jr., father
Dustin P. PrickettBrian L. Prickett, father
Meghan E. ReillyDennis Reilly, father
Hannah K. RhoadScott E. Rhoad, father
Jonathan L. SherwinRobert Sherwin, father
2011-2012 George A. Zeiss Memorial Scholarship Recipients(Parent is listed below the recipient’s name)
Emily E. SuciuDavid Suciu, father.
Shelby K. SwaffordDaniel L. Swafford, father
Colleen M. TanakaKenneth Tanaka, father
Alex C. WendelMichel John Wendel, father
David K. WilliamsJames E. Williams, father
Brittany N. WilliamsonGlen Williamson, father
J. Edgar Hoover Memorial
Scholarships to Colleges
This scholarship recognizes
Director J. Edgar Hoover’s
pursuit of excellence in
educational standards for
the FBI. Representatives
from the Society’s eight
regions, and the Convention
Committee presented
$2,500 JEH scholarships
to colleges and universities
totaling $22,500. The
awards are designated for a
school’s general scholarship
fund with an expressed
preference for the law
enforcement curriculum, if
one is available. From time-
to-time presenters specify a
favorite college or program
within a university.
Scholarships
2011 JEH Scholarship Awards
Region Selector RecipientNortheast David W. Szady St. Michael’s CollegeMid-Atlantic Eugene C. Gies The Catholic University of AmericaSoutheast O. Franklin Lowie University of GeorgiaFlorida Edward J. Bodigheimer Valencia Community College Criminal Justice InstituteNorth Central Ivan G. Harris University of KentuckySouth Central Fritz Bohne III St. Mary’s University Center for Terrorism LawWestern Theodore H. Hinderaker St. Olaf CollegePacific Brian P. Tone Niagara UniversityConvention Brad Benson Wesley College
2011 Annual Report and Honor Roll
*deceased
Former Agents of the FBI Foundation
humanitarian efforts of our members, spouses and othersrecognize
AwardsHumanitarian Service Award
This award
is given to
a Society
member or
member’s
spouse who
goes above and
beyond the call
of civic duty.
This year’s $10, 000 Humanitarian Service Award was given to Bobbi Sheets, wife of Kenneth Sheets (1951-1978) for her life of community service. Sheets split the award among the following charities: Northern California Youth Leadership; Country Women’s Club of Campbell; and Next Door Solutions for Domestic Violence.
William Webster Award
This award recognizes and honors an active duty
Special Agent for exemplary public or humanitarian
service outside official duties as a Special Agent.
In 2011, the William Webster Award was presented to Special Agent Jill EnYart who chose to split the $5,000 award between the Brooklyn Tabernacle Church Missions Program and Samaritan’s Purse.
Louis E. Peters Memorial Award
This award publically recognizes citizens who, at
great personal sacrifice, have given unselfishly of
themselves to serve their communities and the
nation.
Mohamed Elibiari was the 2011 Louis E. Peters Memorial Service Award Recipient. Elibiari has assisted numerous specific counterterrorism investigations and has selflessly served as a bridge between the FBI and key members of the Muslim community in the U.S.
Frances Keogh Memorial Fund
This $1,500 award is given annually to local,
community-based organizations devoted to
care for the sick, the poor and homeless.
In 2011, $1,500 was contributed to the Capital Area Food Bank during the National Convention in Washington, DC. The Capital Area Food Bank moves more than 27 million pounds of food each year to more than 478,000 people through a network of partner agencies.
to contribute to worthy organizations related to law enforcement.
Concerns of Police Survivors (C.O.P.S.)“rebuilding shattered lives” of surviving families of law
enforcement officers killed in the line of duty.
FBI Agents Associationdedicated to providing support and advocacy to active and former Special Agents of the Federal Bureau of Investigation.
Heroes, Inc.“honor every responsible officer’s eternal sacrifice.”
FBI National Academy Associatesdedicated to providing communities, states, countries and professions with the highest degree of law enforcement expertise, training, education and information.
Former Agents of the FBI Foundation
Sept. 30, 2011
Financial Report
2011 Annual Report and Honor Roll
INDEPENDENT AUDITORS’ REPORT
To the Board of Trustees ofThe Former Agents of the F.B.I. Foundation, Inc.We have audited the accompanying statements of financial position of the Former Agents of the F.B.I. Foundation, Inc. (a nonprofit organization) as of September 30, 2011 and 2010 and the related statements of activities and cash flows for the years then ended. These financial statements are the responsibility of the Foundation’s management. Our responsibility is to express an opinion on these financial statements based on our audits.We conducted our audits in accordance with U.S. generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the Former Agents of the F.B.I. Foundation, Inc. as of September 30, 2011 and 2010 and the changes in its net assets and its cash flows for the years then ended in conformity with U.S. generally accepted accounting principles.
Fredericksburg, VirginiaJanuary 17, 2012
Former Agents of the FBI Foundation
See accompanying notes.
FORMER AGENTS OF THE F.B.I. FOUNDATION
STATEMENTS OF FINANCIAL POSITIONSeptember 30, 2011 and 2010
ASSETS 2011 2010
CURRENT ASSETS Cash and cash equivalents $201,916 $257,537 Due from Society 34,451 2,771 Investments 5,578,892 5,474,635 Note receivable 324,668 352,786 Office building and land, net of accumulated depreciation; of $9,441 & $5,664 212,059 215,835 Total Current Assets $6,351,986 $6,303,564
LIABILITIES AND NET ASSETS
CURRENT LIABILITIES AND NET ASSETS Scholarships & accounts payable $12,500 $20,713 Total Current Liabilities 12,500 20,713 NET ASSETS Unrestricted 5,476,682 5,404,060 Temporarily restricted 862,804 878,791 Total Net Assets 6,339,486 6,282,851 TOTAL LIABILITIES AND NET ASSETS $6,351,986 $6,303,564
2011 Annual Report and Honor Roll
FORMER AGENTS OF THE F.B.I. FOUNDATION
STATEMENTS OF ACTIVITIESYear Ended September 30, 2011 and 2010
2011 2010UNRESTRICTED NET ASSETS REVENUE AND SUPPORT Contributions $453,740 $389,849 Dividends & interest 214,617 157,300 Grants – 5,250 Realized Gains on investments net of fees 9,228 – Unrealized gains on investments – 406,867 Total Unrestricted Revenue and Support 677,585 959,266
Net assets released from donor restrictions 55,233 47,439 732,818 1,006,705 EXPENSES AND LOSSES Program services: Scholarships 199,006 266,098 Grants – Assistance 24,225 35,822 Grants – Others 46,928 14,823 Grapevine Widows Program 12,996 12,313 AV project FBI history – – Oral history project 3,383 22,740 Humanitarian awards and expenses 12,393 12,806 Life memberships 26,775 27,030 Miscellaneous program awards 400 3,483 326,106 395,115 Management and general: Allocated administrative expense 33,114 37,366 Allocated personnel expense 134,647 105,692 Annual report 11,031 6,653 Audit fees 7,231 6,965 Chairman’s expenses 8,535 4,285 Committee expenses – 688 Consultant fees 250 1,510 Depreciation 3,777 3,777 Development expenses 17,285 – Miscellaneous expense 2,426 2,319 Mailing & postage 3,342 2,216 Other executive expenses 184 949 Printing 73 1,033 Society regional VP expenses 4,119 3,832 Trustees’ expenses 35,717 24,068 Web site upgrade – 3,340 $261,731 $204,693
Former Agents of the FBI Foundation
See accompanying notes.
FORMER AGENTS OF THE F.B.I. FOUNDATION
STATEMENTS OF ACTIVITY(Continued)
2011 2010 Fundraising: Allocated personnel expense $1,965 $1,762 Other Fundraising 11,164 26,380 Annual report 1,044 6,653 Grapevine 1,454 1,425 Postage 2,123 2,151 Holiday Solicitation 5,052 4,872 Printing 193 123 Supplies 318 714 23,313 44,080 Realized losses on investments, net of fees - 283,318 Unrealized losses on investments 49,045 - 49,045 283,318 Total Expenses and Losses 660,195 927,206 Increase in Unrestricted Net Assets 72,623 79,499 Temporarily restricted net assets Support and revenue: Contributions 10,710 22,137 Dividends & interest 35,035 25,731 Realized gains (losses) on investments, net of fees 1,506 (46,080) Unrealized gains (losses) on investments (8,006) 66,568 39,245 68,356 Net assets released from donor restrictions (55,233) (47,439) (Decrease) increase in temporarily restricted assets (15,988) 20,917 Increase in net assets 56,635 100,416 NET ASSETS, beginning of year 6,282,851 6,182,435 NET ASSETS, end of year $6,339,486 $6,282,851
2011 Annual Report and Honor Roll
2011 2010CASH FLOWS FROM OPERATING ACTIVITIES Increase in net assets $56,635 $100,416 Adjustments to reconcile increase in net assets to net cash provided by operating activities: Non-cash contributions (15,003) (1,014) Depreciation 3,777 3,777 Reinvested capital gains & dividends (236,722) (184,082) Realized (gains) losses on sales of investments net of fees (40,940) 329,398 Unrealized (gains) losses on investments 57,051 (473,435) (Increase) decrease in assets: Due from Society (31,680) (2,771) Increase (decrease) in liabilities: Scholarships & accounts payable (8,213) (4,935) Due to Society – (10,460) Net cash (used in) operating activities (215,095) (243,106) CASH FLOWS FROM INVESTING ACTIVITIES Loan repayments from Society 28,118 45,693 Proceeds from sale of investments 1,181,655 1,068,876 Purchase of investments (1,050,299) (788,474)Net cash provided by investing activities 159,474 326,095 (Decrease) increase in cash (55,621) 82,989 CASH AND CASH EQUIVALENTS, beginning of year 257,537 174,548 CASH AND CASH EQUIVALENTS, end of year $201,916 $257,537
FORMER AGENTS OF THE F.B.I. FOUNDATION
STATEMENTS OF CASH FLOWSYears Ended September 30, 2011 and 2010
Former Agents of the FBI Foundation
NOTE 1 – NATURE OF ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES
Nature of OrganizationThe Former Agents of the F.B.I. Foundation, Inc. (the Foundation) is organized to provide charitable support to members of the Society of Former Special Agents of the F.B.I., Inc. (the Society) and their families. It distributes various awards and scholarships to members and their families, as well as gives assistance to other needy and deserving individuals and groups involved in the field of law enforcement. The Foundation’s primary sources of support and revenue are donations from members of the Society and investment income. The Foundation is a Virginia non-stock corporation, and its affairs are managed by a Board, which is comprised of members of the Society, appointed by the Society’s Board of Directors. The Foundation shares office space and administrative staff with the Society.A Summary of the Organization’s Significant Accounting Policies FollowsBasis of Accounting and Financial Statement PresentationThe financial statements have been prepared on the accrual basis of accounting and accordingly reflect all significant receivables, payables, and other liabilities of the Foundation. Under generally accepted accounting principles (GAAP), the Foundation is required to report information regarding its financial position and activities according to three classes of net assets: unrestricted net assets, temporarily restricted net assets, and permanently restricted net assets. In addition, the Foundation is required to present a statement of cash flows. Revenue RecognitionContributions received are recorded as unrestricted, temporarily restricted, or permanently restricted support, depending on the existence and/or nature of any donor imposed restrictions. All donor-restricted support is reported as an increase in temporarily or permanently restricted net assets, depending on the nature of the restriction. When a restriction expires (that is, when a stipulated time restriction ends or purpose restriction is accomplished), temporarily restricted net assets are reclassified to unrestricted net assets and reported in the statement of activities as net assets released from restrictions. As of September 30, 2011 and 2010 there were no permanently restricted net assets.Expense AllocationDirectly identifiable expenses are charged to program services, management and general, or fundraising costs as applicable. The Foundation allocates a portion of the joint costs of activities including solicitation of contributions to fundraising costs. Management and general expenses include those expenses that are not directly identifiable with any other specific function but provide for overall support and direction of the Foundation.Contributed ServicesThe Foundation receives services donated by its members in carrying out the Foundation’s activities. No amounts have been reflected in the financial statements for those services since they do not meet the criteria for recognition under generally accepted accounting principles.
FORMER AGENTS OF THE F.B.I. FOUNDATION
NOTES TO FINANCIAL STATEMENTSSeptember 30, 2011 and 2010
2011 Annual Report and Honor Roll
Use of EstimatesThe preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could differ from those estimates.Cash and Cash EquivalentsCash and cash equivalents includes all cash on hand and deposits which are not subject to withdrawal restrictions or penalties, and all highly liquid debt instruments purchased with a maturity of three months or less. The carrying value of cash and cash equivalents approximates fair value because of the short maturities of these financial instruments. InvestmentsInvestments consist of mutual funds and are valued at their fair values in the statement of financial position. Fair values of investments are based on quoted market prices for those or similar investments. Investment income and unrealized gains and losses on investments are included in the change in net assets on the statement of activities as increases or decreases in unrestricted net assets unless a donor or law temporarily or permanently restricts their use.Property and EquipmentAcquisitions of property and equipment and all expenditures for repairs, maintenance, renewals, and betterments that materially prolong the useful lives of assets are capitalized. Property and equipment are recorded at cost or, if donated, at the approximate fair value as of the date of donation. Depreciation of the office building is computed using the straight-line method over its estimated useful life of 40 years.Income TaxesThe Former Agents of the F.B.I. Foundation has been granted tax-exempt status under Internal Revenue Code Section 501(c)(3). In addition, the Foundation has been determined not to be a “private foundation” within the meaning of Section 509 (a) of the Internal Revenue Code. The Foundation’s tax returns are subject to examination by the IRS generally for three years after they are filed.For the years ended September 30, 2011 and 2010, management is highly confident that the full amount of the Foundation’s deductions for tax purposes will be allowed. Therefore, no adjustments to these financial statements have been included for uncertain tax positions. Date of Management EvaluationManagement has evaluated subsequent events through January 17, 2012, the date on which the financial statements were available to be issued. NOTE 2 – CASH AND CASH EQUIVALENTS
Cash and cash equivalents are comprised of the following as of September 30, 2011 and 2010: 2011 2010 BB&T Checking Account $ 86,478 $ 100,382 Charles Schwab Money Market Account 115,438 157,155 $ 201,916 $ 257,537
Bank deposits are insured by the Federal Deposit Insurance Corporation (FDIC) up to $250,000 per institution for the years ended September 30, 2011 and 2010. Money market funds on deposit with Charles Schwab are not insured by FDIC. The total uninsured cash and cash equivalents held by the Foundation at September 30, 2011 and 2010 are $115,438 and $157,155 respectively.
Former Agents of the FBI Foundation
NOTE 3 - INVESTMENTS
The Foundation’s investments constitute its only assets or liabilities measured at fair value on a recurring basis at September 30, 2011 and 2010.Investments consist of various mutual funds, and are reported in the statements of financial position at their fair values as of September 30, 2011 and 2010 as follows:
Unrealized Appreciation Fair Cost (Depreciation) Value 2011 $ 5,900,561 $ (321,669) $ 5,578,892
2010 $ 5,739,254 $ (264,619) $ 5,474,635
Financial assets measured using Level 1 inputs are based on unadjusted quoted market prices in active markets for identical assets.Level 2 inputs include quoted prices for similar assets in active markets, quoted prices for identical or similar assets in markets that are not active, inputs other than quoted prices that are observable, and inputs derived from observable market data.Level 3 inputs are obtained from the entity’s own assumptions.None of the Foundation’s financial assets are valued using Level 2 or Level 3 inputs.
2011 Annual Report and Honor Roll
NOTE 3 – INVESTMENTS (continued)
Investment return is allocated to unrestricted and temporarily restricted net assets based on the ratio of beginning monthly investment balances. The following schedule summarizes the investment return for the years ended September 30, 2011 and 2010 and its classification in the statement of activities:
2011 Temporarily Unrestricted Restricted Total Dividends $ 151,331 $ 24,704 $ 176,035 Interest 10,883 1,777 12,660 Long-term capital gains dividends 52,403 8,554 60,957 Realized gains 35,195 5,745 40,940 Unrealized (losses) (49,045) (8,006) (57,051) Advisor fees (25,967) (4,239) (30,206) Total investment income $ 174,800 $ 28,535 $ 203,335
2010 Temporarily Unrestricted Restricted Total Dividends $ 123,017 $ 20,127 $ 143,144 Interest 14,095 2,306 16,401 Long-term capital gains dividends 20,188 3,298 23,486 Unrealized gains 406,867 66,568 473,435 Realized (losses) (259,707) (42,217) (301,924) Advisor fees (23,611) (3,863) (27,474) Total investment income $ 280,849 $ 46,219 $ 327,068
Former Agents of the FBI Foundation
NOTE 4 – TEMPORARILY RESTRICTED NET ASSETS
The change in temporarily restricted net assets for the years ended September 30, 2011 and 2010 is summarized as follows: Disaster Fran Hashman Relief Keogh Morgan Zeiss Lawler Total .Balance, Sept. 30, 2009 $ 228,047 $ 184,609 $ 22,487 $ 216,308 $ 92,428 $ 113,995 $ 857,874Contributions received – 6,894 805 – 8,250 6,188 22,137Interest earned 605 502 61 574 251 313 2,306Dividends earned 6,145 5,101 619 5,829 2,545 3,186 23,425Realized loss on investments (11,075) (9,194) (1,115) (10,505) (4,587) (5,742) (42,218)Unrealized gain on investments 17,463 14,496 1,758 16,564 7,233 9,054 66,568Scholarships/Awards paid out (20,000) – (1,500) (11,501) (8,250) (6,188) (47,439)Advisor fees (1,013) (840) (103) (961) (420) (525) (3,862) $ (7,875) $ 16,959 $ 525 $ – $ 5,022 $ 6,286 $ 20,917
Balance, Sept. 30, 2010 $ 220,172 $ 201,568 $ 23,012 $ 216,308 $ 97,450 $ 120,281 $ 878,791Contributions received – 3,760 200 – 5,450 1,300 10,710Interest earned 443 409 46 435 200 244 1,777Dividends earned 8,284 7,666 872 8,138 3,741 4,558 33,259Realized gain on investments 1,431 1,324 150 1,406 646 788 5,745Unrealized (loss) on investments (1,994) (1,845) (210) (1,959) (900) (1,098) (8,006)Scholarships/Awards paid out (40,000) – (1,500) (6,983) (5,450) (1,300) (55,233)Advisor fees (1,056) (977) (111) (1,037) (477) (581) (4,239) $ (32,892) $ 10,337 $ (553) $ – $ 3,210 $ 3,911 $ (15,987)Balance, Sept. 30, 2011 $ 187,280 $ 211,905 $ 22,459 $ 216,308 $ 100,660 $ 124,192 $ 862,804
2011 Annual Report and Honor Roll
NOTE 5 – RELATED PARTY TRANSACTIONS
The Foundation reimburses the Society for certain allocated office administrative expenses and salaries paid by the Society on behalf of the Foundation throughout the year. Additionally, the Society collects certain contributions on behalf of the Foundation which the Society has available to offset the amount due from the Foundation. The reimbursed expenses paid to the Society for the years ended September 30, 2011 and 2010 totaled $171,180 and $143,058, respectively. The balances due from the Society at September 30, 2011 and 2010 were $34,451 and $2,771, respectively.In 2009, the Foundation and the Society entered into an agreement to form Fettler Park, LLC of which the Foundation owns 25% and the Society owns 75%. The purpose of the entity is to purchase and hold office space that the Foundation and Society will utilize for their day to day operations. The Foundation and Society share operating costs of this property based on the above ownership percentages. Per the terms of the operating agreement of Fettler Park, LLC, the members intend for the company to be treated as an unincorporated association excluded from Subchapter K of the Internal Revenue Code pursuant to Section 761. Accordingly, they will not treat the company as a partnership for income tax purposes and each member agrees to separately report its proportionate share of all income, gains, deductions, and losses of the venture. The statements of financial position reflect only the Foundation’s share of the land and building related to this investment. Related to the purchase, the Foundation loaned the Society $408,523 which was used by the Society to purchase its share of the office building. The loan is secured by a deed of trust and bears an interest rate of 4% to be repaid over 15 years, with monthly principal and interest payments in the amount of $3,022 due beginning April 1, 2009. During the years ended September 30, 2011 and 2010, the Foundation recognized interest income of $12,659 and $16,401 respectively, from this note receivable.
Former Agents of the FBI Foundation
Bradley B. Benson(1970-1998)
Society PresidentEx-Officio Trustee 2010-2013
Ralph D. Perrigo(1968-1998)
Trustee 2011-2014
Richard J. Egan(1979-2002)
Trustee 2009-2012
Hilda A. Kogut(1979-2003)
Trustee 2010-2013
Lester A. Davis(1969-1994)
Foundation ChairmanEx-Officio Trustee 2009-2012
Joseph Louie(1966-1990)
Trustee 2011-2014
Benjamin S. Purser, Jr.(1970-1998)
Trustee 2009-2012
Clarence H. Campbell, III(1968-1998)
Trustee 2010-2013
Burton H. Jensen(1968-1998)
Trustee 2010-2013
Alfred W. Scudieri(1965-1995)
Society President-ElectEx-Officio Trustee 2011-2014
Board of Trustees 2011-2012
meetthe Board of Trustees for the 2011-2012 fiscal year — who are diligently at work today for Your Foundation.