| FINANCIAL
INFORMATION
Audited
Financial Statements:
FCF
Financial reports are audited annually by Cumming, Webber, Francouer,
chartered
accountants, Saint John. Full audited financial statements are
available
on request by contacting our office at (506) 529-4896 or E:Mail fundycf@nb.aibn.com
Click Here for
2008 Annual Report with excerpt of financial statements
Click Here
for 2007Annual Report with excerpt of financial statements
Click Here
for 2006 Annual Report with excerpt of financial statements
Click Here for 2005 Annual Report with excerpt
of financial
statements
Click Here for 2004 Annual
Report with excerpt of financial statements
Investment
Policy:
All
donations to endowment funds are held in perpetuity by FCF and pooled
for
investment purposes. FCF disburses only from the income earned on
investments.
The capital is never touched.
The
FCF Board of Directors establishes an investment policy which sets
objectives
on the return of its investments and limits on the level of risk, types
of investments, and composition of its portfolio. All investments are
professionally managed.
Click
Here for a Copy of Fundy Community Foundation's Investment Policy
Spending Policy:
FCF has a spending policy which provides a framework for prioritizing
spending of income earned on its funds. This policy allows for the
build-up of capital over time to offset the effects of inflation of all
funds.
Administration
Fee:
Every
dollar of every gift is retained in the capital of the endowment funds
in perpetuity. FCF charges an administration fee equal to 1 percent
of
the average balance of the capital of unrestricted community funds and
1.5 percent of the balance of the capital of all other fund
types. This fee
is taken from the earnings, not the capital.
Disbursements:
Each
year disbursements are made from earnings on investments according to
the
philanthropic wishes of the donors. Disbursements are based on the
earnings
of the previous fiscal year. In 2006, FCF dsbursed a total of $66,027
in support of charitable causes in Charlotte County. In 2005, FCF
disbursed $54,673 in support
of charitable causes in Charlotte County. This includes disbursements
from
all funds including scholarships, designated funds, field of interest
funds,
and the community funds.
FAQ's
Professional Advisors:
Professional
advisors often have questions about FCF, its funds and how they can
best
serve their clients. Click here
for
answers to frequently asked questions by professional advisors.
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