Financial account 2008 Dutch Foundation

Record of revenues and expenditures 2008

BALANCE SHEET AS OF DECEMBER 31ST 2008

 
CLARIFICATION OF THE FINANCIAL ACCOUNTS

For Anna Home the foundation had in 2008 an estimated budget of €25.000. This was based on the estimated expenses of the Mongolian Foundation, which they can not provide themselves.
For the Rabbit School the foundation has not set a policy target. Received donations are immediately available for the school.
In this account therefore there is no comparison between budget and reality.

Anna Home
In 2008 both incidental donations (28) and structural donations (9) were received for Anna Home
Earmarked Donations were received for:
• the drilling of a well and a water pipe to the house (realized in 2008)
• the building of a fence around the hashaa (to be build in 2009, for which a earmarked fund has been established of € 2500).
The budget of the Mongolian Foundation for the annual expenses of 2009 is higher than in 2008, € 28.156 (€ 23.669).
The costs for salaries estimated by the Mongolian Foundation had to be increased in 2009 because of the difficult work. The salaries are still very moderate.
The budget for clothing was too tight; the children had cloths of too low quality that wear out too fast.
For the year 2009 not all is clear yet, for example the exchange rate of the Mongolian Tugrik fluctuates a lot and the inflation rate in 2008 was around 20%.

The house and the hashaa are owned by the Mongolian Foundation and is on their balance. For maintenance and investments they have no own reserves.
The continuity of the house and its 25 inhabitants are the basis for the Dutch foundation. For the continuity of the exploitation of the house sufficient reserves will have to be established. The Dutch Foundation holds these reserves that are thus accommodated there. All donations will sooner or later be beneficial to Anna Home.
To keep the costs of money transfer as low as possible the Dutch Foundation sends a big amount to Mongolia two or three times a year. The cash flow therefore is not always parallel to the annual budget.
Based on the above the Dutch Foundation has made it its goal to provide € 28.000 to the Mongolian Foundation in 2009.
The money left in 2008 has been reserved for:
• maintenance € 6.000,00
• ongoing annual costs 2009 € 6.971,22

Rabbit School
For the Rabbit School only incidental donations have been received (36). Most of the money has been spent on the school, specifically dedicated to the Vocational training project. Also the study trip to The Netherlands of the director in October 2008 has been paid for from donations. The remaining amount has been reserved as an earmarked fund for the continuity of the Vocational training project in 2009. On the one hand financing this project is difficult on the other hand the project has the special interest of a number of Dutch volunteers.

General
The majority of the working capital has been put in a savings account. Transaction costs of the end of 2007 (€13.50) were settled in the current financial year.
The foundation Works with volunteers only. The actual board members pay for all costs that have to be made in the Netherlands in order to meet the Dutch legislation as well as the board- and banking costs.
This means 100% of all donations and contributions end up at both projects.

Establishment
This annual account has been established by the board of the foundation on January 28th 2009.