Treasurer's Report

Tom Sargeant

I present to you the financial reports for the Club Foundation for the fiscal year ending October 31, 2006. The year ends with an increase in net assets of $417,517.

The Club Foundation received over $590,000 in pledge contributions during fiscal year 2006.  Pledge contributions are reported on the financials statements at a discounted Net Present Value.

The net change in fair market value was a total of $203,307 plus interest income of $91,129. This is consistent with the previous year results and represents a stable investment with minimal risks.

The National Club Championship will be held in November 2006 and reported as a FY 2007 expense. It is expected to result in a positive net income this year, thanks in great part to the support of General Motors for their contribution to the National Club Championship.

I have enjoyed serving as your treasurer. I want to thank the board of governors and the numerous volunteers who have energetically responded to the Club Foundation and its mission.

Club Foundation Grant and Scholarship Report
The Club Foundation Investment of Endowment Funds