Annual Report
2005a. Annual Report saab vaadata siit
2006a. Annual Report saab vaadata siit
2007a. Donor Appreciation and Annual Report saab vaadat siit
2008a. Donor Appreciation and Annual Report saab vaadat siit
2009a. Donor Appreciation and Annual Report saab vaadat siit
2010a. Donor Appreciation and Annual Report saab vaadat siit
Dear friends and supporters of Estonia!
Thanks to you the Fund is completing its twentieth year of service.
The two million dollars in donations that we have received over the years were used to supply CT scanners and X-ray cabinets that served tens of thousands of patients. Over 30,000 books, including scientific literature, were provided to schools and libraries. Over $12 million in medical supplies and medicines were provided to nursing homes and hospitals.
We helped establish nongovernmental organizations, granted scholarships, and supported institutions that serve young people, children, and the aged.
None of this would have been possible without your support.
For that, our heartfelt thanks.
The Board of Directors
Täname lahkeid toetajaid ja kaastöölisi!
2010 Highlights
Despite the shaky U. S. economy, EAF supporters were steadfast in their generosity. For that, many thankful recipients of your generosity in Estonia were moved to tears.
The Tartu Christian Adolescents’ Home, Bethel Pastoral Care in Tallinn, Kohila Children’s Welfare Society were among the youth-serving institutions that found our support crucial.
Tartu University’s Library asked, and received, $6500 for the acquisition of business and economics literature. Some $20,000 was expended on scholarships. A new scholarship in memory of Ole Golubjatnikov, the late Board member and leader of the medical technology transfer project, was started, and the first awards of $2000 each were made to three graduate students in the University’s biomedical technology and medical physics center.
We try to match outlays to revenues, but
sometimes we spend more than we receive in contributions. Our outlays topped receipts by $60,000 in 2009. In 2010,
revenues (donations plus investment income) were about $5000 higher than expenditures, as inflows at yearend exceeded expectations. A surprise was the receipt of funds from two bequests. That set us up for a strong start in 2011.
About our portfolio. It registered a sharp drop in investment income, reflecting interest rates that have declined drastically over the past three years. The Fund raised its cash and near-cash position to 25% of total assets. The idea is to avoid untimely asset sales and to make sure funds will be on hand to meet expected obligations in 2011.
Estonian American Fund
for Economic Education, Inc.
Statement of Support.
Revenue and Expenses,
and Change in Fund Balance
for the year ended 12.31.2010
PUBLIC SUPPORT AND REVENUE
Contributions 87,993
Investment income 4,246
Less: Direct expenses (5,374)
Total Revenue $86,865
EXPENSES
Program Services
Education 55,680
Healthcare 6,000
Institutions 19,560
Total Program Services 81,240
Total Program Services
Less Revenue 5,625
FUND BALANCE
BEGINNING OF YEAR 669,611
CAPITAL LOSS (8,394)
FUND BALANCE
END OF YEAR 661,217
NOTE: Accounting by H&R Block Premium
We thank you for your extraordinary generosity!
BOARD OF DIRECTORS
Ago Ambre, Liina Keerdoja, H. Henry Liiv, Arvo B. Ederma, M.D., Prof. Thomas Palm, Rauno Jõks, M.D., Tiina Urv, PhD, Erik Puskar, Haldi Svanberg
NOTE: Accounting by H&R Block Premium
