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Summarized Financial Statement
Year Ended December 31, 2006
Financial Oversight
The primary purposes of the Virginia Beach Rescue Squad Foundation’s Investment Committee are to assist its Board in reviewing the Foundation’s investment policies, strategies, transactions and performance, and to oversee the Foundation’s capital and financial resources.
The Committee is composed of at least 8 members of the board, appointed annually by said board. All financial activities are in compliance with the relevant provisions of the federal Sarbanes-Oxley requirements.
The Foundation seeks to invest 30 percent of its assets in domestic and international equity securities, 70 percent in fixed income securities with the remaining assets in alternative investments.
This 2006 summarized financial statement reflects the strict accounting procedures overseen by the Foundation’s board.
Audited Statements
A copy of the complete audited financial statement is available upon request.
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Assets:
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Investments
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$14,414,388
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Operating cash and fixed assets
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$2,034,324
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Future interests
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$252,947
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Total Assets |
$16,701,659 |
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Liabilities and net assets: |
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Liabilities |
$62,277 |
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Restricted assets |
$11,669,594 |
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Unrestricted assets |
$4,969,788 |
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Total liabilities and net assets |
$16,701,659 |
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Expenses:
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Grants and other program services
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$294,584 |
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Supporting services
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$89,709 |
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Total grants and expenses
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$384,290 |
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Change in net assets
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$1,723,096
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Net assets - beginning of year
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$14,978,563
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Net assets - end of year
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$16,701,659
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