Annual Financial Report – 2008
Income:
| Restricted Donations |
$34,684 |
| Unrestricted Donations | $51,398 |
| Interest Income |
$614 |
Total Income |
$86,697 |
Expenses:
| College Scholars | $17,790 | |
| High School Scholars | $8,240 |
|
| Volunteer Support |
$7,476 | |
| School Programs |
$13,876 | |
Total on EDUCATION: |
$47,382 | |
| Program Management | $2,263 | |
| Other community projects | $3,568 | |
Total on COMMUNITY PROJECTS |
$5,831 | |
| Library Monthly Support | $10,437 | |
| Computer teaching | $3,839 | |
Total on LIBRARY PROGRAMS |
$14,276 | |
| Travel | $13,619 | |
| Marketing & Fundraising | $199 | |
Total on MARKETING & TRAVEL |
$13,818 | |
| Legal Fees | $1,198 |
|
| Office Expenses | $5,019 | |
| Bank Charges & FX | $3,779 | |
Total on Administration |
$9,996 | |
TOTAL EXPENSES 2008 |
$91,302 |
|
Deficit carried forward to 2009 ** |
$4,605 |
Balance Sheet
| Cash in bank 12/31/08 | $173,823 |
| Loans | $52,567 |
Total Assets |
$226,390 |
Total Liabilities |
$0 |
All financial accounts are available for inspection by any party with a legitimate interest
2008 - Overview
2008 was a year of consolidation and focus. Our scholarship students provided
us with many successes and also some crises. Some students are growing
up to be stars; others make poor choices and disappoint us. All have been
equipped with an education that would not have been available to them otherwise
and all understand that it is education which empowers them with choice.
We continue to award bursaries for tertiary education; each student is
sponsored by a generous overseas sponsor and is mentored by a volunteer
living outside Masiphumelele.
The library has become the center for learning in the community and Sue Alexander, the Senior Librarian, has continued to innovate with new programs and attract new volunteers. Volunteers from the surrounding communities find the library a “safe space” to come to help young people needing extra assistance in their studies. Led by volunteer Ray Steel, the computer training programs are very successful and there are now queues of people waiting to use the computers for job searching now that they have computer skills which make them more employable.
Looking forward to 2009
The
sports program did well with their teams and is increasingly appreciated
by the students, their parents and the community. A major task in 2008
was to find out how to make both the school and community sports programs
self-sustaining.
In 2008 we undertook only one building project - replacing a homeowner’s backyard shacks with concrete “apartments” for which she is able to charge a higher rent because they will not burn in a shack fire. Next year we hear there will be more government housing subsidies.
We have largely accomplished the goal of making existing programs self-sustaining by 2009. This means they have both the management and the funding to continue without the Founders. It does not mean that we abandon Masiphumelele; rather, it means that we are leaving a legacy that will survive us. The library has a MASICORP endowment to cover its anticipated expenses until March 2017. Further, Sue Alexander has secured funding for another major expansion.
As we withdraw, the team of local people who have built MASICORP remains place under a new leader; we are fortunate that Andrew Smith has agreed to take over as CEO. They will make the day-to-day decisions about projects and people and budgets. Our role will be that of oversight to assure that the values and objectives we have started will be maintained after we hand over operations on March 17.
We feel very confident that MASICORP will continue to survive and thrive and we hope that all you who have brought us to this successful place will continue your generous support.
Finally, we are most grateful for the tireless work of volunteers, such as Jill Stirrup, Cynthia Smetherham, Elize Taylor, Polly Saul, Katherine Donkin, Milli Firth and all the volunteers who come to the library providing year-round local support.
We thank them and the many others who, by giving us their time and energy, are helping one of South Africa’s poorest communities.
And to all our donors, thank you for coming with us on this journey; there
are many people whose lives are the better for your support of our work.
We face the future with optimism under new management. Please stay with
us.
John and Carol Thompson
Co-Founders
.
 |
Go back to top of page... |