Rotary Club of Bridgeport The Bridgeport Rotary Club Foundation, Inc.

Rotary Club of Bridgeport The Bridgeport Rotary Club Foundation, Inc.
FINANCIAL REPORT September 2017 Presented by Christopher Gallo Treasurer

Rotary Club of Bridgeport The Bridgeport Rotary Club Foundation, Inc.
Everything You Always Wanted to Know About Bridgeport Rotary’s Finances But Were Afraid to Ask Gallo…

Rotary Club of Bridgeport
The Rotary Club of Bridgeport is a 501(c)(4) non-for-profit. Donations are not tax-deductible.

The Bridgeport Rotary Club Foundation, Inc.
The Bridgeport Rotary Club Foundation, Inc. is a 501(c)(3) non-for-profit. Donations are tax-deductible to the extent allowed by the Internal Revenue Code

The Club’s Activities are allocated into the following Fund categories (1 of 2): General Fund: Dues collected are used to run the Club and pay for the following: Dues to Rotary International and District 7980 Cost of members to attend District meetings President-elect attendance at RI Convention Insurance, supplies, DACdb software Lunch for speakers, etc.

The Club’s Activities are allocated into the following Fund categories (2 of 2): Charitable Giving Fund: Monies collected from Happy Bucks, Bill’s Basket and 50/50 Raffle are used to fund the following activities: Student Achiever stipends and lunches Scholarship luncheon Teacher Awards Interact Club & RYLA Note: the Club’s Foundation also provides support

Balance Sheet September 21, 2017 Cash & Savings $ 16,398 Liabilities $ Funds at FCCF , Fund Balance ,905 Total $353,071 Total $353,071

Fund Balance September 21, 2017 Funds Held by FCCF $336,673 General Fund ,984 Charitable Giving (3,477) Current Year Activity ,725 Total $352,905

Funds Held at Fairfield County Community Foundation Balances as of June 30, 2017 BRC Memorial Fund $ 45,462 Clarence C. Walker Fund ,390 BRC Endowment Fund (Scholarships) ,396 BRC Community Service Endowment ,378 Norman K. Parsells Memorial Fund ,047 Total Funds Held at FCCF $336,673

Bridgeport Rotary Club Memorial Fund Established in 1967 by Rotary Club of Bridgeport and Dr. & Mrs. Albert Diem in memory of Rev. William Alderson This donation was instrumental in the founding of the GBAF which has since merged with FCCF FCCF has unrestricted use of income

Clarence C. Walker Fund Established in 1984 through a bequest from Mr. Clarence C. Walker Rotary Club of Bridgeport has unrestricted use of income for Youth Programs Note: Grants can only be made if Fund Balance exceeds $25,000.

Bridgeport Rotary Club Endowment Fund Established in 1987 by Board of Directors to give scholarships to one student at each of 6 Bridgeport high schools. There are now 10 high schools Income received from FCCF is transferred to the Club’s Foundation, which provides the Scholarships

Bridgeport Rotary Club Community Service Endowment Fund Established in 1992 by Board of Directors for the Club’s local and international community service projects Initially funded from Club's annual Gold Raffle, now Wine Discovery Income received from FCCF is transferred to the Club’s Foundation, which uses it to make Grants

Norman K. Parsells Memorial Fund Established in 1987 by Bridgeport, Fairfield, Trumbull and Stratford Clubs to honor Norman K. Parsells, a Past District Governor and past president of Fairfield Club Income earned from the Fund is given annually to the Club which hosts that year’s Norman K. Parsells Fellowship Luncheon Profits from the annual luncheon are added to the Fund Host Club must spend the funds on youth-related programs

General Fund Income Fiscal Year Ended June 30 Fiscal Fiscal 2018 Actual Budget Budget Member Dues $ 9, $10, $ 9,800 Friends of Rotary , , ,100 Entrance fees/Badges etc Total Income $11, $11, $11,423

FY 2018 Budget Assumptions

General Fund Expenses Fiscal Year Ended June 30 Fiscal 2017 Fiscal 2018 Actual Budget Budget Dues to Rotary International $ 3, $ 3, $ 3,283 Dues to District , , ,645 Weekly Programs/Speakers , , ,450 Rotary Convention , , ,500 District Meetings , , ,000 Supplies/DACdb/Insurance , , ,539 Total Expenses $12, $11, $11,423

Charitable Giving Fund Income Fiscal Year Ended June 30 Fiscal Fiscal 2018 Actual Budget Budget Bill’s Basket $1, $1, $1,300 Happy Bucks , , ,300 Grant from FCCF Funds , ,000 In-kind donations Club Foundation Donation 3, , ,300 Total $6, $8, $7,900

Charitable Giving Fund Expenses Fiscal Year Ended June 30 Fiscal Fiscal 2018 Actual Budget Budget Student Achievers $3, $3, $4,100 RYLA , Scholarship Luncheon 1, , ,300 Teacher Awards 1, , ,500 Interact/Rotaract Clubs Backpacks/Other Total $7, $8, $7,900

Balance Sheet September 21, 2017 Cash & Savings $ 30, Liabilities $ Investments ,710, Fund Balance ,741,075 Other assets Total $5,741, Total $5,741,075

Merger with Housing Corporation Bridgeport Rotary Housing Corp. was dissolved on September 22, 2015 and its assets were transferred to The Bridgeport Rotary Club Foundation, Inc. Housing Corporation assets (2 Senior Low-Income Apartment Buildings) sold for $5,353,541, net of related expenses.

Investments at Fair Value People’s Wealth Management $2,771,350 (8/31/17) Community Foundation of Greater New Haven ,938,820 (7/31/17) Total $5,710,170 Spending Policy as Approved by Board of Trustees for FY 2018: We will draw down 5.5% of the June 30 Balance in Investments.

Budgeting Policy We raise funds this year and spend them next year. Result is that we know what we have to spend and don’t over-commit.

Foundation Income Fiscal Year Ended June 30 Fiscal Fiscal 2018 Actual Budget Budget Draw from Investments $260, $259,460 $307,800 Wine Discovery (last year’s net) , , ,800 Member donations to TRF , , ,000 Lunch Profits , , ,200 FCCF Grants , , ,300 Operation Warm , Other donations , , Interest Total $312, $301, $327,682

Foundation Expenses Fiscal Year Ended June 30 Fiscal Fiscal 2018 Actual Budget Budget Pass-through of Member donations $ 9, $ 10, $ 10,000 Club Match (up to $100 each) , , ,600 Grants: International Community , , ,750 Local Community (Small) , , ,000 Large Grants Funded , , ,000 Club & District Partnerships , , ,000 Polio Plus /Other , ,500 Projects Funded , , ,300 Scholarships , , ,700 Administrative Expenses , ,150 Total $325, $301, $353,000

Projects Funded Fiscal Year Ended June 30 Fiscal Fiscal 2018 Actual Budget Budget Special Project-Public Schools $ $ $ 12,000 Dictionary project , , ,000 Time for Kids , ,000 Healthy Kids ,000 Operation Warm , , Youth Service , , ,300 Vocational Service , , ,000 Local Community , , ,000 Total $ 37, $ 21, $ 35,300

Scholarship Budget Fiscal Year Ended June 30, 2018 High Schools (11 $2,500 each) $27,500 Ted Feldman Memorial (3 - 8th Graders) 3,000 Laptops for 3 - 8th Graders ,200 Total Budget $31,700

COMBINED LAST FIVE YEARS
Rotary Club of Bridgeport and The Bridgeport Rotary Club Foundation, Inc. COMBINED LAST FIVE YEARS Proceeds from Investments $553,396 Wine Discovery/Gold Raffle ,799 Global Grant - Smartboards ,356 Bill’s Basket, Raffle, Happy Bucks, Lunch Profits ,303 Sustaining members/Polio Plus ,907 Mumbai Project ,992 Operation Warm ,150 FCCF Grants ,556 Other fundraisers ,787 Total Funds Raised $959,246

COMBINED LAST FIVE YEARS
Rotary Club of Bridgeport and The Bridgeport Rotary Club Foundation, Inc. COMBINED LAST FIVE YEARS Rotary Foundation-Sustaining Members/Polio Plus $ 66,938 Local Community Grants ,387 Global Grant – Smartboards ,356 International Grants/Matching Grants ,360 Youth/Vocational/Community Projects ,234 Scholarships ,200 Total Grants/Projects Funded $932,475

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Rotary Club of Bridgeport The Bridgeport Rotary Club Foundation, Inc.

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