FINANCIAL CONDITION
As of December 31, 2006 the Sriphong Phukaoluan Foundation Tsunami Child Sponsorship Program bank account balance was 8,108,809 baht. A separate bank account for funding the Krabi Community Center held 2,326,329 baht.
In 2006, the Foundation total expenditures were 1,656,116 baht which provided funding direct payments for the children, including 897,977 baht for cash payments, food, household materials (beds, sheets, kitchen equipment etc), school uniforms and clothes. A total of 306,269 baht was spent to cover the sponsored events such as the monthly Foundation Day, medical clinics, learning programs and occupational training. The balance of 451,870 baht was spent on transportation, equipment, overhead and administrative expenses.
The Foundation has committed to sponsor 101 children until age 18. In total, this represents 951 years of sponsorship. To date, the Foundation has received payments and firm commitments for 588 years, or 62% of the future budgetary needs.
The estimated construction cost of the basic structure for the Krabi Community Center is 4,000,000 baht. To date, the Foundation has raised 2,326,329 baht or 58% of this total. The estimated monthly operating costs for the Community Center will be 40,000 baht per month.
The Foundation has established strong relationships with umbrella foundations who will provide fundraising on an annual basis. With these relationships and the fund raising efforts of the Foundation staff through print advertising, the internet website, personal presentations, and letter writing campaigns, the Board of Directors feels secure in the ability of the Foundation to fund all of its future programs. The Foundation Board of Directors includes two former banking directors with in-depth experience in budgeting and cost control to oversee the budgeting process.
An audited statement of the financial condition of the Foundation will be complete by mid-year 2007 and forwarded to all sponsors.
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