On behalf of the Board of Directors of our Foundation, I want to thank you for your financial support during this past year. Together, we can continue to make a positive impact on education within our community for many years to come.
During the last fiscal year, which ran from April 1, 2006, through March 31, 2007, we received donations totaling $153,661.00. The Foundation awarded 59 grants to 52 teachers totaling $20,265.65. This year the Foundation received 292 grant applications totaling more than $125,000.00. This just shows how big the need is in our school system. The non-grant expenses were only $1,971.82 for the entire year. Therefore, one can easily see how donations to our Foundation work toward the success of Pell City's education. The assets as of March 31, 2007 were $663,558.63, an increase of $180,817.70 from the previous year.
The Board of Directors work hard in soliciting donations and handling the grant application process. Also, the Board oversees the investment of the funds that are donated. We attempt to receive the greatest return, while keeping the principal securely invested. As the President of this corporation, I can assure you that the entire Board of Directors is committed to helping the Pell City School System and the children it serves.
Please remember my goal of having a "Million Dollar" Foundation by the year 2016. We, as Board Members, take this goal very seriously. My Board will be soliciting donors throughout Pell City to raise the needed funds to meet this goal.
Thank you for your past support and, if possible, please consider our organization for future donations. Also, please remind your family and friends of our presence, our purpose, and our success. Again, I say, together through cooperation we can and do make a difference in our community.