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Stichting ICCF Holland Clematisstraat 30 4925 BE Venlo The Netherlands tel. 077 - 3872340 giro 4548774 KvK Venlo S 64588 www.vim.org/iccf

Financial report 1998

Explanation

The assets and liabilities show that the total assets have grown 38% in 1998, compared to 1997. Both the contributions from sponsors as well as the one-time donations have grown considerably compared to 1997. There have been no sale of Vim in 1998. Donations have been received for the use of Vim, but this is not mentioned separately, because it is not always clear if a donation was because of using Vim. In the next table can be seen that the share from the sponsors has remained almost equal.

We aim at very low costs. The goal is to limit the costs to 5% of the assets.
The assets and liabilities show that the cost in 1998 was 1.9% of the total assets. Thus the goal has been met by a large margin. The largest part of the costs are the for the bank. They are mostly for transferring the money to Uganda and to cash foreign donations.

Explanation

As can be seen from the balance, the foundation does not have fixed assets. All assests are send to the project in Uganda, after reduction by expenses.

The balance (only at a bank) are lower by the end of 1998 than they were in 1997, but still quite high. The reason is that quite a few of the donations are received in December. Early 1999 most of the balance will be send to Uganda. To reduce banking costs larger amounts are transferred at a time.

Expectations for 1999

January 1999 there are 31 sponsors. The monthly income is fl 1065. We hope to further increase the number of sponsors in 1999. Therefore we expect that the total income from sponsors will be higher in 1999.
The income from one-time donations and sale of Vim are, considering their incidental nature, hard to predict.

Venlo, 16 januari 1999,

Bram Moolenaar, treasurer.