2006 and 2005 Annual Report

Transcription

Front Cover
Top left to right 2006 Campers at Camp Mountain
Heart supported by the Mountain
Heart Fund,
2005 Teacup designed for the Shelley
A. Marshall Fund,
Book-A-Trip Morgantown Public
Library program sponsored by the
Shelley A. Marshall Fund with
steel drum performance to benefit the
Mannette Steel Drum Fund,
Middle left Rendering for Don Knotts Park
sponsored by the Don Knotts
Legacy Fund,
Bottom left to right Sky Rock Lodge at Dorsey’s Knob
supported by the Dorsey’s Knob
and Betty Puskar Lodge
Maintenance Funds,
“Arts in the Park” summer program
sponsored by the City of Morgantown,
BOPARC and the DeLynn Arts
for Children Fund.
Table of Contents
President’s Letter
1
2006 Philanthropists 2
Design a Lasting Legacy
Funds of GMCT
Front Cover Design:
Michelle Eichelberger
Design Style Studio
2 Hidden Acres
Bruceton Mills, WV 26505
www.designstylestudio.com
3
4
2005-2006 Financial Report 12
Donors
18
Why Give to GMCT?
19
Board of Directors & Staff
20
P
resident’s Overview
Dear Friends and Neighbors:
Thank you for your continued interest in and support of the Greater Morgantown Community Trust, Inc.
First, let me say thank you to those that have invested in our community’s future by creating a new fund or contributing to an
existing fund. You have helped to make north central West Virginia a better place to live.
Next, let me say thanks to our staff and to our many dedicated volunteers. We are fortunate to have a Board of Directors made
up of community leaders that guide the strategic direction and vision of GMCT.
We are also very appreciative of the in-kind contributions of office space, staff support, printing, and events that enable
GMCT’s continued growth and prosperity.
GMCT has enjoyed another year of significant growth. The Trust now has more than $3 million under its management. These
dollars are represented by more than 75 different funds for the benefit of our local area. Again, thank you to everyone who has
played a role in our continuing success.
I often get asked the question, “Why should I give to GMCT?” The answers are simple:
•
You can address a broad range of local needs: Arts. Aging. Scholarships. The Environment. These are just a few aspects of community life supported by your Community Foundation. Every year we make grants to local agencies and
programs serving our ever-changing population. Think of us as a simple vehicle for addressing a broad range of community needs.
•
Your donation works forever. And it’s fully tax deductible. When you donate through our endowment funds, your gift
principal never gets spent. It’s carefully invested, and the earnings are used to benefit our community through annual
grants.
•
You can create a personal legacy of giving. We offer a variety of giving options, including the ability to set up a special fund named for you, for your family, or in memory of a loved one. If you wish, you can be involved
in the distribution of grant dollars generated by your fund. It’s a highly personalized approach to giving.
•
By giving one gift to GMCT, you can support many different community projects and organizations.
•
We accept a wide variety of assets to simplify the giving experience.
•
A tax-deductible contribution to GMCT allows you to help our community and yourself at the same time.
•
We are known for prudent stewardship and investment practices. GMCT is fully accountable to the community and
our records are public.
I recently heard a quote that was fitting. I am not sure who said these words, but they go something like this:
The first thirty years are for learning,
The second thirty years are for earning,
The next thirty years are for returning.
Returning is important. The Greater Morgantown Community Trust is in the business of returning to the community and stands
ready to play a key role in giving back. We hope you will too.
Again, thank you for your continued support. Please contact us to discuss charitable contribution planning for you, your family,
or for your friends.
Sincerely,
Brian F. Thomas
President
N oted Philanthropists for the Arts in 2006
Tanners, GMCT Establish
Morgantown Cultural Center
Finalized in November
2006, The Greater Morgantown Community
Trust, Inc., became the
owner of 111 High
Street, formerly the
home of Tanner and
Tanner, CPAs. Originally constructed in
1912, the building was
the home of the Morgantown Post Office
until it was purchased
by Louis F. Tanner in
1975. It is currently
listed on the National
Register of Historic
Places.
The Tanner family has
always participated in
and supported the arts in
Morgantown. In 1976 the
efforts of Mabel DeVries
Tanner were instrumental
in the initial preservation
and creation of the
Monongalia Arts Center.
Continuing in this tradition, it was the wish of
Annette Tanner and her
sons, Darren and Mark, in
memory of their husband
and father Douglas Tanner
and the desire of Stephen
Tanner, Douglas’ brother,
that GMCT operate the
building as an arts collaborative. Current building
residents, the Appalachian
Outside the Morgantown Culture Center, from left,
Annette Tanner, Stephen Tanner, and GMCT Board
President Brian Thomas
Education Initiative, Mannette Steel Drum Foundation, and the
Morgantown Historical Museum, are excited about the prospect
of sharing services. Eventually any net profits from the building
will create an endowment to provide funding for these organizations forever. We invite Morgantown citizens to stop by the
Museum and check out the displays.
Billy and Carolyn Peluso Atkins Fund for Children
Billy and Carolyn Atkins have
found expression for their community spirit in the creation of the
Billy and Carolyn Peluso Atkins
Fund for Children.
Billy currently serves as a Vice
President of GMCT and President
of the Cheat Lake Rotary. Carolyn
is heavily involved in education issues.
With their background Billy and
Carolyn knew they wanted to focus on
children. It was also important, though,
to keep their purpose broad enough to
serve a range of needs as they might
come up. The Atkins Fund for Children, a Donor Advised Fund, will allow
them to accomplish both goals with
the added benefit of making the decision-making a family affair by involving their children. GMCT will
advertise, and facilitate the grant
making and investment functions
making philanthropy simple for everyone involved.
DeLynn Arts for Children Fund
In 1997, BOPARC (the City of Morgantown’s Board of Parks and Recreation) offered its first “Arts in the
Park” summer program. An enormous success, 25 children played,
swam and produced four beautiful
mosaics that are now displayed
along the Monongahela River Trail
in downtown Morgantown.
PAGE 2
Monongalia County Schools art
teacher, Debbie Palmer, has continued
the tradition with the support of generous patrons, Laurence and Jean DeLynn, who established the DeLynn
Arts for Children Fund. Lifelong Morgantown residents and business owners, Laurence and Jean were inspired
by Debbie’s results and their own ob-
servations of Florida youth arts programs that are making a difference in
children’s lives.
Their generosity will ensure that Arts
in the Park and other similar programs have the funds to continue
working for the children of our community in the long term.
D
esign a Lasting Legacy
GMCT provides a variety of funds to meet both donor and community needs. You
may choose to express a lifelong commitment to a particular charitable field. Perhaps,
you have a specific charity or charities in mind to receive income from your gift or
fund. Or, you may favor an unrestricted gift, allowing the Trust to determine where
needs and opportunities are greatest in the community. You and possibly your family
may choose to be actively involved as advisors to the fund. These choices or a
combination of these choices are available to you through the Greater Morgantown
Community Trust.
Most funds are permanent endowments,
but some allow distribution of principal.
Each is tailored to the needs and interests
of the donor and reaches into the
community in its own unique way. You
can name your own fund or you can
contribute, in any amount, to an open
fund of GMCT.
AGENCY ENDOWMENT FUND
income helps non-profit organizations
meet the daily costs of doing charitable
business. Local non-profit organizations
may wish to invest their monies with
GMCT which assumes reporting and
investing responsibilities for the
non-profit organization.
DONOR ADVISED FUNDS allow the
donor to actively participate in the grant
making process by recommending to the
GMCT Board from time to time the purpose and/or organization(s) that might
receive the available grant dollars from the
fund. Donors can involve their children as
advisors to perpetuate a family tradition of
philanthropy. Donor Advised Funds offer
concerned donors a flexible way to address their charitable interests as they
change over time.
DONOR DESIGNATED FUNDS enable
donors, at the time the fund is established,
to name one or more organizations to
benefit from the fund permanently. The
Trust ensures that the designated recipient
(s) receive support as long as they remain
in existence and continue to fulfill the
intended charitable purpose.
FIELD OF INTEREST FUNDS enable
the donor to address an area or issue about
which he or she feels strongly and that is
of particular importance to the community.
Fields of interest may include, but are not
limited to arts, the environment, women’s
services, education, youth services, sports
and recreation or health care. Within the
specific area established by the donor or
the GMCT itself, the Field of Interest Fund
may grow through gifts from others who
see the fund as a way to address their own
charitable interests. Each year, under the
direction of the GMCT Board of Directors,
grant making addresses the specific area
identified by the fund.
NON PERMANENT AND PASS
THROUGH FUNDS are established at
the GMCT with the understanding that the
entire principal will be distributed to
charitable purposes. The recipients are
designated by the donor. These funds
remain available on a cash basis to provide specific support (for example, capital
projects or event programming) for a defined period of time.
providing funds to the specific institution
in which the student is enrolled with verification from that institution. In addition,
grants may also be awarded to educational institutions directly.
UNRESTRICTED FUNDS are those
donated without stipulations or conditions; they allow GMCT maximum flexibility to respond creatively and effectively to our communities’ most compelling needs and opportunities. These
funds are among the Trust’s most important assets to address long-term community planning. Grant making from the
fund is at the discretion of the GMCT
Board of Directors within the bounds of
the educational, scientific and general
charitable purposes of the Trust.
Donors who share our belief in a vibrant
community foundation as a tool in
building stronger communities are also
invited to contribute to The Greater
Morgantown Community Trust’s
FOUNDER’S FUND, an endowment
which provides ongoing support for the
Trust’s operation and services.
The Trust staff will also work with you to
create a customized fund combining
various giving options.
SCHOLARSHIP FUNDS are established
to assist students with the pursuit of education. Donors may select eligibility requirements and can designate funds for
any level of education. Distributions are
made in accordance with GMCT policies
PAGE 3
F
unds of GMCT
Currently GMCT administers over 75 funds totaling more than $3 million dollars in
invested assets. The variety of funds offers individuals and agencies a tax-exempt
opportunity to benefit their charitable organizations or areas of interest through a
biennial granting process. From scholarship to the arts, community development to
sports and recreation, GMCT is able to act as a catalyst for future planning in the
greater Morgantown and Northern West Virginia region.
Arts & Culture
BOPARC Arts Fund To fulfill the charitable purposes of children’s arts programs or other art programs with a specific component to benefit children sponsored by BOPARC.
Asset Value $3,381.00
DeLynn Arts for the Children Fund
To provide activities and programs for
children in the Morgantown community.
Mannette Development Fund To enhance and support the Mannette Foundation and the Steel Drums.
2001 terrorist attack on the Pentagon, the
fund seeks to inspire and enrich the human spirit through its support of children’s library activities high school
creative writing contests and arts workshop programs, and through intergenerational teas.
Community
Arts
Children
City of Morgantown Arts and Culture
Fund Provides financial assistance to
arts and culture organizations and events
that add to the quality of life in the
greater Morgantown area.
Pass-Through Fund Maximum Asset
Value $45,000
Funds Distributed, $45,000.00
Arts Monongahela, Inc.
Arts on the River Festival
Florence Merow Mason-Dixon Festival
M .T. Pockets Theatre Company
Mannette Steel Drum Foundation
Monongalia Arts Center
Morgantown Museum Commission
Morgantown Theatre Company
Don Knotts Legacy Fund To honor the
legacy of Morgantown native and legendary comedian, Don Knotts, through
support of arts related activities in the
greater Morgantown community with
highest priority given to promotion of
the Don Knotts career legacy in film,
television, and stand-up comedy.
Asset Value $985.02
Douglas H. Tanner Memorial Fund for
the Arts Promotes visual and performing arts in the greater Morgantown area.
PAGE 4
Festival of Steel
Metropolitan Theatre Foundation
Fund Assists the renovation and restoration of the historic Metropolitan Theatre. Asset Value $23,640.35
Monongalia Arts Center Fund
Support for visual and performing
artists, active theatre, and numerous
educational programs.
(Closed in 2006)
Morgantown Museum Commission
Fund To provide ongoing support for
the Morgantown History Museum
Funds Distributed, $659.88
Music and the Met Exhibit
Hearth and Home Exhibit
Morgantown Theatre Company Fund
Ongoing support for a children’s community theatre program providing training and experience in stage performance.
Shelley A. Marshall Foundation Fund
Established in honor of Shelley A. Marshall, who lost her life in the Sept. 11
Charles County Public Library
Foundation
Fairfax County Public Library
Foundation
DC Public Library Foundation
Loudoun County Public Library
Foundation
Morgantown Public Library
Shepherdstown Public Library
Foundation
Mon Pointe Nursing Home Tea
Sundale Nursing Home Tea
Goose Route Dance Festival
Summer Art Workshop
High School Creative Writing Awards
George Mason University and Hampden Sydney College Creative Writing
Awards
Community Development
Animal Friends of North Central West
Virginia Endowment Fund
Animal Friends of North Central West
Virginia Pass-Through Fund
Asset Value $999.37
Provide ongoing and permanent support
to the Animal Friends of North Central
West Virginia organization and shelter.
Lasting
Legacy
Theatre
Each year, Morgantown Theatre Company provides theatre performances and
camps to teach more than 300 students
the theatre tradecraft. Friendships, self
confidence, and a sense of accomplishment are just some of the unplanned
consequences.
MTC is one of many arts programs
supported by the City of Morgantown
Arts and Culture Fund. In addition, in
2006, GMCT was pleased to begin
granting from the Douglas H. Tanner
Memorial Fund. Established three
years ago to benefit visual and performing arts, the fund will provide increasing
dollars to arts programming in our local
PAGE 5
Betty Puskar / Dorsey’s Knob Development Fund Provides for the continued
development of Dorsey’s Knob Park and
specifically, Sky Rock Lodge.
Mon River Trails Conservancy Fund
Develops and maintains the rail trails
along the Monongahela River and Deckers Creek watersheds.
Mon Valley Greenspace Coalition Fund
Support community based activities to
provide for green space and open space
protection, bike and pedestrian pathways, urban forestry and related environmental issues.
Coffindaffer Riverfront Fund
Provides seed monies to encourage planning and development of the Monongalia
riverfront in the communities of
Monongalia County.
Community Parks Fund To support and
maintain Jack Roberts Park in the City of
Morgantown on behalf of the Community Parks Association.
Asset Value $2.087.12
Morgantown Public Library System
Fund Assists the library in providing
educational and reading programs and
related visual activities for all ages.
Education
Books for Babies Fund Provides books
and related literacy materials for parents
of infants born in Monongalia County.
Ruth and John Garlow Education
Fund Provide grants to the Monongalia
County School System for educational
supplies and equipment, with primary
emphasis on Cass Elementary School.
Kaleidoscope Fund Funds after school
activities for Monongalia County school
students.
Community
Arts
Children
Dorsey’s Knob Fund Contributions
funded the purchase of the Dorsey’s
Knob site for the creation of Dorsey’s
Knob Park.
(Closed in 2006)
Dorsey’s Knob Lodge Maintenance
Fund Ten percent of income from lodge
rental will fund long term maintenance
of the facility. Asset Value $7,105.68
John F. Kennedy Memorial Park Fund
To create a memorial statue and park
commemorating the visit of John F.
Kennedy to Star City at the beginning of
his 1960 Presidential campaign, and
honoring the love between a father and
son.
Prevention of Cruelty to Animals Fund
Provides financial assistance to organizations and projects related to the ethical
treatment of animals.
Morgantown Public Library System
Capital Fund
Provides for future capital improvements
in the Morgantown Public Library System.
Mountaineer Heritage Park Fund
To establish and preserve Mountaineer
Heritage Park along the waterfront on
South University Avenue in Morgantown.
R1 Evansdale Neighborhood Association Fund to fulfill the charitable purposes of preserving the safety and character of the R1 Evansdale Neighborhood.
Asset Value $200.22
Stacey Groscup Fund To provide a
hands on nature center in the Boparc
system in memory of the Reverend
Stacey Groscup.
Wiles Hill Community Center Fund
Supports the renovation and preservation
of the Wiles Hill School as a community center in the Wiles Hill area.
UHS After Prom Committee Fund
Provides for a safe, fun environment on
a memorable night for University High
Scyhool seniors after the prom.
Health & Social Services
Bartlett House Fund Provides
operational support for the Bartlett
House mission of providing shelter and
support services to the homeless.
Billy and Carolyn Atkins Fund for
Children Devoted solely to the purposes
of the educational and charitable needs
of children in the state of West Virginia.
Families Fall Conference Fund
To facilitate communications between
special needs children, their parents, and
professionals in the field in West Virginia. The Fund primarily provides support for this purpose through sponsorship of an annual educational conference
PAGE 6
Lasting
Legacy
Education
Mon County Adoption Center
The Mon County Canine Adoption Center continues to provide many happy endings. With
grant support from GMCT, the county adoption
center can assure new pet owners of happy and
healthy adopted pets. The promise of good veterinary care with minimal financial burden is a
great incentive for starting pet ownership out
right.
The Prevention of Cruelty to Animals Fund
which supported this grant and GMCT’s two
new funds, established in 2006, for Animal
Friends of North Central West Virginia will
protect animals and provide pet support programs in our area for many years to come.
PAGE 7
Labor of Love Ministries Fund
Provides a housing and support ministry
to young women with a crisis pregnancy.
Leading Ladies Support and Counseling Fund To provide financial support
for the Leading Ladies Support and
Counseling Center, a nondenominational, non-income based,
Christian cooperative that assists in
building safe family structures for
women and children.
Asset Value $305.37
for higher education purposes for Preston
High School graduates studying in the
areas of agriculture or engineering, or
construction, electrical or related trades.
Joycelyn A. Ayersman Memorial Scholarship Fund Provides scholarship funds
to a Rowlesburg area resident and graduate of Preston High School.
Kyle H. Metheny Memorial Scholarship
Fund Provides scholarship funds, in
memory of Kyle Metheny, to a Preston
High School graduate who maintains a
strong academic record and is involved in
competitive amateur athletics.
Baker Memorial Scholarship Fund A
scholarship fund to benefit residents of
West Virginia attending West Virginia
University’s medical or engineering
schools.
Mountain State Mended Hearts #209
Supports educational and physical activities for persons suffering from heart disease.
Camp Nabe Endowment Fund To provide for the operations, maintenance and
future development of Camp Nabe which
is designed to be a summer weekend bereavement camp to help children ages 8
to 17 who have experienced the death of
a loved one.
Miss West Virginia Scholarship Fund
Provides scholarship assistance to the top
Miss West Virginia Pageant contestants.
Community
Arts
Children
Rape and Domestic Violence Fund
Provides financial support to organizations supplying services and education to
women who have or are in danger of
experiencing physical violence.
Red Cross Builders Fund Assists the
Red River Valley Chapter in providing
operational support for Red Cross activities.
Asset Value $506.50
United Way of Monongalia and Preston
Counties Future Fund Supports the
United Way of Monongalia and Preston
Counties in its efforts to meet community needs in the future.
Valley HealthCare System Fund
Provides financial assistance to programs
and activities for persons with mental
disabilities and related complications.
SCHOLARSHIP FUNDS
Angela Shahan Memorial Scholarship
Fund Provides scholarship funds, in
memory of Angela Shahan, to be used
PAGE 8
Dr. Leo Kotcheck Memorial Scholarship Fund Provides scholarship funds,
in memory of Dr. Leo Kotchek, to a Preston High School graduate studying veterinary medicine.
Hope Works Scholarship Fund
Provides scholarship assistance for
Monongalia County high school graduates who have lost parental support due
to death, divorce or loss of income, and
who have demonstrated leadership and
academic ability.
John and Joann Wills Music Educators
Scholarship Fund To provide scholarship assistance to a Preston County native interested in Music.
Monongalia General Hospital Foundation Fund Supports the activities of
The Foundation of Monongalia
General Hospital.
Mountain Heart Foundation Fund
Supports a free week long camp for children who have had a heart transplant or
cardiomyopathy.
WVU Student Memorial Scholarship
Fund To provide scholarship funds to a
West Virginia University student, in
memory of former students. Based on
academic excellence and financial need.
Asset Value $2,000
Lasting
Legacy
Memorial
Miss West Virginia Scholarship
The Miss West Virginia Organization and Pageant showcases
some of the most talented, educated, and socially aware young
women of our state and provides over fifteen thousand dollars in
educational scholarship each year for outstanding pageant participants. Through The Miss West Virginia Scholarship Fund,
GMCT is pleased to be a partner in helping these young women
to achieve their dreams.
For 2006 Miss West Virginia, Tiffany Lawrence, the dream is
even bigger than her own personal goals. It is the self-esteem
educational program, "REACH: 5 Steps to a More Improved
You", she created that fulfills her the most. Presenting
staggering statistics about the harmful effects of low
self-esteem, Tiffany spends most of her time and energy
speaking to young students across the mountain state to better
equip them with the tools for developing healthy self-images.
PAGE 9
Sports & Recreation
BOPARC Fund Fund for the
development of Dorsey’s Knob and
related city of Morgantown Boparc
activities.
(Closed in 2006)
Charles Whiston Jr. Memorial
Fund Assists BOPARC with
UHS Athletics Facilities Development
Fund Matching Fund for development of
the new University High School athletic
fields and facilities.
WVRET / WVU Rifle Club Fund Develops and conducts youth educational activities in collegiate amateur athletic shooting
and marksmanship programs.
development of park and recreation
facilities.
Friends of Track and Field Devel-
Unrestricted
ops and conducts youth educational
activities in amateur track and field
and cross country programs.
Unrestricted funds support the overall
mission of the Greater Morgantown
Community Trust, providing for the
charitable, scientific, and educational
needs of the greater Morgantown area.
These funds are made available through a
biennial grant application process.
Norman and Linda Suttle Fund
Harrison County United Way
Susan Dew Hoff Memorial Clinic, Inc.
Ralph W. Ryan Fund Established in
honor of Dr. Ralph W. Ryan
Norman and Linda Suttle Fund
Harrison County United Way
Susan Dew Hoff Memorial Clinic, Inc.
Community
Arts
Recreation
Preston County High School
Twilight 5K
Morgantown Mohawk 16/14 Fund
Supports recreational softball
activities for girls ages 10 to 16.
Mountaineer Friends of NRA Fund
Supports an annual banquet to
raise funds, in Monongalia, Preston and surrounding counties in
the State of West Virginia, for the
NRA Foundation and for local
shooting sport activities.
Asset Value $780.92
Tugboat Depot Endowment Fund
Provides for the component and
structural replacement and any necessary maintenance of the Tugboat
Depot Community Build Playground
on the riverfront in Star City, WV.
Asset Value $107.85
PAGE 10
Andrew and Cynthia Heiskell Family
Fund
Dreamswork
GMCT Founder’s Fund
Insures funding for the operation of the
Greater Morgantown Community Trust in
perpetuity.
Terra Alta Betterment, Inc.
Women’s Career Clothing Closet of
Christian Help
WV Women Work!
Jerilyn, Sam, Morgan, Joshua and Laura
Stone Family Charitable Trust
Lasting
Parks
West Virginia Women Work!
In 2006, GMCT was pleased to continue its grant support
of the Step Up for Women skilled trade class. With a
placement rate of 80% over seven years, the Step Up program has brought to reality the occupational and financial
dreams of many single moms like Loria. Loria wanted
more from her career, more stability, more time with her
daughter, more benefits and more satisfaction from her
work. As a machinist trainee with Swanson Industries,
Loria appreciates the Step Up staff support that trained her
for this new future.
Legacy
A highlight of 2006 - one of this past year’s graduates has
made it into the International Brotherhood of Electrical
Workers. IBEW is now the fourth union to accept Step Up
graduates, along with the carpenters, the operating engineers, and the laborers unions. Unrestricted funds donated
to the Trust allow GMCT to support a variety of worthy
programs that may apply yearly for direct support.
PAGE 11
S
tatement of Financial Position
2006
2005
CURRENT ASSETS
Cash Equivalents
Investments
Other Assets
$ 15,216
2,170,287
5,192
$ 52,066
2,031,738
5,160
TOTAL CURRENT ASSETS
$2,190,795
$2,088,964
Property and Equipment
Land
Building
Office Equipment
$
Less Accumulated Depreciation
Agency Asset
98,000
887,883
3,872
989,755
18,935
489,697
3,782
493,479
4,861
970,820
488,618
1,372,776
TOTAL ASSETS
$3,161,615
$3,950,358
CURRENT LIBILITIES
Accounts Payable
Accrued Expenses
$
$
TOTAL CURRENT LIABILITIES
Agency Obligation
3,245
3,026
6,271
9,578
2,329
11,907
$1,372,776
NET ASSETS
Unrestricted
Temporarily Restricted
Permanently Restricted
19,526
1,051,829
2,083,900
31,170
1,045,826
1,488,679
TOTAL NET ASSETS
3,155,255
2,565,675
TOTAL NET ASSETS AND LIABILITIES
3,161,255
2,565,675
PAGE 12
S
tatement of Activities
2006
2005
CHANGES IN UNRESTRICTED NET ASSETS:
REVENUES AND GAINS (LOSSES)
Contributions and Grants
Investment Income
Donated use of facilities
Administrative fees
$ 33,101
958
2,160
19,432
Total unrestricted revenues and gains
Net assets released from restrictions
Total revenues and gains
Expenses
Program Service
General Administrative
Fundraising
Total Expenses
Increase (decrease) in unrestricted assets
55,651
583,626
639,277
67,561
319,506
387,067
606,072
27,345
17,504
650,921
(11,644)
399,146
24,059
35,685
458,890
(71,823)
CHANGES IN TEMPORARILY RESTRICTED NET ASSETS
Contributions
Special events and activities, net
Sales of miscellaneous items, net
Net unrealized gains on investments
Investment Income
Net assets released from restrictions
Increase (decrease) in temporarily restricted net assets
473,159
17,591
1,774
41,622
36,043
(564,186)
6,003
561,159
CHANGES IN PERMANENTLY RESTRICTED NET ASSETS
Contributions
Net unrealized gains on investments
Investment Income
Net Rental Income
Net Assets released from Restrictions
Increase in Permanently Restricted Net Assets
535,315
49,796
27,473
2,077
(19,440)
595,221
INCREASE IN NET ASSET
589,580
858,720
2,565,675
1,706,955
$3,155,255
$2,565,675
Net Assets, Beginning of Year
NET ASSETS, END OF YEAR
$
45,471
533
2,160
19,397
6,335
13,944
(801,279)
(219,841)
630,700
26,683
10,493
735
481,773
1,150,384
PAGE 13
S
tatement of Cash Flows
CASH FLOW FROM OPERATING ACTIVITIES
2006
Increase in net assets
Adjustments to reconcile increase in net assets to
net cash provided by operating activities:
Depreciation
Building donation
$
(Increase) decrease in current assets:
Other assets
Increase (decrease) in current liabilities
Accounts Payable
Accrued expenses
2005
589,580
$ 858,720
14,074
(489,697)
2,315
(489,697)
(32)
(5,142)
(6,333)
697
Cash provided by operating activities
CASH FLOW FROM INVESTING ACTIVITIES
Purchase of investments
Purchase of equipment
Cash used in investing activities
NET INCREASE (DECREASE) IN CASH
CASH, BEGINNING OF YEAR
8,500
65
108,289
374,761
(138,649)
(6,489)
(349,941)
(145,138)
(349,941)
(36,849)
24,820
52,066
27,246
CASH, END OF YEAR
$
15,217
$
52,066
SUPPLEMENTAL INFORMATION
Interest Paid
Income taxes paid
$
191
$
35
PAGE 14
I
ndependent Auditor’s Review
February 9, 2007
To the Board of Directors
Greater Morgantown Community Trust, Inc.
Morgantown, West Virginia
We have audited the accompanying statements of financial position of Greater Morgantown
Community Trust, Inc. as of December 31, 2006 and 2005, and the related statements of activities, cash flows, and functional expenses for the years then ended. These financial statements
are the responsibility of Greater Morgantown Community Trust, Inc.’s management. Our responsibility is to express an opinion on these financial statements based on our audits.
L
t
g
We conducted our audits in accordance with auditing standards generally accepted in the United
States of America. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects,
the financial position of Greater Morgantown Community Trust, Inc. as of December 31, 2006
and 2005, and the changes in its net assets and its cash flows for the years then ended in conformity with accounting principles generally accepted in the United States of America.
as
in
Badger and Sal
Financial Consultants
Morgantown, West Virginia
PAGE 15
D escription of Organization and
Significant Accounting Policies
Organization
Greater Morgantown Community Trust, Inc. (the Trust) was incorporated under the laws of the State of West Virginia as a nonprofit corporation on September 1, 2000, and began operations on January 1, 2001. The Trust is situated in Morgantown, West Virginia. The Trust is organized and operated exclusively for charitable or educational purposes providing a means by which
the publish may establish or make gifts of various amounts to trusts or funds
and provide for distribution of income and in certain cases, principal for the
educational and charitable needs of the greater Morgantown, West Virginia
community. The established trusts and funds are subject to varying degrees
of control by the Trust
Significant Accounting Policies
Basis of Financial Reporting: The accompanying financial statements have
been prepared on the accrual basis of accounting whereby revenues are recognized when earned and expenses are recognized when incurred.
Basis of Presentation:
The Trust has adopted Statement of Financial Accounting Standard (SFAS)
No. 116, “Accounting for Contributions Received and Contributions Made.”
The Trust has also adopted SFAS No. 117, “Financial Statements of Not-forProfit Organizations.” Under SFAS No. 117, the Trust is required to report
information regarding its financial position and activities according to three
classes of net assets: unrestricted net assets, temporarily restricted net assets,
and permanently restricted net assets.
Accounting Estimates: The preparation of financial statements in conformity with generally accepted accounting principles (GAAP) requires management to make estimates and assumptions that affect the reported amounts of
assets and liabilities at the date of the financial statements and the reported
amounts of revenues and expenses during the period. Actual results could
differ from those estimates.
Cash and Cash Equivalents: The Trust considers all short-term debt instruments with an original maturity of 90 days or less to be cash equivalents.
Investments/Endowments: The Trust invests contributions in publicly
traded mutual fund and corporate stocks. Investments are stated at fair market
value. The Trust records donated securities at their fair market value at the
date of donation. Realized and unrealized investment gains and losses are
determined by comparison of specific costs at acquisition to proceeds at the
time of disposal or market value at the statement of financial position date. In
accordance with the bylaws of the Trust and if permitted within the contribution agreement, endowment accounts created and not fully funded to $10,000
with a three year period, are moved to the Trust’s general fund and distributed
for similar charitable purposes, and the endowment ceases to exist.
PAGE 16
Property and Office Equipment:
The Trust follows a policy of capitalizing assets with useful lives of more
than one year. Property and equipment is recorded at cost, except when
donated by unrelated parties. Donated property, material and equipment are recorded at fair market value
at the date of donation. Depreciation
is computed on the straight-line
method based on the estimated useful
lives. Building is depreciated over
forty years and office equipment is
depreciated over five years. Depreciation expense is $14,074 (2006) and
$2,315 (2005).
Donated Services:
Donated Services are recognized as
contributions in accordance with
SFAS No. 116, if the services (a) create or enhance nonfinancial assets or
(b) require specialized skills, are performed by people with those skills,
and would otherwise be purchased by
the Trust.
Agency Transactions:
Agency transactions are transfers of
assets to the Trust in which the Trust
has no discretion over the use of the
assets received. The donor has transferred these assets to the Trust for the
ultimate benefit of a third-party beneficiary. The Trust records Agency
Transactions in accordance with
Statements of Financial Accounting
Standards No. 136, Transfers of Assets to a Not-for-Profit Organization
or Charitable Trust That Raises or
Holds Contributions for Others. If a
nonprofit organization receives financial assets in an agent capacity, the
organization is required to record an
asset and a liability.
Investments Held in Trust as
Custodian:
The Trust has entered into trust and investment management agreements
whereby the Trust acts as trustee. Under
the terms of the trust agreements, organizations and individuals are designated as
beneficiaries of either the trust income or
principal. The Trust carries out the directives and exercises the powers contained
in the agreements, for which it receives a
fee for services rendered.
INVESTMENTS
All investments consist of equity securities and all have a readily determinable fair market value. Fair market values as of December 31, 2006
and 2005 are:
Cost
Fair Value
Carrying Value
2006
$2 ,059,032
$2,170,387
$2,170,387
2005
$1,967,963
$2,031,738
$2,031,738
All interest costs have been expensed.
Investments gains (losses) consist of realized and unrealized portions.
For the years ended December 31, 2006 and 2005, the realized amounts
were $(0) and $(0) respectively, and the unrealized amounts were
$91,418 and $33,018 respectively.
Advertising Cost
CONTRIBUTED SERVICES
All advertising costs have been expensed.
For the years ended December 31, 2006 and 2005, $2,160 of office rent
expense was donated to the Trust.
Interest cost
INCOME TAXES
The Trust is exempt for federal taxation.
The Internal Revenue Services has issued
a ruling stating that the Trust qualifies as a
public charity under Section 509(a)(1) of
the Internal Revenue Code and, as such is
exempt from federal income taxation under Section 501(c)(3).
CONCENTRATIONS OF CREDIT
RISK
The Trust invests in publicly traded mutual funds and corporate stocks, which are
affected by market conditions. The Trust
believes it is not exposed to any significant credit risk on its cash and investment
balances. The Trust maintains its cash in
bank deposit accounts, which at times
may exceed federally insured limits. The
Trust has not experienced any losses in
such accounts.
TEMPORARILY RESTRICTED NET ASSETS
Temporarily restricted net assets at December 31, 2006 are available for
the following purposes:
PERMANENTLY RESTRICTED NET ASSETS
Permanently restricted net assets at December 31, 2006 are available for
the following purposes:
AGENCY TRANSACTION
On June 20, 2002, the Trust entered into an agreement to act as a financial conduit to purchase 67 acres of real estate. The City of Morgantown, West Virginia (the City) and the Board of Parks and Recreation
Commissioners (BOPARC) of the City have total operational control
and responsibility for this property. The Trust will realize no expenses
related to this arrangement; if expenses arise
they will be reimbursed
by BOPARC. During
2006, ownership of the
property passed to the
City of Morgantown as
the debt related to the
property was extinguished, and the Trust
removed the asset and
the corresponding obligation related to this
transaction.
PAGE 17
D onors
Glenn Adrian
Frank Alderman, MD
Barbara Alexander
Patrick Alexander
Julia Annonio
Tim Argabrite
Billy and Carolyn Atkins
Azimuth, Inc.
BB&T
BFS Foods
Kathy Baliker
Christopher and Kimberly
Barnum
Better Business Systems, Inc.
David Biafora
Richard Biafora
Marshall Bishop
Russell Biundo MD
Blaine Turner Advertising, Inc.
Russell Bonasso
William Bonsall
BOPARC
Richard Bowlby
Jack Bratton
Tod Buckhalter
Edward and Carol Bucklew
William Bucklew
Doug and Elizabeth Bullock
Mike Callen
Stephen Callen
Hazel Campbell
William and Loulie Canady
Centers for Independent Living
Centra Bank
Cheryl Chambers
Cheat Lake Rotary
Wendell and Janice Christopher
City of Morgantown
Andrew and Diane Claydon
Clear Mountain Bank
Chris Cluss
Robert Cochrane
Combined Federal Campaign
of the National Capital Area
Consol Energy, Inc.
Thomas and Hope Convey
William and June Coombs
Dale Cox
James and Judy Culberson
Robert and Debra Cyphert
Frank and Debbie DeCarlo
Laurence and Jean DeLynn
Gay Lynn Dodrill
W. Brent Dodrill
William Dyer
Richard and Brenda Engel
Gwen and Sanford Emery, MDs
David and Elaine Evans
Steve Fansler
Faraway Hill Investments, LLC
Betty Farr
Mack and Nancy Farr
Richard and Leanne Fink
John Forester
Jeffrey Freeman
Cindy Frich
Marlene Frich
Deborah Fulton
Steve Fusco
Frederick and Mary Gabriele
George Simms Interiors
Mavis Grant-Lilley
Greer Industries
Kathryn Greever
Gary Guido
Charles Guseman
Michael and Ann Haley
Carol Hamblen
Linda Hamstead
Bob Hartley
Dewey Hastings
Clair Hawkins
Andrew and Cynthia Heiskell MD
Colonel Robert Holt
Howard Hanna Premier
Properties by Barbara
Alexander
Jackson Kelly, PLLC
Barbara Judy
Kanawha Stone Company, Inc.
Katherine Karraker
Kegler’s Lounge
Vaughn Kiger
Lillian Kotchek
Jeanne Kozak
Richard and Nancy Krynicki
Joseph Kun
Stephen and Lynn LaCagnin
Glenn and Jarrell Larew
Robert and Phyllis Last
James Laurita
Jim and Rebecca Laurita
Mary Ann Liberatore
Jerry Lorenze
Clyde Junior Lowe
Janet Lowe-Price
The Lund Group, LLC
John and Edna Lynch
The Lynch Foundation, Inc.
M T Properties
Ranjit Majumder MD
William and Sharon Maloney
March Westin
Donn Marshall
Joseph and Phyllis Marshall
Hubert and Gertraud Martin
James and Mary McCartney
Shanda McNew
Med Express
Robert and Jill Milvet
Monongalia County
Commission
Morgantown Physical
Therapy Associates, Inc.
Peter and Bridget Morningstar
Gordon and Sharon Murray
My Bank! First United
Bank & Trust
Mylan Charitable Foundation
Mylan Pharmaceutical, Inc.
Nailor Foundation
O C Cluss Lumber Company
Old Colony GMAC
Company Realtors
Larry Oleska
Nick Oliver
Michael and Julia Oliverio
Glenna Pack
Larry Palumbo
Ruth Ann Panepinto
Panepinto & Associates
Lynda Pellegrin
William Perry
Curt and Judy Peterson
Perry Petroplus
Betty Puskar
John and Charlotte Pyles
David Raese
V K Raju MD
Camille Riley
Brent Robinson
James and Sharon Robinson
Rowlesburg Area Historical
Society
Sam’s Club #4936
Mark Sellaro
Philanthropists
Fund
Legacy
PAGE 18
DONORS
(continued from previous page)
James Shepherd
L. Zane Shuck MD
Stephen and Elizabeth Shuman
Shuman, Inc.
George Simms
Donald Spencer
Benjamin and Bonnie Jo Statler
Steptoe and Johnson, PLLC
Gary and Sharon Stoops
Suburban Lanes
Superior Ford Lincoln Mercury
Annette Tanner
Stephen and Rita Tanner
Robert and Catherine Thewlis
Robert Toth
Ulysses Limited Liability
Company
Craig Underwood
University High School
After Prom Committee
University Motors
Ann Van Voorhis
The View at the Park
Property Owners Association
Alfred and Dorlores Ware
Waterfront Jeep
WesBanco
Joann Wills
Vivien Woofter
WVU Greek Programming
Committee
WVU Rifle Club
W hy Give to GMCT?
As a community foundation, GMCT is
part of one of the fastest growing sectors
of philanthropy in the U.S.. There are
now more than 1000 community foundations like GMCT nationwide offering
donors a number of charitable advantages.
WV Grantmakers Association and Leave
A Legacy® of WV. These organizations
provide invaluable information to support
the needs of our donors and address new
opportunities.
PERFORMANCE
Making a contribution to GMCT is easy
and effective. You may contribute by:
MAKING A DONATION
Your gifts will keep giving forever to the
•
charitable causes that you determine.
Should the intended purpose of the fund •
become obsolete, GMCT’s Board of
Directors retain the authority to amend
provisions of your fund assuring that it
•
will continue to meet needs relevant to
the times and your intentions forever.
•
COMMEMORATION
Your name or the name of a loved one
can live on through your fund, serving
the charitable purposes that honor your
or their life’s work.
STEWARDSHIP
GMCT’s Board of Directors with guidance from its Investment Committee,
closely moniter the performance of our
professional investment manager. The
Trust makes a full accounting to the community through this annual report which
is certified by independent auditors. In
addition, all Trust documents, including
our Federal Tax Form 990 and governance, are available to the public upon
request and on our website,
www.gmctfoundation.org
Sending a check to GMCT directly.
Making an online credit card
donation on GMCT’s secure website
at www.gmctfoundation.org
Directing a gift from a family or
other charitable fund
Giving gifts of appreciated stock or
securities.
GMCT also gives you the option of making a legacy gift for the future through
your estate including life insurance or
retirement plans. Whether you consider
yourself wealthy or poor or somewhere in
between, making a gift of any size
through your estate can have a big impact
over time.
GRANT MAKING EXPERTISE
GMCT is knowledgeable about needs
and opportunities in the greater Morgantown area and can assist you in identifying charitable organizations and programs that are addressing your particular
interests.
In addition, The Greater Morgantown
Community Trust is a member of the
national Council on Foundations, the WV
Consortium of Community Foundations,
PAGE 19
G
MCT Board of Directors
Officers
John W. Pyles
Brian F. Thomas
President
James A. Robinson
President, Clear Mountain Bank
President, Insurance Centers, Inc.
William J. Maloney
Immediate Past President
Monongalia County Commissioner
Former President, WVU Foundation
Virginia Royce
Founder and President Blaine Turner
Advertising, Inc.
Co-founder, Shaft Drillers International, Ltd.
Managing member, Cow Run LLC.
Samuel S. Stone, JD, CPA
Billy Atkins, JD
Vice President
Stephen D. Tanner, CPA
Partner, Bowles, Rice, McDavid, Graff, and
Love, PLLC
K. Douglas Reed
Treasurer
Attorney
Senior Consultant, Simpson and Osborne,
Retired CPA
Staff
Senior Vice President, BB&T
Barbara Alexander
Secretary
Broker/Owner, Howard Hanna/Premier
Properties by Barbara Alexander
Neil Bucklew
Professor, WVU College of Business &
Education
Former President, West Virginia University
Billy L. Coffindaffer
C. Andrew Heiskell, MD
Heiskell, King, Burns, and Tallman Surgical
Associates, Inc.
Ronald P. Justice
Mayor, City of Morgantown
Asst. Dean of Students, WVU
Vaughn Kiger,
President of Old Colony Company, Realtors
C. Barton Loar
Former President, WesBanco Bank
Gordon Murray, MD
Professor Emeritus, WVU School of Medicine,
Department. of Surgery
PAGE 20
Please e-mail to
info@gmctfoundation.org or call
304-296-3433. Additional financial
information including IRS Form 990
and our most recent audit is on file in
our office, 344 High Street, Morgantown, WV.
To Receive a Grant:
Grant applications are reviewed on a
bi-annual basis. Application deadlines
are October 1st and March 31st.
Grant applications are available upon
request from our office or online at
our website:
To Make a Gift or Set Up a
Grantmaking Fund:
Board Members
Project Manager, Greater Morgantown Area
Chamber of Commerce VISION 2000
WVU Order of Vandalia
WVU Agriculture and Forestry, 4-H Halls
of Fame
General Inquiries:
Paula Martinelli
Executive Director (right)
Angela Anderson
Administrative Assistant (left)
Call or check the website for further
information to set up a grantmaking
fund or for help in selecting an asset
for your gift. GMCT accepts checks
which should be made payable to the
specific fund or the Greater Morgantown Community Trust, Inc. and
mailed to P.O. Box 409, Morgantown, WV 26507.
Credit card donations may be made
online at www.gmctfoundation.org.
Select “Donate to a Fund” and choose
the fund to receive your donation.
Proceed to check out using our shopping cart format.
GMCT Professional Advisors
Investment Manager
A special thank you to
Clear Mountain Bank
for underwriting this
annual report.
Additional Photography
Morgantown Theatre Company,
Cinderella, p. 5
Sue Amos
Infinite Lens Studio
107 High Street, 2nd floor
Morgantown, WV
infinitelens@wvdsl.net
Jerome Schmitt, Executive Vice President
Aaron Hawkins, Senior Vice President, Trust and
Investment Services
Robin Morris, Senior Trust Officer
WesBanco Trust & Investment Services,
A Division of WesBanco, Inc.
301 Adams Street
Fairmont, WV 26554
www.wesbanco.com
Independent Auditor
Charles L. Badger, CPA - Partner
Gary L. Salzmann , MBA, CPA - Staff Accountant
Badger & Sal, PLLC, CPA
430 Spruce Street
Morgantown, WV 26505
www.badgersal.com
Website Support
Rob Gatain, Realtor
Morgantown’s Dot Com, LLC
714 Venture Drive #137
www.morgantowns.com
The Greater Morgantown Community Trust, Inc. maintains membership in the following local and
state wide and national organizations:
•
Greater Morgantown Chamber of Commerce
•
Mainstreet Morgantown
•
Preston County Chamber of Commerce
•
Leave a Legacy® West Virginia, Southeastern Ohio, Eastern
Kentucky, and neighboring communities
•
West Virginia Grantmakers Association
•
WV Consortium of Community Foundations
•
Council on Foundations, Washington, DC
The Greater Morgantown Community Trust, Inc.
344 High Street,
PO Box 409
Phone: 304-296-3433/Fax: 304-284-2427
Non-Profit
U.S. Postage
Paid
Morgantown, WV
Permit 447

2006 and 2005 Annual Report

Transcription

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