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Index |
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Report of the Chair and President
Board of Directors
Auditors Report
Gifts Received
Operating Fund
Restricted Endowment Funds
Grantable Funds
Unrestricted Endowment
Funds
Restricted Non-endowment Funds
Grants
Restricted Endowment Fund
Unrestricted Endowment Fund
Non-Endowment
Fund
Endowment Balances
Restricted Endowment Fund
Unrestricted Endowment Fund
Operating Fund
Asset Growth Chart
Resource Center Activities
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Report of Chair
& President |
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Welcome
to the North Dakota Community Foundation 2002 Annual Report. In
the pages that follow you will find lists; lists of grants made,
gifts received and fund balances. These lists are compiled as
part of the annual certified audit conducted on the financial
affairs of NDCF.
You may note that the market value of some of our funds has
declined from the 2001 Annual Report. We have been told by
investment advisors that the last three years have been the most
difficult for the
stock market since the Great Depression of the 1930s. We
continue to maintain our balanced investment portfolio and
investment |
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NDCF
Board Chairman, Frank Keogh, Williston, President, American
State Bank & Trust |
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discipline as we did when the market was having very positive
returns during the 1990s. As the quintessential long-term
investor, the Foundation must maintain its discipline in down
and up markets. If one’s portfolio is not properly positioned,
one misses the positive turnaround by not being fully invested.
If an investor was out of the
S & P 500 for only the 40 best days between April of 1984 and
May of 2000, he would have an average yearly return of just
5.77% as opposed to a return of 15.02% for a buy and hold
investor.
(Source: http:\\www.saafti.com) |
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Kevin
Dvorak, President and CEO, NDCF, Bismarck,
North Dakota |
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The only prudent
course of action for any long-term investor is to maintain diversity
and learn the lessons of history concerning market rebounds.
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You will get a
comprehensive financial snapshot of the Community Foundation as you
study these pages. The Newsletter included with this annual report
has more of the heart and soul of the Foundation’s work. The
pictures and stories there highlight the projects and people that we
work with across North Dakota. |
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I’ll let you in on
a little secret about Foundations. With all their money, they
accomplish nothing until they send that money to a group of
dedicated staff or volunteers at a nonprofit agency who are working
to accomplish something. We, at the North Dakota Community
Foundation are so pleased that we can provide some support to those
who do the heavy lifting by meeting the needs of North Dakota’s
citizens. |
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Top
of Page |
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2002-2003 BOARD
OF DIRECTORS |
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CHAIRMAN |
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Frank
Keogh, Williston
President, American State Bank & Trust |
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VICE CHAIRMAN |
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Linda
Steve, Dickinson, Certified Public Accountant |
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SECRETARY-TREASURER |
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Joanne
H. Ottmar, Jamestown, North Dakota; Attorney |
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DIRECTORS |
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Orlin
Backes, Minot, Attorney
Joe Hauer, Bismarck, Businessman
Tara Holt, Bismarck, Independent Business Woman
Dennis Johnson, Watford City, Attorney
Dan Liberda, Carrington, Insurance Agent
Barbara Mayer, Regent, Business Woman
Lynn Nelson, LaMoure, Business Woman/Farmer
Lowell D.Overbo, Ashley, Retired Bank President
Chad Peterson, Fargo, Architect
Russell Stegman, Cavalier, Farmer
David “White Thunder” Trottier, Dunseith, Business Owner
Top of Page |
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2002 Auditor's
Report |
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Rodney W. Melby,
an independent certified public accountant, has audited the
Foundation’s financial statements for the year ended December 31,
2002. The auditor has issued his unqualified opinion dated January
16, 2003, on the basic financial statements. Copies of the audited
financial statements are on file at the Foundation’s office for
inspection. The following financial statements are excerpts from the
audit report. |
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Donations are listed on a single
page within this website and total $953,796 for the year. |
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Grants |
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A
total of $772,566 in Grants were made during 2002. They are
outlined on this website as follows: |
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Restricted Endowment Fund Grants
- $358,114
Unrestricted Fund Grants -
$59,750
Non-Endowment
Fund Grants - $354,702 |
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Fund
Balances |
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Fund balances
totaled $? at the end of 2002 as follows: |
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Operating Endowment Fund Balance -
$756,287
Restricted Endowment Fund Balance -
$11,138,219
Unrestricted Endowment Fund Balance
- $1,551,459
Restricted Endowment Fund Grantable Balances - $250,660
Restricted Non-Endowment Fund Grantable Balances - $3,895,469
Unrestricted Operating Fund Balance - $344,159 |
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