FINANCIAL HIGHLIGHTS
» Total Assets Under Management of over $177 million » Total Endowed Assets increased to over $125 million » Donations and bequests received of over $10 million » Investment returns averaged 9.7% and ten year returns averaged 6.2% » Operating expenses less than 1.0% of average total assets » Over $3.4 million in grants and scholarships paid out from endowment funds » Over $6.3 million in grants and scholarships paid from pass-through, trust and provincial funds
ORIGINAL CAPITAL GROWTH - ENDOWMENT FUNDS
120 100 80 60 40 20 0
ADMINISTRATION COSTS
$1,800,000 $1,600,000 $1,400,000 $1,200,000 $1,000,000 $800,000 $600,000 $400,000 $200,000 0
The Foundation’s endowed assets continue to grow at a steady pace making us the sixth largest community foundation in Canada.
MARKET VALUE GROWTH - TOTAL ASSESTS UNDER MANAGEMENT
180 160 140 120 100 80 60 40 20 0
1.20% 1.00% 0.80% 0.60% 0.40% 0.20% 0.00%
Current Liabilities Grant Commitments
Pass-Through Fund Liabilities
Irving K. Barber BC Scholarship Society Funds Net Assets
Trust Liabilities
SUMMARIZED FINANCIAL STATEMENTS
SUMMARIZED STATEMENT OF FINANCIAL POSITION As at December 31
2010 Current Assets
Investments, at market value Other Assets
Trust Assets $631,543
$174,274,867 $202,167
$175,108,577 $2,747,107
$177,855,684 $303,062
$1,041,728 $8,171,475 $39,633,725 $125,958,587 $175,108,577 $2,747,107
$177,855,684
The Victoria Foundation strives to keep its administration costs in line with a target of 1.0% of average assets under management (at market value). For 2010 the Foundation achieved a 0.91% rate and our average over the last ten years has remained steady at 1.0%. Our Board and staff continue to strike the fine balance of positioning the Foundation for growth opportunities while managing annual administration costs in an efficient and effective manner.
ANNUAL RETURNS
20 15 10 5 0
Continued market recovery and the addition of new endowment gifts have provided a modest market value growth during 2010.
-5
-10 -15 -20
The Victoria Foundation approved an updated Investment Policy during 2010 which continues to provide a prudent, balanced and responsive approach to our long-term endowment investments. This approach has resulted in a 10 year average rate of return of 6.2%.
SUMMARIZED STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS For the year ending December 31,
2010
Revenue: Gifts received for immediate granting Gifts to operations
Fee revenue - Trusts and Managed Funds Life insurance premiums
Total returns allocated to operations and granting
Expenses: Grants
Life insurance premiums
Communications and community leadership Operations expenses
2008 2001 2002 2003 2004 2005 2006 2007 2009 2010 NET ASSETS, beginning of year
New gifts and contributions to endowment funds Total returns allocated to net assets
Excess (Deficiency) of revenue over expenses for the year NET ASSETS, end of year
$116,688,031 $3,908,140 $5,287,430 $74,986
$125,958,587
$87,211,545 $20,256,412 $9,312,943 $(92,869)
$116,688,031 31 EXCESS (DEFICIENCY) OF REVENUE OVER EXPENSES FOR THE YEAR
$6,303,526 $165,439 $415,397 $98,850
$4,529,153 $11,512,365
$9,760,922 $98,850 $192,261
$1,385,346 $11,437,379
$74,986 2009
$7,288,605 $103,852 $371,659 $98,827
$2,877,067 $10,740,010
$9,206,340 $98,827 $182,590
$1,345,122 $10,832,879
$(92,869) 2009 $154,644
$164,902,339 $123,355
$165,180,338 $3,928,052
$169,108,390 $293,082
$1,109,577 $10,209,244 $36,880,404 $116,688,031 $165,180,338 $3,928,052
$169,108,390
Numbers in millions ($)
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
Numbers in millions ($)
Percentage
2002 2003 2004 2005 2006 2007 2008 2009 2010
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