IRS Report for Fiscal Year 2004-2005
Total Revenues: $64,091
Total Expenses: $56,051
Excess for year: $8,040
Fund Balance at beginning of year: $10,530
Net assets at end of year: $18,570
The above summary, which was reported to the Internal Revenue Services in September, was prepared for Metro Infanta Foundation by MIF accountant and auditor Romy Coronacion.
The catastrophic typhoons that hit Infanta, Real, General Nakar and other neighboring towns moved many of our kababayans to solicit funds for Metro Infanta Foundation. Thus our total revenues more than doubled last year's total of $29,768.
Most of our total expenses went to grants for various causes including scholarships, Carmelite Seminary, the Prelature of Infanta for a total of $25,650 and $30,000 for the disaster relief typhoon victims. These grants were designated by donors to specific causes.
Posted Oct. 1, 2005