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 The work record <<Warm Current>>, which was published in October 1999, gained the approval of many people in our community, giving the foundation a lot of support. In that same year, the Yat Fai Educational Foundation acquired more than seven million dollars. For the sake of our donors and for accounting purposes, we set that month as a starting point and October 2000 as the ending point of one yearlong term. However, we found that this way of accounting was not perfect, because it does not follow the normal accounting period of April 1st to March 31st of the next year, or from January 1st to the end of December. From the year 2002 onwards, we have calibrated the term for donations and reports to January 1st until the end of December. As a result, the work record is published at the end of this annual term or the latest, January of the next year. From now on, donations, funding events, social work and notices are all clear and organized.
The world is evolving and time is changing. Our work is progressing as well, therefore our website has to be replaced by a new one. From the year 2003, the website shall have a new organization to present information as clear as possible. We have also decided to constantly update information such as schools, hospitals, new breakthroughs, results, bad news and new events on our website, in order for the generous people in our community to know as soon as possible.
According to our accountant, Yat Fai Educational Foundation has received donations of 5,751,607 dollars- a 3,443,171 dollar increase from last year's 2,308,436 dollars. Our expense in donations is 5,329,746 dollars – a 212.70% increase of last year's 2,505,678 dollars. Certainly, we deeply appreciate the generosity of the donors. As we receive more funds, more children, underprivileged and disabled people have been benefited. Donations do not come very easily, and we try to make the best use out of the money we receive. When resources become scarce, we often have to utilize the "hard-sell" way of getting more funds. If that does not work, we either reduce the intensity of the funding event, or delay it until the economy improves. Although we are very thorough in the investigation of whether the applicant ought to receive the support before discussing it with the applicant, the final decision always depends on the availability of the fund.
The accounting, media and donations mentioned are the structure of our work. I shall now briefly report on this year's work, and express my personal feelings. |
