Annual Meeting of Members of January 17, 2012.
For the fiscal year ended August 31, 2011, total income from public support, total return on investments, fellowship repayments and other income came to a gain $ 9,209,949 against a gain of $ 3,339,744 in the previous year. Within this total income, the public support, fellowship repayments, dividend and interest revenues, as well as other income, excluding net realized and unrealized gains/losses on investments, were $ 3,347,289 against $ 3,054,377 in the previous year. The net realized and unrealized gains on investments were of $ 5.862.660 for the fiscal year ended August 31, 2011 against $ 285.367 in the previous year.
For the fiscal year ended August 31, 2011, operating expenses were $ 2,759,438 against $ 2,462,874 in the preceding year. Within these operating expenses, the program services, i.e. fellowships and grants totaled $ 2,555,140 against $ 2,272,063 in the previous year. Program services constituted 92.6 % of all expenses. The balance of expenses (7.4 %) was in management, general and fundraising expenses.
For the year ended August 31, 2011 income exceeded expenses by $ 6,450,511 whereas in the year ended August 31, 2010 income exceeded expenses by $ 876,870.
The Foundation's total net assets at the end of the fiscal year on August 31, 2011 rose to $ 71,159,758 an increase of $ 6.261.635 (9.6%) in total net assets over the total net assets of $ 64,898,123 on August 31, 2010.
The Independent Auditors, Lutz and Carr LLP, New York, NY, have issued an opinion that the financial statements submitted by the Foundations management present fairly, in all material respects, the financial position of the Belgian American Educational Foundation, Inc. as of August 31, 2011 and 2010, 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.