Dear Members and Friends:

What a wonderful year for FIRST. The reach and success of our organization has been growing at a terrific clip. Our financial stability has remained intact despite the additional demands and significant research contributions that have been made. We give great thanks to Jean and her professional staff for their continued commitment to excellence and their enthusiastic support to all. Jeff Hoerle has stepped in as our new president with great passion, enthusiasm, and leadership. He has helped take this group to even greater heights and continues to enhance our greater good. Thanks for all you do, Jeff, and your tireless energy and efforts.

Now to the state of financial affairs. We had a strong year for the period ending September 30, 2015. Based on our audited financial statements, net assets were slightly down by $104,294.  This was totally expected due to research grants paid for the fiscal year – we granted over $150,000 in research this last fiscal year. We were actually close to $110,000 in net income over and above our original budgeted numbers, mostly due to a very favorable expense control that was well under the budget. Overall, our income was almost $33,000 more than the projected budget. Once again, the lion’s share of contributions is spent on FIRST’s programs and services.  We continue to manage our assets through SunTrust and have a strong investment management team managing our portfolio. Our Investment Committee continues to closely monitor all aspects of our progress and performance with the SunTrust organization.

Please feel free to reach out at any time should you have any questions or concerns about our financial affairs. I wish all of you a continued year full of great health, peace, and contentment.  

Warmest regards,

Larry Silverman, CPA, CFP CFO, Board of Directors

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