President’s Foreword

Last year, the global economic downturn greatly impacted our fiscal resources. Fortunately, this year we have recovered.

The Academic Year 2009-2010 showed a jump in net revenue of P173 million or 532% compared to last year’s P27.4 million, thereby growing the foundation’s net assets to P940.34 million from P770.84 million in 2008-2009. Total disbursements increased by almost 6% which stood at P37.87 million. This year’s scholarship grants was at P17.3 million with at least 2% increase compared to last year’s. Summing up, the total number of scholars now increased to 843 including the 244 Siojo high school scholars from Mountain Province. It is worthwhile noting that out of the 209 endowed scholarship funds only 39 or 19% can be utilized as the threshold level for use of scholarship fund is at least P1 million. The professorial chair grants increased by 12%. There are 287 professorial chair funds of which 269 or 93% are usable. However, only 176 were granted. Professorial chair fund threshold for use is P500 thousand. Also, there was an increase in Scientific Research and Development grants by 6%, other programs and projects by12.% and general and Administrative expenses by only 2%. Unrealized mark-to-market losses stood at P8 million and unrealized foreign exchange losses of P2 million.

Restricted donations were at P113.7 million compared to last year’s P27.67million. We are indeed grateful to all our donors for their unqualified support. On behalf of the Board of Trustees, thank you for your confidence in our Foundation. As we move forward, we shall be increasing our assistance to our scholars, professorial chairs and research grantees through prudent fiscal management.

[Signed] Rene R. Fuentes
President