Treasurer’s Report
For the year ending December 31, 2010
During 2010 the COLEG had total cash
income from all sources of $23,676.52. For the same period, expenses (not
including award reimbursements) were $74.49. At year-end the COLEG had combined
assets valued at $381,180.80, compared to year-end 2009 assets of $321,960.87.
These assets consisted of cash and securities in a brokerage account that
totaled $380,686.69, and a non-interest bearing checking account with a balance
of $494.11. At year-end scholarship award liabilities totaled $51,396.58. This
left the COLEG with a net worth of $329,784.22 at year end, versus $273,010.87
this time last year.
Cash, in order of amount received came from the following
sources: 1) investment income, 2) memberships/contributions, 3) memorials and
honorariums, 4) annually funded scholarships, and 5) additions to named lump
sums within the Endowment Fund.
Expenses were unusually low again this year, amounting to
.0002% of The COLEG’s assets. Tuition reimbursements during the year totaled
$12,053.42.
The
Endowment Fund which was valued at $252,629.65 at year end 2009, finished 2010
with a valuation of $300,277.08 after year end adjustments as a result of
tuition award reimbursements.
2010 ended with 4 named lump sums within The Endowment
Fund, in addition to that which is earmarked as the COLEG portion. These book
entry accounts in order of value and approximate percentage representation are
as follow: COLEG $105,276.18 (35.06%), Kenneth & Evelyn (Lindquist) Berg
$83,537.49 (27.82%), William & Ruth (Norland) Wilebski $79,891.20 (26.61%), Al &
Irene Arneson $22,940.14 (7.64%), and John & Ann Hugg $8,632.07 (2.87%).
Shelly Westerberg
Treasurer