# EXHIBIT 51

United States Virgin Islands

ECONOMIC DEVELOPMENT COMMISSION ANNUAL REPORT



Fiscal/Calendar Year Ending December 31, 2011

Financial Trust Company, Inc.

Investors Dream

| Intelligible Sales & Eligible for Tax Benefits ... | ( \$ - ) | \$ 125000 |
| ------------------------------------------------------------------------------------- | ---------- | ------------ |
| Other Income (Intelligible) & Eligible for Tax Benefits ... | ( \$ - ) | \$ 9945593 |
| Gross Wages Paid in the V.I. (Include vacation & sick pay, bonuses, overtime, etc.) |  | \$ 762000 |
| Average No. of Employees; Full Time & (Part Time/Other)... | 10 |  |
| Average No. of Residents; Full Time & (Part Time/Other)... | 10 |  |
| Average No. of Non-Residents; Full Time & (Part Time/Other)... |  |  |
| Other Employee Costs (Unemployment & health insurance, pension, allowance, etc.) |  | \$ 213753 |
| Employee Income Taxes Paid and Withheld |  | \$ 197692 |

TAXES AND DUTIES (Provide dollar amount paid, and value of exemption/refund for each tax)

| Gross Receipts: | Amount Paid | \$ | 400 |
| ------------------------------------------- | ------------------------------------------ | ---- | ----------- |
|  | Dollar Value of Exemption |  | \$ 5225 |
| Real Property Tax: | Amount Paid |  | \$ 0 |
|  | Dollar Value of Exemption |  | \$ 0 |
| Excise Taxes: | Total Paid |  | \$ 0 |
|  | Dollar Value of Exemption/Refund |  | \$ 0 |
| Income Taxes: | Total Paid |  | \$ 112046 |
|  | Dollar Value of Exemption/Refund |  | \$ 90757 |
| Customs Duties: | Total Paid |  | \$ 0 |
|  | Dollar Value of Exemption/Refund |  | \$ 0 |
| Other: | Hotel room taxes paid |  | \$ 0 |
|  | Other Taxes, Fee Paid to V.I. Government |  | \$ 1447 |
| TOTAL TAXES PAID: |  |  | \$ 113893 |
| TOTAL VALUE OF EXEMPTIONS AND OR REFUNDS: |  |  | \$ 95982 |

EXPENDITURES FOR GOODS, SERVICES, PLANT & EQUIPMENT

|  | Eligible Supplier | V.I. Suppliers | Non-Local | Totals |
| -------------------------------------- | ------------------- | ---------------- | ---------------- | ------------------- |
| **Goods and Services:** |  |  |  |  |
| Raw materials, components |  |  |  | \$ - |
| Food, beverage |  |  |  | \$ 0 |
| Freight Charges |  |  |  | \$ 0 |
| Insurance | 20686 | 851 | 0 | \$ 21537 |
| Legal/ Accounting | 0 | 14656 | 1138778 | \$ 1154344 |
| Advertising / Promotion | 0 | 1420 | 0 | \$ 1420 |
| Utilities (tel., water, elect. etc.) | 109 | 51334 | 0 | \$ 51443 |
| Interest & Other Bank Chg. |  |  |  | \$ 0 |
| Supplies | 4259 | 31758 | 1469 | \$ 37486 |
| Repairs/Maintenance | 6541 | 185 | 0 | \$ 6725 |
| Other (List Separately) | 33000 | 121899 | 11370 | \$ 166269 |
| Subtotal, Goods and Svcs: | 64595 | 222103 | 1151617 | \$ 1438315 |
| **Capital Expenditures:** |  |  |  |  |
| Building & improvements |  |  |  | \$ 0 |
| Leasehold improvements |  |  |  | \$ 0 |
| Machinery / Equipment | 0 | 13362 |  | \$ 13362 |
| Furniture / Fixtures |  |  |  | \$ 0 |
| Vehicles |  |  |  | \$ 0 |
| Other (List Separately) |  |  |  | \$ 0 |
| Subtotal, Capital Expend: | 0 | 13362 | 0 | \$ 13362 |
| **GRAND TOTALS** | **64595** | **235465** | **1151617** | **\$ 1451677** |

CUMULATIVE CAPITAL EXPENDITURES UNDER EDC CERTIFICATE 769.570

Name/Signature of Preparer:

*Jeanne Dunna* (Signature)

Date:

10/11/12

Jeanne

(Print Name)

Telephone Number:

340-775-2525



**RECEIVE**
 Time: *LSK*
 OCT 15 2012
 By *[Signature]*
 Economic Development Authority/STT

Fiscal/Calendar Year Ending December 31, 2011

Company Name: Financial Trust Company, Inc.

EXPENDITURES FOR GOODS, SERVICES, PLANT & EQUIPMENT -Other

|  | Eligible Supplier | V.I. Suppliers | Non-Local | Totals |
| ---------------------------------- | ------------------- | ---------------- | ----------------- | --------------- |
| **Goods and Services:** |  |  |  |  |
| Dues and subscribitions | 0 | 625 | 620 \$ | 1245 |
| Seminars and education | 0 | 0 | 10750 \$ | 10750 |
| Postage and delivery | 0 | 1900 | 0 \$ | 1900 |
| Travel and related | 0 | 5154 | 0 \$ | 5154 |
| Meals and transportation | 0 | 7012 | 0 \$ | 7012 |
| EDC Fees - Compliance, WDF | 30000 | 0 | 0 \$ | 30000 |
| BoE Territorial Scholarship Fund | 3000 | 0 | 0 | 3000 |
| Rent | 0 | 105408 | 0 \$ | 105408 |
| Other expenses | 0 | 1803 | 0 \$ | 1803 |
| **Subtotal, Goods and Svcs:** | **33000** | **121899** | **11370 \$** | **166269** |

EXPENDITURES FOR CHARITABLE CONTRIBUTIONS

|  | V.I. Educational | V.I. Charity | Academic Scholarship Program | Totals |
| -------------------------------------------------------------------- | ------------------ | -------------- | ------------------------------ | --------------- |
| Charitable contributions - paid in 2011 | 70050 | 69225 | 10000 \$ | 149275 |
| Scholarship contribution: deferred to 2012 at request of recipient | 0 | 0 | 10000 | 10000 |
|  | **70050** | **69225** | **20000 \$** | **159275** |

## ECONOMIC DEVELOPMENT COMMISION ANNUAL REPORT

Fiscal/Calendar Year Ending 12/31/2011

Financial Trust Company, Inc

| Date | Charitable Organization | Amount |
| ------------------------------------------------------------ | ------------------------- | ---------- |
| 02/01/2011 C.A.H.S. Club |  | 5,000 / |
| 02/01/2011 Antilles School, Inc. |  | 6,000 / |
| 02/01/2011 St. Baseball Explorers |  | 25,250 / |
| 02/01/2011 C.A.H.S Baseball Team |  | 2,000 / |
| 02/01/2011 Humane Society of St. Baseball |  | 1,000 / |
| 03/28/2011 All Saints Cathedral School/Spain Tour |  | 750 / |
| 03/28/2011 St. St. John Chamber of Commerce |  | 5,000 / |
| 03/28/2011 Disability Rights Mission VI |  | 1,000 / |
| 03/28/2011 V. I. Baseball Federation |  | 2,000 / |
| 04/05/2011 Catholic Charities of the V.I., Inc. |  | 7,100 / |
| 04/12/2011 V. I. Tennis Association |  | -6,000 / |
| 04/26/2011 Kidscope, Inc. |  | 6,000 / |
| 06/07/2011 The Junior Statesmen Foundation |  | 5,000 / |
| 06/07/2011 Wesley Methodist Church |  | 125 / |
| 06/07/2011 American Cancer Society |  | 1,000 / |
| 06/07/2011 V. I. Volleyball Federation |  | 1,600 / |
| 06/07/2011 Community Foundation of the V. I. |  | 5,000 / |
| 06/07/2011 Zero Tolerance Basketball Org. Inc. |  | 4,000 / |
| 06/07/2011 McHen Tournament |  | 5,000 / |
| 09/20/2011 V.I. Puerto Rico Friendship Committee |  | 2,000 / |
| 09/20/2011 Stetson University - scholarship Gillisha Pacal |  | 10,000 / |
| 10/14/2011 Sibility Elementary School PTA |  | 1,000 / |
| 10/14/2011 Ivanna Eudora Kean High School |  | 7,900 / |
| 10/14/2011 Youth Lifeline America |  | 1,000 / |
| 10/17/2011 Gov. of the V. I. - Dept. of Education |  | 1,000 / |
| 10/17/2011 Rising Stars Youth Steel Orchestra |  | 300 / |
| 10/19/2011 The Kingshill School |  | 2,500 / |
| 10/19/2011 Antilles School, Inc. |  | 3,000 / |
| 10/19/2011 Caribbean Islands Education Foundation |  | 3,000 / |
| 10/19/2011 United Way of St. St. John |  | 3,000 / |
| 10/19/2011 Lutheran Social Services of the V.I. |  | 2,500 / |
| 10/19/2011 Virgin Island Public TV System |  | 1,000 / |
| 10/19/2011 Dept. of Human Services - CFS |  | 1,000 / |
| 10/19/2011 Clear Blue Sky, Inc. |  | 1,000 / |
| 10/19/2011 YWCA of the US Virgin Islands |  | 2,500 / |
| 11/01/2011 Family Resource Center, Inc. |  | 10,000 / |
| 11/15/2011 St. John School of the Arts |  | 1,500 / |
| 11/27/2011 Westin St. John - Symposium |  | 1,000 / |
| 12/08/2011 Saints Peter and Paul Restoration Account |  | 3,000 / |
| 12/22/2011 Department of Education |  | 25,000 / |
|  |  | 149,275 |
| 07/31/2012 Weslyan College - scholarship Diamond Chloe Ash |  | 10,000 |
|  |  | 159,275 |