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 |