EXHIBIT 205¶
United States Virgin Islands¶
ECONOMIC DEVELOPMENT COMMISSION ANNUAL REPORT¶
Fiscal/Calendar Year Ending December 31, 2010¶
Investors Dream¶
Financial Trust Company, Inc.¶
| Gross Sales (Ineligible Sales) & Eligible for Tax Benefits … | ( $ - ) | $ 100000 |
|---|---|---|
| Other Income (Ineligible) & Eligible for Tax Benefits | ( $ - ) | $ -24347719 |
| Gross Wages Paid in the V.I. (Include vacation & sick pay, bonuses, overtime, etc.) | $ | 793923 |
| 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.) | $ | 260798 |
| Employee Income Taxes Paid and Withheld | $ | 224495 |
TAXES AND DUTIES (Provide dollar amount paid, and value of exemption/refund for each tax)¶
| Gross Receipts: | Amount Paid | $ | 400 |
|---|---|---|---|
| Dollar Value of Exemption | 3,600 | ||
| Real Property Tax: | Amount Paid | - | |
| Dollar Value of Exemption | - | ||
| Excise Taxes: | Total Paid | - | |
| Dollar Value of Exemption/Refund | - | ||
| Income Taxes: | Total Paid | - | |
| Dollar Value of Exemption/Refund | - | ||
| Customs Duties: | Total Paid | - | |
| Dollar Value of Exemption/Refund | - | ||
| Other: | Hotel room taxes paid | - | |
| Other Taxes, Fee Paid to V.I. Government | $ | 1297 | |
| TOTAL TAXES PAID: | $ | 1297 | |
| TOTAL VALUE OF EXEMPTIONS AND OR REFUNDS: | $ | 3600 |
EXPENDITURES FOR GOODS, SERVICES, PLANT & EQUIPMENT¶
| Eligible Supplier | V.I. Suppliers | Non-Local | Totals | |
|---|---|---|---|---|
| Goods and Services: | ||||
| Faw materials, components | $ | - | ||
| Food, beverage | $ | - | ||
| Freight Charges | $ | - | ||
| Insurance | 16202 | - | 2943 | $ 19145 |
| Legal/ Accounting | - | 29736 | 685544 | $ 709280 |
| Advertising / Promotion | - | 1435 | - | $ 1435 |
| Utilities (tel., water, elect. etc.) | - | 44355 | - | $ 44355 |
| Interest & Other Bank Chg. | $ | - | ||
| Supplies | 4641 | 20590 | 1017 | $ 26248 |
| Repairs/Maintenance | 5431 | 3235 | - | $ 8666 |
| Other (List Separately) | 35500 | 117213 | 11378 | $ 164091 |
| Subtotal, Goods and Svcs: | 61774 | 210563 | 700882 | $ 973219 |
| Capital Expenditures: | $ - | |||
| Building & Improvements | $ - | |||
| Leasehold Improvements | $ - | |||
| Machinery / Equipment | 18305 | 17498 | 15042 | $ 50844 |
| Furniture / Fixtures | $ - | |||
| Vehicles | $ - | |||
| Other (List Separately) | $ - | |||
| Subtotal, Capital Expend: | 18305 | 17498 | 15042 | $ 50844 |
| GRAND TOTALS | 80079 | 228061 | 715924 | $ 1024064 |
CUMULATIVE CAPITAL EXPENDITURES UNDER EDC CERTIFICATE¶
Name/Signature of Preparer: Jeanne Deannon (Signature) Jeanne [REDACTED] (Print Name)¶
Date: 10/11/11¶
Telephone Number: 340-775-2525¶
Fiscal/Calendar Year Ending December 31, 2010¶
Company Name- Financial Trust Company. Inc¶
PLANT & EQUIPMENT -Other EXPENDITURES FOR GOODS, SERVICES,¶
| Goods and Services: | Eligible Supplier V.I. Suppliers | Non-Local | Totals | |
|---|---|---|---|---|
| Dues and subscriblions | 1070 | 569 | $ | 1639 |
| Seminars and education | 10630 $ | 10630 | ||
| Postage and delivery | 2305 | $ | 2305 | |
| Travel and related | 5149 | 101 | $ | 5250 |
| Meals and transponaion | 6339 | $ | 6339 | |
| EDC Fees • Compliance, WDF, Renewal | 32500 | $ | 32500 | |
| BoE Territorial Scholarship Fund | 3000 | 3000 | ||
| Rent | 101764 | $ | 101764 | |
| Other expenses | 586 | 76 | $ | 664 |
| Subtotal, Goods and Svcs: | 35500 117213 | 11378 $ | 164091 |
EXPENDITURES FOR CHARITABLE CONTRIBUTIONS¶
| V.I. Educational Charitable control:gliders | V.I. Charity mks* | laOhnetIP Pregran | Totals | |
|---|---|---|---|---|
| 33700 | 70764 | |||
| 33700 | 70764- | |||
| 20000 | $ | 124464 |
CONFIDENTIAL SUBJECT TO PROTECTIVE ORDER¶
EDC ANNUAL REPORT Value of Exemptions of Stockholders/Partners/Members¶
BENEFICIARY Financial Trust Company, Inc. Fiscal Year Ending December 31, 2010¶
| Stockholders, Partners or Members | Social Security No. | Physical Address | % Distributable Shares | EDC Income | Business Activity | Total Tax Due | EDC Credit | Balance Tax Due | | -------------------------------------- | ------------------------ | --------------------------------------------------------- | ------------------------------ | ------------------------------------------------------------- | ---------------------- | --------------- | ------------ | -------------------- | | | | | | | | | | | | Jeffrey E. Epstein | [REDACTED] | Little Saint James St. Thomas U.S. Virgin Islands | 100 | See page 1 of Economic Development Commission Annual Report | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | TOTAL | $ | $ | $ | |¶
Note: Totals of EDC Credit and Balance Tax Due must be carried forward to the EDC Annual Report and reported under Taxes and Duties (See instructions).¶
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Assistant Controller¶
ECONOMIC DEVELOPMENT COMMISSION ANNUAL REPORT¶
Fiscal/Calendar Year Ending¶
12/31/2010¶
Financial Trust Company, Inc.¶
| Date | Charitable Organization | Amount |
|---|---|---|
| 01/22/2010 St. [REDACTED] Baseball Explorers | 1000 % | |
| 01/01/2010 Voided check All Saints School | -600 % | |
| 03/16/2010 Virgin Islands Montessori School | 2900 % | |
| 03/16/2010 Antiles School, Inc. | 5000 % | |
| 03/16/2010 Sts. Peter & Paul Catholic School | 200 % | |
| 03/16/2010 Sts. Peter & Paul Catholic School | 800 % | |
| 03/23/2010 Spruve School Fundraiser | 500 % | |
| 04/13/2010 The V. I Police Department | 3500 % | |
| 04/13/2010 Sts. Peter & Paul Catholic School | 250 % | |
| 04/13/2010 Community Foundation of the V. I. | 1500 % | |
| 05/14/2010 Wesley Methodist Church | 100 % | |
| 05/25/2010 V.I. Tennis Association | 5000 % | |
| 05/25/2010 Rwanda Project USVI, Inc. | 7500 % | |
| 06/08/2010 Community Foundation of the V. I. | 3000 % | |
| 06/15/2010 USVI Dept. of Education | 500 % | |
| 06/15/2010 Friends of the [REDACTED] Public Libraries | 5000 % | |
| 06/17/2010 St. [REDACTED] Majorities, Inc. | 100 % | |
| 06/22/2010 Friends of the St. Thomas Public Libraries | 1000 % | |
| 06/22/2010 Beacon Schools of the VI, Inc. | 5000 % | |
| 06/22/2010 Virgin Islands Olympic Committee | 2000 % | |
| 07/13/2010 Prophecy Academy, Inc. | 500 % | |
| 07/26/2010 Elrod Hendricks Charter | 5000 % | |
| 08/03/2010 V. I. Volteyball Federation | 2500 % | |
| 08/11/2010 St. [REDACTED] Swimming Associations, Inc. | 3000 % | |
| 08/13/2010 V.I. Humanities Council | 1000 % | |
| 08/13/2010 Caribbean Islands Education Foundation | 2000 % | |
| 08/13/2010 St. [REDACTED] - St. John Chamber of Commerce | 200 % | |
| 08/13/2010 Saint Croix Foundation | 2500 % | |
| 08/13/2010 V. I. Council for the Boy Scouts | 2500 % | |
| 08/13/2010 Lutheran Social Services of the V. I. | 2500 % | |
| 08/13/2010 V. I. Dept. of Education | 2000 % | |
| 08/13/2010 Community Foundation of the V. I. | 500 % | |
| 08/13/2010 Humane Society of St. [REDACTED] | 1000 % | |
| 08/13/2010 Habitat for Humanity of the U.S.V.I. | 1000 % | |
| 09/01/2010 The Kingshire School | 5000 % | |
| 09/01/2010 Humane Society of St. [REDACTED] | 5000 % | |
| 09/14/2010 Antiles School, Inc. | 3000 % | |
| 09/14/2010 J.J.I.C.E. Flag Football Camp, Inc. | 2500 % | |
| 10/18/2010 Future Stars Baseball Organization | 1000 % | |
| 10/18/2010 Dept. of Human Services - CFS | 1000 % | |
| 10/26/2010 Zero Tolerance Basketball Org. Inc. | 3864 % | |
| 10/26/2010 Schneider Regional Medical Center | 1500 % | |
| 11/15/2010 Rising Stars Youth Steel Orchestra | 300 % | |
| 12/21/2010 The Good Hope School | 2500 % | |
| 12/21/2010 United Way of St. [REDACTED] - St. John | 3500 % | |
| 12/21/2010 Lutheran Social Services of the V. I. | 2850 % | |
| 12/21/2010 We Grow Food, Inc. | 1000 % | |
| Total charitable expenditures | 104464 | |
| Academic Scholarship Program | ||
| 06/03/2010 Old Dominion University - IEKHS scholarship | 10000 | |
| 06/03/2010 North Carolina A & T University - CAHS Scholarship | 10000 | |
| 20000 | ||
| 124464 |
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