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How is FARM funded ?
The Foundation’s annual budget is funded by :
- endowment earnings and the portion of the endowment principal that is devoted to funding Foundation activities, within the limit of 70% of the original endowment utilisable over the five years following recognition of the Foundation as a public interest organisation ;
- a contribution in kind taking the form of air travel donated by Air France for the first five years of the Foundation’s operation ;
- various grants as may be awarded to the Foundation ;
- authorised use of earnings on donations ;
- returns on special funds, when appropriate ;
- revenue from sales and fees-for-service ;
- contributions of various kinds made by companies and corporations.
Annual accounting procedures will generate an income statement, a balance sheet and an annex to be presented to the board of directors each year, as well as submitted for approval to an independent auditor, no later than six months following the end of the fiscal year, as stipulated by law.
Publié le : 15 février 2012
