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Dear Friends of the Virginia FBLA-PBL Foundation,
Thank you for another exciting year with Virginia FBLA-PBL Foundation,
Inc. As a result of your efforts, the Foundation raised over $19,000,
which is outstanding given that we are a part of the worst US
economy in 40 years. This brings the total monetary receipts to
date to $272,000. The impact of this cumulative effort allowed
us to distribute $10,040 to students to compete at the National
Leadership Conference in Anaheim. One hundred two (102) students
received funds and represented us well. PBL members placed in
19 events and FBLA members placed in 26 events.
Unfortunately, our investments took a hit along with the rest
of the economy with the downturn of the US stock market. As of
September 1, 2009, our investments have cumulatively lost about
20% in value. While the market is currently on a rebound, the
reality of this situation has caused the Foundation Board to react
accordingly. First, we have reinforced our investment strategy
to remain somewhat conservative (a stance that has allowed us
to outperform the market during this downturn) and are executing
that strategy. Second, we suspended financial support for leadership
development activities in both FBLA and PBL for the current year
and will revisit annually until we can resume this funding. Finally,
we have the board energized to find alternate sources of funding
to help replace the shortfall.
We are at the mid point of our 2010 Vision, a three-year plan
to increase the receipts into the Foundation by $75,000 by March
of 2010. We are slightly behind our receipts goal with $42,000
received thus far leaving $33,000 to be raised this year to meet
our goal. We ask the local chapters to continue to support the
foundation and are looking to boost that support with an injection
of new revenue from the business community, individuals, and a
golf tournament in April, 2010.
Thank you again for your involvement in the Virginia FBLA-PBL
Foundation. We look forward to working with you to support the
financial needs of Virginia FBLA-PBL students as they continue
to be Simply the Best!
Michael D. Mills
Virginia FBLA-PBL, Inc.
President and Chairman
Board of Directors
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