Meeting of the Board of Trustees of the FIODS Solidarity Foundation

on Friday 1st April 2011 in PARIS

REPORT

Were present:

F.DRAGO, N.MIKKELSEN, JM.DURANT, O.KJARTANSSON, S.DAUTREBANDE, M.MOLLER.LARSEN, M.MONSELLIER. PH.CHIRCOP. G.MASSARO was present as an observer.

The President, F. DRAGO opened the meeting at 10:30.

Given the end of the mandate of the Executive Council and the General Assembly elections scheduled for Saturday, April 2, he moved to the Members of the Board only to treat items 1 through 5 of the Agenda for this meeting.

Unanimous agreement of the Members of the Board of Directors

1) Approval of the Minutes of the meeting of October 10, 2010

No remarks were made, and the minutes were adopted unanimously by the members of the Board.

2) Financial Report for Fiscal 2010

The Director, N MIKKELSEN, went through the balance sheet for the year while commenting on the chapters of Income and Expenses.

Balance at 1 January 2010 showed a positive balance of 51,290.00 Euros, including intest of 290.81 Euros.

Expenditure for the year amounted to 8739.17 euros

Balance at December 31, 2010 shows a positive balance of 42,550.83 Euros.

Members of the Board agreed, unanimously, that this results will be transmitted as presented to KMPG for auditing, before general distribution.

3) State of Operations as of March 31, 2011

Interest earned on Government bonds amounting to 1020,OO Euros for 2011, minus taxes, which gives a net income of 867.00 Euros in 2011. To date, the main account shows a credit balance of 11,856.36 Euros

4) New applications received

Five countries have deposited new projects for the new Board of Trustees to study: NICARAGUA, ZANZIBAR, BURKINA FASO, NIGERIA, REPUBLIC OF CONGO (Brazzaville). President DRAGO limits his intervention to the recall of the current methodology for the study of proposals, as well as monitoring the actual implementation of these projects On the other hand, the Founding Members shall, after the general election Saturday, April 2, nominate their representatives to serve on the Board of Trustees. Other Ordinary Members shall be elected by the Executive Council to ensure FIODS control over the operation of the FIODS Foundation Pending the installation of the new Board of Trustees, any payments would be done done under the joint responsibility of F. DRAGO and N.MIKKELSEN.

*Unanimous agreement of the Members of the Board.

The agenda is completed, the meeting adjourned at 11:40.

 

The Secretary-General

J.M.DURANT

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