EFTA00725865.pdf

United States Vugin Wends ECONOMIC DEVELOPMENT COMMISION ANNUAL REPORT 14** * December 31. 2009 1 Fiscal/Calendar Year Ending L:a liake.„2/a/kt rttatrt Financial Trust Company. Inc. Gross Sales (Ineligible Sales) & Eligible for Tax Benefits ... ( $ )$ Ps100000 Other Income (Ineligible) & Eligible for Tax Benefits ( $ )$ te, 5 -16947243 Gross Wages Paid in the V.I. (Include vacation & sick pay, bonuses, overtime. etc.) 5 p3 718715 Average No. of Employees; Full Time & (Pan Time/Other)... 10 Average No. of Residents; Full Time & (Pan Time/Other)... 9 Average No. of Non-Residents; Full Time & (Part Time/Other).. 1 Other Employee Costs (Unemployment & health insunance, pension, allowance, etc.) $ P. 3 207563 Employee Income Taxes Paid and Withheld S F3 TAXES AND DUTIES (Provide dollar amount paid, and value of exemption/refund for each tax) Gross Receipts: Amount Paid Dollar Value of Exemption 4000 Real Property Tax: Amount Paid Dollar Value of Exemption $ Excise Taxes: Total Paid Dollar Value of Exemption/Refund S Income Taxes: Total Paid S Dollar Value of Exemption/Refund $ Customs Duties: Total Paid $ Dollar Value of Exemption/Refund S Other: Hotel room taxes paid Other Taxes, Fee Paid to V.I. Government Pl.. 1297 TOTAL TAXES PAID: S 1297 TOTAL VALUE OF EXEMPTIONS AND OR REFUNDS: 4,000.00 EXPENDITURES FOR GOODS, SERVICES, PLANT & EQUIPMENT Eligible Supplier V.I. Suppliers Non-Local Totals Goods and Services: Raw materials, components $ Food. beverage $ Freight Charges S Insurance 2640 PS1.. 12124 157- 3570 18334 Legal/ Accounting €,,10 115143 r% c 382306 $ 497449 Advertising / Promotion s l 1798 S 1798 Utilities (tel., water, elect. etc.) S 35952 35952 Interest & Other Bank Chg. $ Supplies 3709 VzLi 14454 P. 1 806 $ 18969 Repairs/Maintenance C:.; 1521 0.:.; 4215 - $ 5736 Other (List Separately) Pc:. 19000 eel 110425 Oft\ 395 $ 129820 Subtotal, Goods and Svcs: 26870 294111 387077 $ 708058 Capital Expenditures: $ Building & Improvements Leasehold Improvements Machinery / Equipment 10455 $ 10455 Fumiture / Fixtures Vehicles Other (List Separately) $ Subtotal, Capital Expend: 10455 S 10455 GRAND TOTALS 26870 304566 387077 $ 718513 CUMULATIVE CAPITAL EXPENDITURES UNDER EDC CERTIFICATE 705364 Name/Signature of Prepare,- Date: (Sognaluat) Jeanne Brennan Telephone Number: (Onni Name) EFTA00725865  FiscaUCalendar Year Ending December 31, 2009 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 subscrilxions 52 1020 rt -1 395 $ 1415 Seminars and education P. 2 1328 1328 Postage and delivery el. S 2284 $ 2284 Travel and related f,'. 6518 $ 6518 Meals and transportaion e; 7- 4311 $ 4311 EDC Fees ft.,-.. 19000 $ 19000 Rent r-;', , 93779 $ 93779 Other expenses it:. ' : 1185 1185 Subtotal, Goods and Svcs: 19000 110425 395 $ 129820 EXPENDITURES FOR CHARITABLE CONTRIBUTIONS V.I. Educational V.I. Charity V.1. Foundation Funding Totals Company P Ce 25000 1- '' 14580 • 39580 Foundation Al 6000 f -- 6825 r 12825 31000 21405 S \ 52405 EFTA00725866  EDC Annual Report 2009 Al Reconciliation of report to 1120S Agreed to tax return Agreed to EDC annual report Total deductions on 1120S line 20 Tg 1,703,441.00 Expenditures per annual report Reb Gross wages paid in VI 718.715.00 Other employee cost 05 207.562.54 Taxes paid ,p,$ 191,453.84 less withholding pkb (141.098.55) 976,632.83 PU) 1,297.00 Other tax and licenses Goods and services cs708,058.00 Reconciling items : Expenses not on annual report (Expenses not in line 20) Depreciation Total dep and amortization 29,362.00 Non -deductible expense 50% TE 4 t (2,155.50) Med insurance non-ded 41% (9,754.11) (11.909.61) Rounding Reconciled to Line 20 of Tax return 1.703.440.22 Difference 0.78 K-I charitable deductions not included on annual report K-I zwim P i565 K-I ptrships i7 939 1,504 1,504.00 Charitable contributions t14/k.1 FTC 39,580.00 Foundation c\112,825.00 52.405.00 Reconciliation of line 1120 S to total expense in QuickBooks EFTA00725867  EDC Annual Report 2009 Reconciliation of report to 1120S Aa Total deductions on 1120S line 20 TR 1,703,441.00 Reconciling items -Expenses not on (on) line 20 Investment exp 67,646.00 67,646.00 UST interest 1,558.00 1,558.00 Short dividends Management fees 55,362.00 55,362.00 Fee expense 162.00 Foreign taxes 1,755.00 271.98 2,026.98 K-1 Professional fees 15,340.00 50% lIE 2,155.54 2,155.50 Other expense 498,515.00 Non deductible US taxes Med insurance non-ded 9,754.21 Charitable contributions on the FTC financial statemetns 40,519.00 Expense reconciled to financial statement 2,396,479.69 Total operating expense per QuickBooks 2,367,117.46 Total depreciation (other expense per QuickBooks) 29,362.00 Total expense per QuickBooks 2,396,479.46 Difference 0.23 EFTA00725868  EFTA00725869 FTC EDO Maus** 2C0) Annual R44011 at • On GO Arad to WC lomat NOM I 1 Ibmployes Than Pod Adinasoms Oreas Pay Wary 714,71SAS Van•aa Way Nam* Rai* I."'" ae MOPE Plildb dal INS Clion Pay 71•311.11 710.716.36 1 04.44.64.... t... mos. Pry SittrA• IM IO •11.1010) Savoie IRA II alita. ships IRA IS •YIAF000 Ss*. IMPS .1.1.110 lave* IRA 3 -OKA? Napo RAP 4.31•1111 Illompla MAP SUNS 1147 N.M.Mt TOW Ovstaapea• lino Ogee P07 4IlliMA Miyake! Wen Pay 'MOM, T..E. WoiaaYal EaffiPOYO•Ina IOW plailliatleAltheld 'Swill ‘VAM01019 42.04444 92100.00 mak... Employes •11:047.1S 10,447.13 so.m 444..44 4a440144 411.401.0 30.646.42 141.134111.66 loud .... VAINteid .$41.6611.16 lOoduellora Iron Not Pay AFL AC 4.77•42 COO. Puppy Mal 0•••elbaaa can al Pay “alle 1641,F T SISPOL47 Ispiepts Taw wd ONSISIIS FOIMIIIUWAplerlfal •104 614.74 Wilma.* Compaq 1540.13 10,447.19 t 30.546.42 Soo., /wow y03•0.1. UMW Group IMO I M inotal• 1317.10 40 991.66 — . wo.k..... A.. ,, 7413.00 PotO'. and .etunl IRA COMIllbtill.r. SWOP TaalImplare Taus and Coatolmaars OUtl.20 191.41.114 Nat, . it • :d.:a COS NON • MS ars amliducaelea WINN Taw n Assinant DaponOiM 44,132.>. MN . Cat, aaag Ea.< ace. included la Palotallos MON • Macabrely. cas« MinliiiallaPPoOPP 44,11US toolO .E Sawa, 144,44•1611m1.6141) 147.1 !IRA conwlbullai minim 032 10176 Other 4.4444. Pula 207034 207,60264 4032.76 9711,613.60 Total eirfroyee 1117.731.73 Wittholang •141,090.65 E coense pot GL 976,163.18 {049) Ja • WON  EFTA00725870 FTC (DC Was ans104 Annual Ilicat 50010 Pared 4 14•Iot44 Coat — 1007 Coon Pay Ile 715 75 A4 50,13 P oill Una 48 00:55 ..1.0015. • lisolopo O•nefil (1.44die.d.1.1•.0iniso .17.102 el 00014.FLITA 614 74. 1001I Mork.* Coop Ilnumace 74$ X? .000111.1‘mMtso 50710 Boo. 0.W $0030 ...mina ••pons• 11.4%.901 Told $0010 P•noll & Pealed Col. tqqAce 4 . . SION S.M.., and Edu“lion 804.1.•Imbakd In •i...mities• 54012 1/•mtar•lp Out* . 51002 Noon Anisiam• D•p•estals 44.432.71 51014 Cont.nurra ligation analanal •••••••• A9 -V. 72 TOW szp•••• PMIlL 9/6.633.47 ism. Tullis Aosislonar INgasdenla Osck 01/014001OM Wino* ail us ova ow* Ouillitet0 Sus /dame a se del.e) _Aback *MVO MIS New Talispeal WHO emitted amp 044•6106 MOWMOS I 16,10•10 ONO Cod asp amen arms tame, toI it12 / 3*.CO Gate:Clasp 6102/2401 Ilkiltitatel MIRO 071010101 el nacos um* TS Wel. TS% AMMISAMP Doipmetils 41.6.1/76 COO Ta4.6154012•0014r/hV 711,7.1411 UM 5C013 • Papal Ton WIMPS tad SCOIS • bystrie passimodkrawsra 117.19t# MS 50014. 11/04 •14 74 _ 74000017. WalsoiCem.Immo, 7410:1 Tout WON. Pail* aims MASI*  Fit Summary of Income Reporting 12/31/2009 AS Tax return Annual report Income as reported on 1120S Line la 100,000.00 Line 5 (15,300,946.00) Schedule K Numbers Schedule K (1.646,297.00) Interest 3,373,239.00 $ (16,847,243.00) Dividends 5,622,209.00 Royalties 160,364.00 ST gain (1,790,040.00) Income as reported on the Annual report LT loss (9.703,372.00) Line 5 (15,300,946.00) Section 1231 1,288.00 Schedule K (1.646.297.00) Other income 690,015.00 Total other income (16.947.243.00) (1.646.297.00) Income as reported on EDC annual report Gross sales 100,000.00 Other income (16,947,243.00) $ (16,847,243.00) Reconciliation of income to quickbooks Income per OB (257.499.09) With out Zwim per the PL Zwim income (12.758.631.00) Ptrship exp &boated lo income (3.831.117.00) (16,847,247.09) reported on the annual report (4.09) Reconciliation of income to quickbooks Income per OB (18.169.745.09) Zwim expenses 5.153.615.00 Zwim exposes included in the income number, as zwim is booked to in Ptithip exp allocated to income (3.831.117.00) (16,847,247.09) EFTA00725871  Type Date Num Name Amount Eligible VI 50600 Taxes (Taxes) 50601 • Franchise Check 06/15/2009 3501 Government r 1,147.21 Check 06/15/2009 3502 Government < 150.00 Total 50601 Franchise 1,297.21 EFTA00725872  EFTA00725873 Type Des Num Name Amount SPAS VI Nondeed Total Tax return Me 60150 • Charily 50151 • Partnerships General Jot. 12/31/2009 93900 Total 50161 • ParMarsters 93900 50163. Charkrother 5013e • Education Check 06/01/2000 3155 Frees of le $1.1banas Public Lbrarlss 5.00000 Chock 07/15/2009 3467 The St. Thomas Reformed Church 500100 Chock 10/20/2009 3496 Rudy Rutnk Schciarship Fund. Inc. MOO Check 10/20/2009 3496 Celiac Cherries of me V.I., Inc. 500000 Check 10/27/2009 3605 Joseph Sibily Elementary School PTA 503.00 Chock 10/27/2009 3506 Ride Stars Youth Steel Orchestra 600.00 Check 11/03/2009 3509 Antilles School. Inc. 3.00000 Check 12/15/2009 3613 .E.K.H.S. Guidance & Counseling Dept 5.25000 Total 5013s - Education 2500000 60153a • Events Check 03/09/2009 _ CAMS. Si. Thomas Lee CU) 76.00 Chock 04/16/2009 Methocksi Church 103.00 Check 06/11/2009 3449 Uneersity of the Virgin Istende 200.00 Check 10/07/2009 Cash 100.00 Check 10120/2009 3499 St. Thomas-SL John Chamber of Conmert• 1.000.00 Check 11/0(/20093510 AO Sales Cathedral School-CDC 600.00 r ., IP Total 50153a Events 2075.00 ‘11 ` tag 60/630 • Charitable i rla 1 Chock 10/20/2009 3492 Unked Way of St. Thomas•St. John 3.500.00 tY Check 10/20/2009 3493 Zero Tolerance Basketball Org. Inc. 2.000.00 Check 1020/21093494 Community Foundation el the V. I. 1.000.00 Cheek 10/20/2009 3496 Forney Resource Center. Inc. 2.50000 Check 12602/2009 V.I. Mcntossori SOMA Inc. 5.00 Check 12/15/2009 3615 Lutheran Social Services of the V.1. 300000 Total 50153c Ch a 12.506.00 19 Teal50153. Charily-other 39.68000 T018150160 - Chatty 40.51900 Zwlm 585 Tax return Nne 12a 41,084.00 K-1 entries 1,604.00 Expenditures 39,680.00  EFTA00725874 JEVIF 2009 VI contributions 1 1 1 1 11We Date Num Name Memo Split Debit 5000 • Charitable contributions 5140 • Contributions 5141 • Education 5141b • Private education I I (Check 3/11/2009 2399 Antilles School Financial support for tv 1001 • First Bank Op 6,000.00 Total 5141b • Private education 6,000.00 Total 5141 • Education 6,000.00 5142 • Chant: Check 1/16/2009 2397 V. I. Tennis Asso. 2009 Davis Cup Spons 1001 • First Bank Op 5,000.00 Check 3/10/2009 2398 All Saints Cathedr 9th Annual Mardi Gras 1001 • First Bank Op 500 Check 3/18/2009 2400 Amateur Basketbr Trophies for 2008 Sum 1001 • First Bank Op 825 Check 7/14/2009 2476 The St. Thomas F,Educational Tour to Ch 1001 • First Bank Op 0 Check 7/22/2009 2477 Lutheran Church ?Youth Gathering 1001 • First Bank Op 500 Total 5142 • Charity 6,825.00 Total 5140 • Contributions 12 825 00  EFTA00725875 3:49 PM Financial Trust Company, Inc. 09/20/10 Transactions by Account Accrual Basis As of December 31, 2009 Type Date Num Name Memo Class Cir Split Debit Credit Balance 15100 • Leasehold Improvements 325527.10 Total 15100 . Leasehold Improvements 325,527.10 15200 • Furniture & Equipment 276,880.08 15205 • Furniture & Furnishings (Office Furniture & Furnishing) 67.54067 Total 15205 • Furniture & Furnishings (Office Furniture & Furnishing) 67,549.67 15215. Shipping & Duties 7,938.46 Total 15215 • Shipping & Duties 7,938.46 15250. Office Equipment 201,391.95 Check 1/16/2009 3417 Caribbean Dataco... New telepho... 10006 . First&. 9,000.00 210,391.95 Credit Card Charge 7/28/2009 PC Paradise, Inc. Deposit for ... 25012 • Chas... 725.00 211,116.95 Credit Card Charge 8/11/2009 PC Paradise, Inc. Inv. 4 37135:... 25012. Chas... 730.00 211,846.95 Total 15250 • Office Equipment 10,455.00 0.00 211,846.95 Total 15200 . Furniture & Equipment 10,455.00 0.00 287,335.08 15300 • Professional Fees 105,902.62 15305 • Architectural 35,618.85 Total 15305 • Architectural 35,618.85 15307 • Engineering 100.00 Total 15307 . Engineering 100.00 15308. Interior Designer 17,422.81 Total 15308 • Interior Designer 17,422.81 15309. • Legal 52,760.96 Total 15309. • Legal 52,760.96 Total 15300 - Professional Fees 105,90262 15500 • Accumulated Dep & Amortization -399573.96 15501 • Depreciation -346,813.00 General Journal 12/31/2009 V 70030 - Depre... 29,362.00 -376,175.00 Total 15501 • Depreciation 0.00 29,362.00 -376,175.00 15502 . Amortization -52,760.96 Total 15502 • Amortization -52,760.96 Total 15500 . Accumulated Dep & Amortization 0.00 29,362.00 -428,935.96 TOTAL 10,465.00 29,362.00 289,828.84 Page 1  EFTA00725876 FTC Expenditures EDC Annual report 2009 Type Date Num Name Amount Eligible VI Non-Local Total Tax return line 50230 • Meals (Groceries) Check 01/06/2009 East End Cale 14 14 Check 01/08/2009 Subway 5 5 Check 01/12/2009 East End Cale 14 14 Check 01(30/2009 Latta Cast (AYH) 570 570 Check 02/03/2009 East End Cale 14 14 Check 03/02/2009 Texas Pit 7 7 Check 03/02/2009 East End Cafe 7 7 Check 03/10/2009 East End Cafe 12 12 Check 03/11(2009 Molly Mobile's 13 13 Check 03/1112009 Caribbean Saloon 14 14 Check 03/12/2009 Lane Cart (AYH) 490 490 _ Check 04/20/2009 Texas Pii 10 10 Check 04/20/2009 East End Cale 11 11 Check 05/05/2009 Laths Cart (AYH) 753 753 Check 05/12(2009 Texas Pit 7 7 Check 05/18/2009 Texas Ph 10 10 Check 05/28/2009 Texas Pit 7 7 Check 06/01/2009 East End Cafe 14 14 Check 06/16/2009 Texas Pil 10 10 Check 06/18/2009 Latta Cart (AYH) 693 693 Check 06/22/2009 Subway 6 6 Check 06/23/2009 Texas Pit 7 7 Check 07/06/2009 Texas Pit 20 20 Check 07/13/2009 Texas Pit 10 10 Check 08/05/2009 East End Cale 16 16 Check 08/10(2009 Latta Can (AYH) 471 471 Check 09/22/2009 Subway 8 6 Check 09/28/2009 Texas Pit 7 7 Check 10/07(2009 Latta Carl (AYH) 329 329 Check 1th/15/2009 Audrey -Cake Lady 60 60 Check 10/15/2009 Caribbean Saloon 16 16 Check 10/15/2009 Rosario Spanish Food 21 21 Croat Cara C 10/15/2009 Johnny Mango's 24 24 Check 10/212009 East End Cafe 79 79 Check 10/29/2009 Sutmey 7 7 Check 1W31/2009 Molly Molone's 18 16 Check 11/02/2009 East End Cafe 16 16 Check 11/03/2009 East End Cafe 15 15 Check 11/04/2009 East End Cafe 16 16 Check 11/12)2009 East End Cafe 18 16  EFTA00725877 FTC Expenditures EDC Annual report 2009 Type Date Num Name Amount Eligible VI Non-Local Total Tax return line Check .iu•8/2009 Su 4 Check 11/20/2009 East End Cale 16 16 Check 11'24/2009 Letts Cart (AYH) 406 406 Check 12/2112009 East End Cale 16 16 Check 12/22/2009 Caribbean Saloon 21 21 Check 12/28/2009 East End Cale 16 16 Toler 50230 - Meals (Grocenea) 4,311 0 4.311 0 0 Line 19 statement 2 4,311.07 50060 - Membership Dues 50% Check 07/14/2009 3466 AICPA 395 395 2,155.54 Credit Card C 07/27/2009 St. Thomas-St. John Chamber of Corn 500 500 Total 50060 • Membership Dues 896 0 500 396 o 0 50195 • Business License I I I Check 024:15/2009 3420 Government of the Virgin Islands 620 520 Total 50195 . Business License 520 0 520 0 0 0 I I 1,415 0 1,020 396 o Line 19 statement 2 50094 • Continuning Education Check 01/05/2009 3393 Virgin Islands Society ci CPA's 0 0 Check 02/07/2009 3419 it in Islands Society of CPA's 968 968 Check 12/21/2009 3518 Virgin Islands Society of CPA's 360 360 Total 50094 • Contlnuning Education 1,328 1,328 0 o Line 19 statement 2 - _ 50090 • insurance (Insurance) Check 01/12/2009 3410 First Insurance Agency, Inc. 8,811 8,811 Check 01/122009 3410 First Insurance Agency. Inc. 226 226 Check 071142009 3484 Marshall & Sterling Insurance 2.640 2,640 Credit Card C 09/01/2009 First Insurance Agency. Inc. 3.489 3,489 Check 09/01'2009 3483 Insurance Office of Central Ohio 3.570 3,570 Check 10/27/2009 3507 First Insurance Agency. Inc. 8811 8 811 General Jour 12/31'2009