In fiscal year 2001, NCF's net assets decreased from $59,661 to $34,315, a decline of 42.48% from fiscal year 2000. Total revenues for fiscal year 2001 were $264,232 a decrease over the previous fiscal year of $17,129 or 6.09%. Member donations decreased from $167,411 in the year 2000 to $159,397 in the year 2001 as membership declined from 7590 to 6774. The NCF's donation totals compared with our operating expenses clearly indicate we need to increase membership and the overall average donation level for long term sustainability.
Operating expenses for fiscal year 2001 were $289,578, a decrease from the previous fiscal year of $20,920 or 6.77%. The chief areas of decreased expense were Network projects and Administration.
In 2000, the NCF board elected to adopt a governance model, and to that end contracted an Executive Director to oversee the NCF operations and the NCF's community networking projects early in 2001. This expense had been accurately forecast in the budget. The continuing decline in membership has slowed significantly, with the number of members stable in the 4th quarter. Computer and telecommunications infrastructure upgrades are often provided by the NCF's Key Partners. The number of NCF partners continues to grow and many local corporations and organizations have provided key components of the NCF's systems.
I would like to extend personal thanks to Rudy Wytenburg, the NCF's Accountant extraordinaire, who keeps our financial books in excellent order.