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Troubled Times, Inc.
Annual Report, 1997
The first year of operation saw the corporation compiling articles and bylaws via e-mail, holding initial elections to fill board and office positions, incorporating in the State of Delaware, determining logo and business card format, and establishing a web presence. The end of the first year of operation saw the corporation positioned to accept grant proposals from its international membership and grants and gifts from the world at large.
A single Grant Proposal was placed before the Board during the first year of operation, and accepted. Proposal 97-001, The Passage is a film script depicting the pole shift in the context of several lives and families affected. The script author has promised to gift 10% of the net proceeds to the corporation.
An initial gift of $1,000 from a member provided the funding to proceed with incorporation, covering the costs of hiring The Company Corporation, State of Delaware filing fees, corporate seals, post office boxes and a corporate lockbox. The Board also accepted a second gift of $500 to cover administrative and operating expenses during the forthcoming year of operation.
Balance Sheet
as of December 31, 1997Assets Assets $0.00 Cash and Bank Accounts $1,000 ------------ Total Assets $1,000 Liabilities and Equity Liabilities $817 Equity $1,000 ------------ Total Liabilities and Equity $183 ======= P/L Statement N/A at this time Income Statement
For Year of 1997Revenue $1,000 Expenses $817 ------------- Net Income $183 ======== Capitol Statement
For Year of 1997Capitol Net Income for Year $183 Less Withdrawals $0 ------------ Change in Capitol $183 ------------ Capitol December 31, 1997 $183 =======
The corporation at present does not do business in any state or country. Accordingly, no state income tax forms were filed, but an annual fee was paid to the State of Delaware. The Company Corporation acts as the corporate agent in the State of Delaware, a presence required by law.
Troubled Times, Inc. - newly incorporated, operating on the Internet and staffed with volunteers - did not have corporate offices per se during its first year of operation. The corporate address is a Post Office box in Fairbanks, Alaska, the resident city of the Vice President elect, Clipper. A corporate e-mail address based also at a local Fairbanks’s Internet Service Provider is gratis, a gift to the corporation. The corporation’s web page was designed and is regularly enhanced by the Public Relations Head, Geson, resident in Sweden.
The corporation’s Secretary elect, Gerard, resides in The Netherlands, maintains a Post Office box there for official correspondence, and coordinates the monthly Board of Directors Meetings via the Internet from home. Corporate funds are maintained in a Pottsville, Pensylvania bank by the Treasurer elect, Diane, the corporate President elect, Nancy Lieder, orchestrates operations from her home in San Francisco, California, and Internal Audit head, Ron, keeps a watchful eye from San Marcos, Texas.
Nancy Lieder, President Geson, Public Relations Clipper, Vice President Pat Diane, Treasurer Ron, Internal Audit Gerard, Secretary Brand, Secretary Proxy
All staff positions are appointed by the board at this time. Appointed positions during the first year of operation include:
- Internal Audit, Ron
- contributed oversight of the Treasurer’s accounting and adequacy of the vouchering system, as well as proper procedure during Board Meetings and scope and depth of the Bylaws
- Public Relations, Geson
- contributed the public face of the corporation expressed in the web page design, business card design, and logo design
- Secretary Proxy, Brand
- supported the Secretary by maintaining a lockbox for original corporate records on US soil, forseen as a potential state or federal requirement
The Company Corporation
1313 N. Market Street
Wilmington, Delaware 19801-1151