OCEF 2002 Financial Statements - Summary

(From January 1, 2002 to December 31, 2002)

1.	OPENNING BALANCE AS OF JANUARY 1, 2002:	USD	64,773.85
	(1) Previous balance from 2001 financial reports:	USD	63,073.85
	(2) *Donations in December 2001 not recorded in 2001 financial reports:	USD	1,700.00
2.	TOTAL INCOMES IN 2002:	USD	48,208.28
	(1) **Donations and sponsorships:	USD	47,758.78
	(2) Interest:	USD	449.50
3.	TOTAL EXPENSES IN 2002:	USD	34,152.55
	(1) Tuitions and fees for 1559 students in China, including 544 students in spring 2002 sememster and 1015 in fall 2002 semester:	USD	29,992.86
	(2) Operation costs in China, including postages, photocopying, telephone communications, and bank transaction fees:	USD	1,351.31
	(3) ***OCEF fundraising and other operational expenses, including printing and publication, postages, supplies for fund raising events, and meeting room rentals:	USD	2,808.38
4.	ENDING BALANCE AS OF DECEMBER 31, 2002:	USD	78,829.58
Notes: * This December 2001 donation of $1700 was reported by one of our bank accounts. However, the issued bank statement includes dates from January 2002 as well as from December 2001. For this reason, we counted this item as 2002 income instead of 2001. We have notified the banks to issue bank statements at the end of every month to ensure that this will not happen again in the future. ** This item includes donations that had been transferred into the OCEF bank accounts by December 31, 2001. Donations that were received before December 31, 2002 but had not been deposited into OCEF bank accounts are excluded from this item. *** OCEF Operational expenses come from special donations from Trustees and Board Directors, as well as advertisement incomes from OCEF sponsors. All public donations and membership fees will be 100% used to cover tuitions and fees for students in need of financial aids.