International Tuberculosis Foundation, Inc.
2005
ANNUAL REPORT

(The financial information incorporated below is excerpted from the audit conducted by the certified public accounting firm of Philip Achusim and Associates, Chicago, of the foundation’s fiscal year, which concluded December 31, 2004.)

The International Tuberculosis Foundation, Inc. (ITF) continued its childhood lung health project in the African country of Malawi during the year 2004.  Funded by a grant from the Bill and Melinda Gates Foundation in the amount of $1,930,000.00, the project grew during the fifth year of the five-year program.  Since not all of the funds received from the Gates Foundation were expended by the end of 2004, the Gates Foundation extended the time frame for the project for one more and it will now conclude at the end of 2005.  Many children’s lives are being saved and the project may become the model for similar undertakings in other countries as well.  In a part of the world that is besieged by monumental problems, the childhood lung health project stands out as a tremendous success.  Unfortunately many of its children whose lives have been saved are orphaned by the AIDS epidemic which affects many of their parents.  The Gates Foundation is now making more of their focus on this problem.

The International Tuberculosis Foundation, Inc. continues to award educational grants in the form of travel awards to deserving health care professionals from poor countries or areas.  These grants allow these professionals to attend educational trainings related to lung health and tuberculosis which they might otherwise be unable to benefit from.

From the financial point of view, the year 2004 provided contributions and interest income of $122,104.00 along with the release from restriction of $286,401.00 for a total of $408,505.00 in total public support and revenues.  On the expense side, program expenses were $379,220.00; administrative expense was $4,688.00 and fundraising expense was $2,500.00 for a total of $386,417.00.  Net assets at the end of the year were $74,583.00 unrestricted; $308,969.00 restricted, for a total of $383.552.00.

We entered the year 2005 with commitment to continue providing service in the field of lung health in areas of the world with great need.  We will accomplish this through the dedicated efforts of our outstanding board of trustees, all of whom serve without compensation.

E. Jane Carter, MD                                      Jerry Woolley
President                                               Executive Director