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23 <br /> Piedmont Value Added Shared-Use Food and Agricultural Processing Center <br /> Section II:Project and Applicant Description <br /> 9. Financial Information <br /> a. Date of incorporation 1752 <br /> b. Total annual operating $161,456,517(FY07 last fiscal year audited) <br /> c. Current auditor McGladrey&Pullen <br /> PO Box 2470 <br /> 230 North Elm St,Suite 1100 <br /> Greensboro,NC 27401-2436 <br /> d. Date of last audit November 20,2007(letter attached) <br /> e. Description of fmancial accounts that will be established to administer the project <br /> A grant project ordinance will be established to track grant expenditures <br /> separately from regular operating funds. <br /> f. Name and telephone number of person responsible for the fmances of the project <br /> Gary Humphreys <br /> 919-245-2453 <br /> g. Plans to sustain funding <br /> Project sustainability will be supported by operating revenue and additional <br /> fundraising efforts. <br /> Operating Revenue: <br /> Based on responses from 62 survey respondents during the feasibility study,user <br /> fees will generate more than$150,000 by year 3 of operation. We expect to <br /> exceed this projection based on two factors: 1)Increased demand from <br /> individuals and businesses who did not complete the survey but become aware of <br /> this project and have expressed interest in using the facility,and 2)The <br /> heightened awareness related to food security associated with the escalating price <br /> of oil and the outbreak of food safety concerns in food grown out-of-state <br /> reinforce the benefits of buying locally produced food. These factors can be <br /> expected to have a positive bearing on projected revenues of a the processing <br /> center. <br /> Nonprofit fundraising: <br /> As recommended in the feasibility study,a nonprofit entity will be formed to <br /> support funding development to help sustain operational expenses.. <br /> 13 <br /> • <br /> BOCC Meeting, January 22, 2009, Page 23/39 <br />