In 2009, at the height of the economic downturn, we chose to refinance our mortgage in order to significantly decrease our monthly outflows. To pay down our mortgage, we sold several investments at a realized loss of 1.5 million. Therefore, our 2009 tax return appears as if we had a heavy operating loss, but in fact, it was actually a loss of approximately $387,000 taking the investment activity into consideration. Thanks to our dedicated supporters, our remaining endowment and investment portfolio strategically covers ongoing operational expenses.
