Ugbajo FS 12.31.21

UGBAJO ITSEKIRI USA INC
FINANCIAL STATEMENTS

FOR THE
12 MONTHS ENDED DECEMBER 31, 2021

Ugbajo Itsekiri USA Inc
Statement of Financial Position at December 31, 2021

ASSETS NOTE ON AMOUNT
Bank & Cash Balance $ 142,680
Receivable Page 3 $ 11,150
Cash at Prudential Financial Page 3 $ 23,000
Total Assets $ 176,830
LIABILITIES & NET ASSETS
Liabilities Page 3 $ 2,000
Accrual $ 2,000
Total Liabilities $ 174,830
Net Assets

Total Liabilities and Net Assets $ 176,830

Please refer to the Notes for more information

Page 1

Ugbajo Itsekiri USA Inc
Statement of Revenues and Expenses
For 12 Month Period Ended Dec 31, 2021

Revenues Note On Amount

1 Annual Dues collected -2021 Page 4 $ 3,600 $ 45,913
2 Total Convention Meals collected Page 5 $ 10,900
3 Coronation Donation received Page 6 $
4 January Donations received Page 7 $ 5,500
5 September Donations received Page 10 $ 3,443
22,470

Less Expenses

1 Attorney expenses $ (7,820) (56,586)
2 Convention Expenses Page 5 $ (29,621) (10,673)
3 Coronation Expenses Page 6 $ (6,909)
4 Bank Charges & Fees
5 Post Office - Annual Fee $ (1,772)
6 Cataract Surgery Program $ (246)
7 Website Expenses $ (10,000)
8 Zoom Annual Fee $ (75)
$ (143) $

Excess of (Expenses)/Revenue in 2021 $

Please refer to the Notes for more information
Page 2

Ugbajo Itsekiri USA Inc
Basis of Financial Report, Receivables & Liabilities

Basis of Financial Report

Revenue and expenses are stated on a Cash basis in the Statement of Revenues &
Expenses on Page 1, and our Convention Financial Report on Page 5. We want to be
conservative. As a result, uncollected pledges are not included in revenue.
Pledges will be included in revenue when collected

Amounts Receivables

These are amounts due from regions and one uncollected fee for adverts

Annual Dues $ 2,400 INA Washington, GA, FL & SCICA
January Pledges Unpaid $ 2,850 See Page 9
Sept Pledges Unpaid $ 4,400 See page 10
Unpaid advert from Brochure $ 1,500

Total $ 11,150

Amount at Prudential Financial $23,000 **

This is the balance of our account at Prudential Financial.
** We understand this amount is in possession of the former President
Prudential Financial refused to confirm this balance despite several requests
The Board is weighing Ugbajo's legal options on this matter.

Liabilities

Dr. Gabriel Okorodudu of Africa Cataract Foundation Nigeria is asking an additional $2,000
for his services. This amount is accrued until approved by the Board of Directors.

Page 3

Ugbajo Itsekiri USA Inc
Annual Dues Collected at Dec 31, 2021

Region Dues Collected Remarks

1 New York $ 600.00 $ 600.00 Paid
2 Houston $ 600.00 $ 600.00 Paid
3 Colorado $ 600.00 $ 600.00 Paid
4 Dallas $ 600.00 $ 600.00 Paid
5 Chicago $ 600.00 $ 600.00 Paid
6 NorCal $ 600.00 $ 600.00 Paid
7 Florida $ 600.00 $- Not paid
8 Georgia $ 600.00 $- Not paid
9 Washington $ 600.00 $- Not paid
10 SCICA $ 600.00 $- Not paid

Total $ 6,000.00 $ 3,600 See page 2

Unpaid Annual Dues:

Annual Dues Receivable 2021 $ 2,400
INA DC&CMSA, FL, GA & SCICA 2020 $ 2,400

Page 4

Ugbajo Itsekiri USA Inc
Summary of Income & Expenses for Dallas Sept 2021 Convention

Gross Income Note on Amount
Convention Regional meals
Convention Guest meals Page 2 & 8 $ 6,800
Convention Brochure rev Page 9 $
Convention Donations 4,100 $ 10,900
Jan - Pgs 2 & 7 $
Total Revenue Sept - Pgs 2 &10 $ $ 6,200

3,443

22,470 $ 25,913

$ 43,013

Less Expenses $ (2,931.12)
$ (1,400.00)
Buses $ (16,648.00)
DeeJay $ (91.66)
Hotel Charges $ (260.53)
Printing Invites $ (2,200.00)
Ogiame Banner $ (12.75)
Photo & Videographer $ (2,200.00)
Postage- Invites to Dallas $ (22.00)
Printing Brochure
Stamps and Envelopes $ (25,766.06)

Subtotal Expenses $ (3,854.86) $ (29,620.92)

Add $ 13,392.08

Preconvention Travel Board & Mtg Meal

Surplus of Rev over Exps at Dallas Convention

Page 5

UGBAJO ITSEKIRI USA: INCOME EXPENSES FOR CULTURAL PROGRAM - SUPPORT TO 2021 CORONATION

Revenue Amount
1 NY $ 1,000.00
3 Houston $ 1,000.00
8 Anonymous $ 1,000.00
4 Chicago $ 500.00
5 Colorado $ 500.00
6 Agura Iwere Dallas $ 500.00
2 IANC $ 500.00
7 Dr. Omatete $ 500.00

Subtotal $ 5,500.00

Less Expenses $-
1 Advert in Coronation Main Brochure $ 3,985.00
2 Donation C/Fund NGN 2mm $ 60.00
3 Flyer design by David Adio $ 1,000.00
4 Gbosen to Omo Oba at Idaniken $ 100.00
5 Omo Oba Design by Don Landers $ 1,764.00 $ 6,909.00 See page 2
6 Cost of Boat in Regatta

(Deficit)/ Surplus from Support of Coronation $ (1,409.00)

We will still accept donations for this cultural event in which we have a deficit
Please donate via Zelle using our phone number (202)8307725
Or mail a check to
Ugbajo Itsekiri USA inc, P. O. Box 11465 Washington DC 20008
Pls specify Coronation Fund in your check Memo
Other forms of payment e.g Cash or Paypal are available. Contact the Treasurer
or your regional President.

Page 6

Ugbajo Itsekiri USA Inc
Donations Pledged and Collected at January Election

Individuals Pledged Paid Re

Mr. Alex Taire $ 100.00 $ 100.00 1 Ch
$ 100.00 $ 100.00 2 Co
Mrs. Anthonia Idowu $ 100.00 3 Da
$ 100.00 $ 100.00 4 Flo
Pledge 1 $ 100.00 $ 100.00 5 Ge
$ 100.00 6 Ho
Mrs. Bunmi Sokoya $ 143.00 $ 143.00
$ 100.00 $ 100.00 7 IN
Mrs. Dorcas Idiahi $ 100.00 8 Ne
$ 300.00 $ 300.00 9 No
Pledge 2 $ 250.00 10 SC
$ 250.00 $ 250.00
Ms Dorothy Uwanikone $ 100.00 To
$ 300.00
Mr. Ellis Buwa $ 300.00 $ 500.00
$ 500.00
Pledge 3 $ 100.00 $ 250.00
$ 250.00
Mrs. Ete Etchie $ 250.00 $ 100.00
$ 100.00
Pledge 4 $ 100.00 $ 250.00
$ 250.00
Dr. Fabian Iwere $ 200.00
$ 1,000.00
Pledge 5 $ 100.00
$ 250.00
Mr. Felix Asagba $ 1,050.00

Mr. Goddey Ejuwa

Mr. Pledge 6

Mrs. Margaret Nunu

Pledge 7

Mrs. Patience Edremoda

Pledge 8

Mrs. RoseAnn Amoruwa

Pledge 9

Pledge 10

Tunde Johnson $ 100.00
$ 750.00
Pledge 11 $ 3,443.00 See Pgs 2 & 5

Regions

Total $ 6,293.00

$ 2,850.00

egions Pledged Paid
250
hicago $ 250.00 0
olorado $- 500
allas $ 300.00
orida $- 750
eorgia $-
ouston $ 500.00

NA CMSA $ -
ew York $ -
orCal $ -
CICA $ -

otal $ 1,050.00

Page 7

Ugbajo Itsekiri USA Inc
Revenue from Meals : Sept 2021- Dallas Convention

1 Agura Iwere Dallas # Persons Amount
16 $ 100.00 $ 1,600.00

2 Chicago 7 $ 100.00 $ 700.00

3 Colorado 4 $ 100.00 $ 400.00
4 Florida
5 Georgia 1 $ 100.00 $ 100.00
6 Houston
7 INA Washington 2 $ 100.00 $ 200.00
8 New York
9 Northern CA 11 $ 100.00 $ 1,100.00
10 Southern California
4 $ 100.00 $ 400.00
Sub total
Guest Meal 9 $ 100.00 $ 900.00
Total meals
12 $ 100.00 $ 1,200.00

2 $ 100.00 $ 200.00

68 $ 6,800.00

41 $ 4,100.00

$ 10,900.00

Referenced to Pgs 2 & 5

Page 8

Advertisers and Collections at
12.31.21

Advertiser Amount Remark

Agura Iwere Dallas $ 100.00 Sponsor
Chicago $ 100.00 Sponsor
Colorado $ 100.00 Sponsor
INA Houston $ 100.00 Sponsor
New York $ 100.00 Gratis
Northern California $ 100.00 $ 1,500.00
Felix Asagba & Family $ 100.00
Felix & Sandra Asagba $ 100.00
Snapee Auto Care $ 100.00
Rev George Effiom $ 100.00
Goddey Ejuwa & Family $ 600.00
Compass Community Care $ 100.00
AI Auto $ 100.00
Sonie Family Eyecare $ 100.00
Mr Alex Taire $ 100.00
Amorserve LLC $ 200.00
Bhomes $ 200.00
Mr. Fred Boyo $ 100.00
Ms Uwanikone $ 100.00
Zuma $ 100.00
Nacoson $ 100.00
Mrs Felicia Emefiana $ 100.00
Etchie CPA $-
Dr Tsola Etchie $-
Apostle Helen $ 125.00
Kez & Oti $ 100.00
Mr Osafran Okundaye $ 100.00
Dr F . Iwere & family $-
Onemu $ 100.00
Mr Steve Jemerigbe $ 100.00
Stephen Scott $ 100.00
Nunu Family $ 100.00
Noret Foundation $ 100.00
Oti Nwosu $ 100.00
Odeli $ 100.00
Mr & Mrs Odufu $ 100.00
Dr Okorodudu - Dallas $ 100.00
Dr O O Omatete & family $-
Omateye Family $ 100.00
Obaze $ 100.00
Osarienrien $ 100.00
Precise $ 100.00
Ms Weyinmi Rewane $ 100.00
Mr & Mrs Lovelance Sagay $ 100.00
Mrs Bunmi Sokoya $ 100.00
Mr & Mrs Tony & Tina Uwiyan $ 100.00
University of Warri (Proposed) $-
Warri Ladies Vanguard $ 100.00
KD Kitchen $ 75.00
Comfort Lewis $ 100.00
Oasis Inc & Ile Inc $ 1,000.00
Meditab Inc. $-

Total Revenue $ 6,200.00

Receivable from adverts $ 1,500.00 Page 9

Ugbajo Itsekiri USA Inc
Donations Pledged and Collected for September 2021

Name Pledged Received Remarks
Goddey Ejuwa
Dr. Omatete $ 2,000.00 $ 2,000.00
Pledge 1
Prof Omagbemi $ 2,500.00 $ 2,500.00
Dr Iwere
Pledge 2 $ 2,500.00 $ -
Toju Etchie & Family
Anonymous Donor $ 2,000.00 $ 2,000.00
Chief John Agbeyegbe
Mrs Magaret Nunu $ 2,000.00 $ 2,000.00
Felix Asagba
Oma Iwere NY $ 1,000.00 $ -
Northern CA
INA Houston $ 2,000.00 $ 2,000.00
Agura Iwere Dallas
Lucky Orukpe Ominiu $ 2,000.00 $ 2,000.00
Pledge 3
Mr & Mrs Scott $ 500.00 $ 500.00
Pledge 4
Ndokwa Assoc Chicago $ 200.00 $ 200.00
Mr & Mrs Alex Odufu
Solomon Agodo $ 1,000.00 $ 1,000.00
Mr Sandra Asagba
Ify - Kid's mom $ 500.00 $ 500.00
Kalyn - Kid donor
Lycan - Kid donor $ 1,000.00 $ 1,000.00
Jolomi Odeli
Pledge 5 $ 500.00 $ 500.00
Mr Kez Gabriel
Emo Urhobo Ass. Dallas $ 500.00 $ 500.00
Mr. Alex Taire
Patricia Eguaveon $ 200.00 $ 200.00
Francis Ekegiga
Nike & Kehinde Ladipo $ 200.00
Caroline Ogboru
Herbert Essih $ 200.00 $ 200.00
Pledge 6
Ellis Buwa $ 100.00
Rose Jackson
Isoko Association $ 150.00 $ 150.00
Joy Ogbimi
Gloria Pira $ 750.00 $ 750.00
DJ Walter Mojekwu
Eric Ramig $ 200.00 $ 200.00

Total $ 400.00 $ 400.00

E&OE $ 250.00 $ 250.00

$ 50.00 $ 50.00

$ 100.00 $ 100.00

$ 100.00 $ 100.00

$ 100.00

$ 300.00 $ 300.00

$ 200.00 $ 200.00

$ 200.00 $ 200.00

$ 500.00 $ 500.00

$ 100.00 $ 100.00

$ 100.00 $ 100.00

$ 200.00 $ 200.00

$ 200.00 $ 200.00

$ 500.00 $ -

$ 400.00 $ 400.00

$ 400.00 $ 400.00

$ 200.00 $ 200.00

$ 50.00 $ 50.00

$ 300.00 $ 300.00

$ 200.00 $ 200.00

$ 20.00 $ 20.00

$ 26,870.00 $ 22,470.00 $ 4,400.00

Page 10

Ugbajo Itsekiri USA Inc
Pre Convention Expenses

Airfares to Preconvention mtgs for Exco is customarily paid by Ugbajo for Execs that are
physically present

Mr. Etchie Prez $ (524.79)
Mrs Nwosu Sec $ (559.80)
Mrs Odufu VP $ (476.80)

$ (1,561.39)

Accomodation or & Lunch for attendees $ (2,293.47)
Total Preconvention expense $ (3,854.86)

Note: Airfares for regional Presidents are paid by their regions or as agreed in those regions.
Ugbajo pays accomodation for the attendees at the preconvention meeting

Page 11

Ugbajo Itsekiri USA Inc
Legal Expenses to Dec 31, 2021

Legal Expenses Amount

Initial Retainer $ (5,000.00)
Additional bill paid $ (1,213.64)
Paralegal paid $ (750.00)
Deposition scribe paid $ (856.35)

Total $ (7,819.99)

E&OE

Page 12