-----Original Message-----
From: Robert McGinn
Sent: Saturday, October 19, 2002 9:02 AM
Subject: [freesaltspring] Annual Report

ANNUAL REPORT 2001-2002

This is the Annual Report of The Salt Spring Island Monetary Foundation for the year ending August 30, 2002.

SYNOPSIS FOR THE YEAR

September 15, 2001: Denominations of $$1, $$2, and $$5, featuring photo by Jesse Bond and artwork by Warren Langley
issued at the Fall Fair triggering instant success, and National and International media coverage. All 3 Financial
Institutions and approximately 128 local businesses begin accepting Salt Spring Currency at par.

February 15,2002: The Board of Directors decide to have 20% of the Salt spring Dollars in circulation backed by Canadian
Gold Maple Leafs.

March 8,2002: The Disbursement Committee makes decision to fund transportation, affordable housing, priorities of
youth, and groups creating community models that support sustainable development.

March 15, 2002: The Foundation issues $$10 and $$20 with international state of the art level of security features, and the artwork of Jill Louise Campbell and Carol Haigh. Official launch takes place at Artspring. Robert Bateman and
Carol Evans agree to have artwork on the $$100 and $50 respectively.

June 1, 2002: An ATM dispensing "Salt Spring Island Currency Only" begins operating at Thrifty Foods.

August 1, 2002: 172 merchants and/or service providers accept $$ Dollars

August 15, 2002: Design files for the $$50 and $$100 are completed and sent to be printed.

August 31, 2002: Completion of first full year and full financial reconciliation and accounting completed.

Disbursement Committee
Board of Directors

Robert McGinn
Doug Mitchell             Robert McGinn

Eric Booth
Ellen Garvie            Eric Booth

Don Monteith
Jewel Eldstrom             Don Monteith

William Krebs
Carol Fowles            William Krebs

Fabio Moretti
John Teagle                 Fabio Moretti

MISSION STATEMENT

The purpose of the Society are to design, issue, and maintain a local currency for Salt Spring Island, with the goal of raising funds for worthwhile community projects while promoting local commerce and goodwill.

How You Can Help

Be proud of our local currency, use it for all your purchases at island businesses, and ask for it back as change. If you have a business, encourage its use and give it out as change. Also consider paying your employees with $$ Dollars. Tourists appreciate that we have our own currency, find it very fascinating, and eagerly collect it as souvenirs to take home with them.

The more we use Salt Spring Island Currency on a day to day basis, the more it will be taken out of circulation, and the more The Foundation can fund local initiatives. People from all over the world are ordering Collector Sets of our beautiful Currency on our website, and tourists who visit our island are also purchasing circulated and uncirculated bills, as well as Collector Sets to take home.

If Islanders are routinely using $$ Dollars it will help ensure that all visitors come into contact with it during their visit. Also
consider becoming a member of the Foundation and receiving our regular newsletters.

Did You Know....

1.---  Salt Spring Currency is currently backed 20% by Gold and it is the intention of the Salt Spring IMF to change
this and back the currency with Salt Spring Island agricultural land. With land as an asset we can then print more currency and spend it into circulation rather than sell it into circulation. Imagine having money that is actually backed by something tangible.

2.---  A Transit System, meeting up to three ferries per day at each terminal could be a reality by next year depending
on the success of this project.

3.--- Our Monetary Foundation and Currency is probably unique in the world. We are not aware of another alternative
currency that:

    is as sophisticated and secure,

    is 100% redeemable in Canadian funds

    is backed 80% by the National Currency and 20% by Gold,

    is dispensed by an ATM that accepts debit cards from all over the world

    is redeemable 100% for Canadian Currency

4.---  Even though most tourists in July and August did not come into contact with $$ Dollars they still took away
$4,000 - $5,000 per month

5.--- Companies excited about our vision of a transit system are offering assistance at no cost to us.

            --A well known engineering company in Ontario, McCormick Rankin Corporation, that has designed large
transit systems, is helping us with preliminary studies regarding transit, and researching availability of appropriate buses.

             --Seabreeze Energy, a B.C. Company, partnered with B.C. Hydro, has applied for a grant of 5 million
dollars to produce wind energy that will be then be converted to hydrogen fuel to power  our transit system.

            -- B.C. Ferry Corp is receptive to our idea of a transit system because they would like to help reduce
vehicular traffic to the Island and increase passenger only use of ferries.

Salt Spring Island Currency is Available at:

Island Savings Credit Union  (11:00 A. M.- 1P.M., Mon.Wed.
Fri.)

ATM at Thrifty Foods
off the Waterfront Gallery

Naikai Gallery
Growing Circle Coop

Chamber of Commerce
Aroma Crystal Therapy

Sabine's Fine Used Books
The Dollar Store

The Salt Spring Island Monetary Foundation is proud of the progress made in our first year and  believes that Salt Spring Island Currency has an exciting future. To quote Robert Bateman, " if we begin to think like a mountain, we
will keep all that is truly valuable in this world and pass these treasures on to succeeding generations. All we need to
do is pay attention and pay the price. I'd say the cost is more than worth it"

 In conclusion we would like to ask all Islanders to support, and participate in, this important initiative.

Thank you on behalf of the Board of Directors,

Robert McGinn, President