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Home My WebLink About12/31/2006 :Y' 5h;l.~7 RECEIVi:D MAY 1 4 2007 Soutliold Tewn Clerk NORTH FORK ANIMAL WELFARE LEAGUE. INC. FINANCIAL STATEMENTS DECEMBER 31. 2006 NORTH FORK ANIMAL WELFARE LEAGUE. INC. TABLE OF CONTENTS December 31, 2006 Pal!e INDEPENDENT AUDITORS' REPORT............................................................. I FINANCIAL STATEMENTS Statement of Financial Position............................................................... Z Statement of Activities............................................................................. 3 Statement of Cash Flows.......................................................................... 4 Statement of Functional Expenses.......................................................... 5 Notes to Financial Statements................................................................. 6 " IRWIN & ODELL, CP As LLC 6 Sterlington Commons Greenport, NY 11944 (631) 477-3011 (631) 477-9533 (Fax) INDEPENDENT AUDITORS' REPORT May 1,2007 Board of Directors North Fork Animal Welfare League, Inc, PO Box 297 Southold, New York 11971 Dear Members of the Board: We have audited the accompanying statements of financial position of The North Fork Animal Welfare League, Inc. as of December 31, 2006 and 2005 and the related statements of activities and cash flows for the years then ended. These financial statements are the responsibility of the Library's management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted my audit in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that my audit provides a reasonable basis for my opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the North Fork Animal Welfare League, Inc. as of December 31, 2006 and 2005, and the results of its operations and its cash flows for the '2. 7 :"fOrrnity wHh g~omlly ~~pred ~ooomti"g pri~ipl~. NORTH FORK ANIMAL WELFARE LEAGUE. INC. STATEMENT OF FINANCIAL POSITION December 3 1, 2006 ASSETS CURRENT ASSETS Cash - Demand deposits $ 67,187 Cash - Time deposits 5,485 Investments - UBS Unrestricted 392,399 Investments - UBS Restricted . 270,577 Prepaid insurance 6,584 TOTAL CURRENT ASSETS $ 742,232 TOTAL ASSETS $ 742,232 LIABILITIES AND NET ASSETS CURRENT LIABILITIES Accounts payable $ 9,265 Deferred income 14,623 Taxes payable 824 TOTAL CURRENT LIABILITIES $ 24,712 NET ASSETS Unrestricted - undesignated $ 446,943 Restricted - temporary 270,577 TOTAL NET ASSETS $ 717,520 TOTAL LIABILITIES AND NET ASSETS $ 742,232 2 See accompanying notes to financial statements v NORTH FORK ANIMAL WELFARE LEAGUE. INC. STATEMENT OF ACTIVITIES For the Year Ended December 31, 2006 Unrestricted Restricted I!!1l!l SUPPORT AND REVENUE Donationslbequests $ 105,436 $ 264,196 $ 369,632 Town contract income 168,730 168,730 Interest income 7,764 6,381 14,145 Dividend income 9,565 9,565 Net capital gains (2,507) (2,507) Fund raising events 26,825 26,825 Sundry rees $ 11,784 $ 11,784 TOTAL SUPPORT & REVENUE $ 327,597 $ 270,577 $ 598,174 EXPENDITURES Program services $ 272,078 $ $ 272,078 Management & General (Note B) $ 53,100 $ $ 53,100 TOTAL EXPENDITURES $ 325,178 $ $ 325,178 INCREASE (DECREASE) IN NET ASSETS $ 2,419 $ 270,577 $ 272,996 NET ASSETS - BEGINNING OF YEAR $ 444,524 $ $ 444,524 NET ASSETS - END OF YEAR $ 446,943 $ 270,577 $ 717,520 3 See accompanying notes to financial statements NORTH FORK ANIMAL WELFARE LEAGUE. INC. STATEMENTS OF CASH FLOWS December 3 I, 2006 CASH FLOWS FROM OPERATING ACTIVITIES Change in net assets AdjuSbnent to reconcile net income to net cash provided by operating activities: Decrease in security deposits Increase in prepaid expenses Decrease in Loans & Exchanges Increase in accounts payable Increase in deferred income Increase taxes payable NET ASSETS PROVIDED BY OPERATING ACTIVITIES CASH FLOWS FROM FINANCING ACTIVITIES NET CASH FLOWS FROM FINANCING ACTIVITIES $ CASH FLOWS FROM INVESTING ACTIVITIES Increase in Invesbnent Principal - Unrestricted Increase in Invesbnent Principal - Restricted Less: Transfers from Unrestricted Principal NET CASH FLOWS FROM INVESTMENT ACTIVITIES NET INCREASE IN CASH CASH BALANCE - BEGINNING CASH BALANCE - ENDING $ 272,996 $ 600 (552) 192 3,469 562 $ 411 $ 277,678 $ (J 4,822) (270,577) $ 20,000 $ (265,399) $ 12,279 $ 54,908 $ 67,187 4 See accompanying notes to financial statements NORTH FORK ANIMAL WELFARE LEAGUE. INC. STATEMENT OF FUNCTIONAL EXPENSES For the Vear Ended December 31,2006 Program Management % Services & General Total Admin. EXPENDITURES Personnel $ 130,696 $ 32,674 $ 163,370 20% Employee benefits 11,962 2,990 14,952 20% Payroll taxes 11,377 2,844 14,221 20% AccountingIBookkeeping fees 7,360 1,840 9,200 20% Supplies 30,530 30,530 Telephone 2,550 637 3,187 20% Postage & Shipping 2,267 567 2,834 20% Repairs & maintenance 217 217 Conferences/Travel 5,142 5,142 Veterinarian fees 31,719 31,719 Truck expense 2,738 2,738 Utilities 1,230 307 1,537 20% Office expense 2,382 2,383 4,765 50% Insurance . 12,440 12,440 Advertising 1,395 155 1,550 10% Bank charges 80 80 Garbage 2,566 2,566 Fund raising 11,592 11,592 Legal fees 8,511 8,511 100% Katrina Relief 2,573 2,573 LicenseslPermits 495 495 Miscellaneous expenses $ 767 $ 192 $ 959 20% TOTAL EXPENDITURES $ 272,078 $ 53,100 $ 325,178 5 See accompanying notes to financial statements NORTH FORK ANIMAL WELFARE LEAGUE. INC. NOTES TO FINANCIAL STATEMENT December 3 I, 2006 NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Ol1lanization: North Fork Animal Welfare League, Inc., a non-profit organization, was incorporated July 19, 1963 and is exempt from federal income tax under the provisions of Section 50 I (c) (3) of the Internal Revenue Code, and has been designated as an organization which is not a private foundation. The mission of the League is to promote animal welfare by means of neutering, human care and protection of stray and abandoned animals. The organization uses the accrual method of accounting. Contractual Al!Teement with Southold Town: On May II, 2004 the League entered into a 4-year contractual agreement which will expire on December 31, 2007. The agreement calls for a 4% annual increase over the term of the contract. The League is to perform the duties and responsibilities of dog control officer in the enforcement of the provisions of Article 7 of the Agricultural and Markets Law and the Town of Southold rules and regulations. The sum of money paid by the Town was in the amount of $14,061.00/month ($168,730.00 for the year) for the calendar year 2006. In addition, the League is to operate and maintain at its own expense the Town Animal Shelter in Peconic, NY; properly shelter, feed and water and otherwise care for all dogs in the shelter and comply with all of the duties outlined in the contract. Any humanitarian needs pertaining to the welfare of cats are to be an expense of the League. Use of Estimates in the Preoaration of Financial Statements: Management of the League uses estimates and assumptions in preparing financial statements in accordance with generally accepted accounting principles. Those estimates and assumptions affected the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities, and the reported revenues and expenses. Actual results could vary from the estimates that management uses. Cash and Cash Eouivalents: The League considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. Cash and cash equivalents for purposes of the statement of cash flows exclude permanently restricted cash and cash equivalents. Temoorarilv Restricted Funds: When donations are received for a defined purpose they are restricted until the conditions are deemed as met. In 2006 the NF A WL received $264,196 of temporarily restricted funds from the Estate of Patricia Toner Troxel. The will directs that the funds be used exclusively for construction of an animal shelter or a wing in addition to an animal shelter solely owned by the League. 6