HomeMy WebLinkAbout12/31/2002
RECEIVED
MAY 1 6 2003
~oulhold Town CierI
NORTH FORK ANIMAL WELFARE LEAGUE. INC.
FINANCIAL STATEMENTS
DECEMBER 31. 2002
I-g
$-,;W-tl3
NORlH FORK ANIMAL WELFARE LEAGUE. INC.
TABLE OF CONTENTS
December 31, 2002
Paee
INDEPENDENT AUDITORS' REPORT............................................................. 1
FINANCIAL STATEMENTS
Statement of Financial Position............................................................... 2
Statement of Activities............................................................................. 3
Statement of Cash Flows.......................................................................... 4
Statement of Functional Expenses.......................................................... 5
Notes to Financial Statements................................................................. 6
NORTH FORK ANIMAL WELFARE LEAGUE. INC.
JOSEPH W. IRWIN, CPA
6 Sterlington Commons
Greenport, NY 11944
(631) 477-3011
(631) 477-9533 (fax)
INDEPENDENT AUDITORS' REPORT
Board of Directors
North Fork Animal Welfare League, Iuc.
P.O. Box 297
Southold, NY 11971
Dear Members of the Board:
We have audited the accompanying statement offmancial position of North Fork Animal Welfare League,
Inc. as of December 31,2002, and the related statements of activities and cash flows for the year then
ended. These fmancial statements are the responsibility of the organization's management. Our
responsibility is to express an opinion on these fmancial statements based on our audit.
We conducted our 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 fmancial statements
are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the
amounts and disclosures in the fmancial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as evaluating the overall fmancial
statement presentation. We believe that our audit provides a reasonable basis for our opinion.
Iu our opinion, the fmancial statements referred to above present fairly, in all material respects, the
fmaneial position of North Fork Animal Welfare League, Inc. as of December 31,2002, and the results of
its operations and its cash flows for the year then ended in conformity with generally accepted accounting
principles.
~0!~
Certified Public Accountant
May 11,2003
Greenport, NY
ASSETS
CURRENT ASSETS
Cash - Demand deposits
Cash - Time deposits
Invesunents
Security deposits
LIABILITIES AND NET ASSETS
CURRENT LIABILITIES
Accounts payable
Accrued Expenses (Note B)
Taxes payable
NET ASSETS
Unrestricted - undesignated
Restricted
NORTII FORK ANIMAL WIlLF ARE LEAGUE. INC.
STATEMENT OF FINANCIAL POSITION
December 31, 2002
TOTAL CURRENTS ASSETS
TOTAL ASSETS
TOTAL CURRENT LIABILITIES
TOTAL NET ASSETS
TOTAL LIABILITIES AND NET ASSETS
2
See accompanying notes to [mancial statements
$ 15910.
5390.
455568.
600.
477468.
477468.
4919.
32997.
-----1L
37963.
439505.
O.
439505.
$ 477468.
SUPPORT AND REVENUE
Membership dues
Donations
Town contract income
Interest income
Dividend income
Net capital gains
Fund raising events
Sundry Fees
NORTH FORK ANIMAL WELFARE LEAGUE. INe.
STATEMENT OF ACTIVITIES
For the Year Ended December 31, 2002
Unrestricted
Restricted
$10530.
72445.
140039.
11209.
17776.
5220.
32542.
8296.
298057.
TOTAL OTHER INCOME
TOTAL SUPPORT & REVENUE 298057.
EXPENDITURES
Program services
Management & General (Note B)
TOTAL EXPENDITURES
233033.
150987.
384020.
INCREASE (DECREASE) IN NET ASSETS
(85963.).
NET ASSETS - BEGINNING OF YEAR
525468.
NET ASSETS - END OF YEAR $439505.
3
See accompanying notes to fmancial statements
Total
$10530.
72445.
140039.
11209.
17776.
5220.
32542.
8296.
298057.
298057.
233033.
150987.
384020.
(85963.)
525468.
$439505.
NORTII FORK ANIMAL WELFARE LEAGUE. INC.
STATEMENTS OF CASH FLOWS
December 31, 2002
CASH FLOWS FROM OPERATING ACTIVITIES
Change in net assets
Adjustment to reconcile net income to net cash
provided by operating activities:
Decrease in accounts payable
Increase in Accrued Expenses
Decrease taxes payable
NET ASSETS PROVIDED BY OPERATING ACTIVITIES
EXTRAORDINARY ITEM (NOTE B)
CASH FLOWS FROM FINANCING ACTIVITIES
NET CASH FLOWS FROM FINANCING ACTIVITIES
CASH FLOWS FROM INVESTING ACTIVITIES
Subtraction from investment principle
NET CASH FLOWS FROM INVESTMENT ACTIVITIES
NET INCREASE IN CASH
CASH BALANCE - BEGINNING
CASH BALANCE - ENDING
4
See accompanying notes to fmancial statements
$<85963.>
<3206.>
32997.
<1000.>
<57172.>
o.
38727.
38727.
<18445.>
34355.
$15910.
NORTH FORK ANIMAL WELFARE LEAGUE. INe.
STATEMENT OF FUNCTIONAL EXPENSES
For the Year Ended December 31, 2002
Program Management %
Services & General Total Admin.
EXPENDITURES
Personnel 104399. 26100. 130499. 20%
Employee benefits 9334. 2334. 11668. 20%
Payroll taxes 8993. 2248. 11241. 20%
Accounting rees 6000. 1510. 7510. 20%
Supplies 16943. 16943.
Telephone 3002. 750. 3752. 20%
Postage & Shipping 1482. 371. 1853. 20%
Equipment rental & repairs 795. 795.
ConferencesfTravel 2822. 2822.
Veterinarian fees 29884. 29884.
Truck expense 1388. 1388.
Utilities 3540. 885. 4425. 20%
Office expense 1646. 1646. 3292. 50%
Insurance 6289. 6289.
Advertising 6994. 777. 7771. 10%
Bank charges 100. 100.
Garbage 2506. 2506.
Fund raising 26235. 26235.
Legal rees (Note B) 114196. 114196.
Miscellaneous expenses 681. 170. 851. 20%
TOTAL EXPENDITURES $233033. 150987. 384020.
5
See accompanying notes to fmancial statements
NORTH FORK ANIMAL WELFARE LEAGUE. INC.
NOTES TO FINANCIAL STATEMENT
December 31, 2002
NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Organization: North Fork Animal Welfare League, Inc., a non-profit organization, was incorporated
July 19, 1963 and is exempt from federal income tax under the provisions of Section 501(c) (3) of the
Internal Revenue Code, and has been designated as an organization which is not a private foundation.
The mission of the League is to promote animal welfare by means of neutering, human care and protection
of stray and abandoned animals.
The organization uses the accrual method of accounting.
Contractual Agreement with Southold Town: Under the current 3 year contractual agreement which
commenced the first day ofJanuary 2000 and is to expire December 31,2002 the League is to perform the
duties and responsibilities of dog control officer in the enforcement of the provisions of Article 7 of the
Agricultural and Markets Law and the Town of South old rules and regulations. The sum of money to be
paid by the Town was in the amount of$ll,669.92/month ($140,039 for the year) for the calendar year
2002.
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 of 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 Eslimates in the Preoaration of Financial Statements: Management of the League uses estimates
and assumptions in preparing [mancial 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.
Note B. Extraordinary item - Legal fees:
The NF A WL was a defendant in a civil suit brought by potential candidates for the Board of Directors
whose candidate filings were deemed invalid by the present board.
Legal fees to defend this suit for the year ended December 31, 2002 were $114916. The effect on the
[mancial statements if not for these extraordinary expenses would be an increase of net assets of $28953.
Decrease in net assets per Financial Statements
Extraordinary item
Net increases in net assets before extraordinary item
<$85963.>
+114916.
$28953.
The accrued expenses of $32997.00 on the December 31, 2002 Balance sheet reflect year 2002 legal fees
paid in the year 2003.
6