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Home My WebLink About12/31/2007~ ... ; V ~ -~-c8" RECEIlf~~ APR 2 4 2008 Soutrcld Town Llerk NORTH FORK ANIMAL WELFARE LEAGUE INC. FINANCIAL STATEMENTS DECEMBER 31, 2007 NORTH FORK ANIMAL WELFARE LEAGUE INC. TABLE OF CONTENTS December 31, 2007 Paee INDEPENDENT AUDITORS' REPORT 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 ............................................ IRWIN & ODELL, CPAs LLC 6 Sterlington Commons Greenport, NY 11944 (631) 477-30/1 (631) 477-9533 (Fax) INDEPENDENT AUDITORS' REPORT Apri121,2008 Boazd of Directors North Fork Animal Welfaze League, Inc. PO Box 297 Southold, New York 11971 Deaz Members of the Boazd: We have audited the accompanying statements of financial position of The North Fork Animal Welfaze League, Inc. as of December 31, 2007 and the related statements of activities and cash flows for the yeaz then ended. These financial statements are the responsibility of the NFAWL 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 standazds. Those standazds 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, 2007, and the results of its operations and its cash flows for the year then ended in conformit/y 1with generally accepted accounting principles. V ~ '~._-. Joseph W. Irwin, CPA Irwin & Odell, CPAs LLC NORTH FORK ANIMAL WELFARE LEAGUE, INC. STATEMENT OF FINANCIAL POSITION December 31, 2007 ASSETS CURRENT ASSETS Cash -Demand deposits $ 41,458 Cash -Time deposits 5,565 Investments -UBS Unrestricted 415,356 Investments -UBS Restricted 283,653 Prepaid insurance 6,845 TOTAL CURRENT ASSETS $ 752,877 TOTAL ASSETS $ 752,877 LIABILITIES AND NET ASSETS CURRENT LIABILITIES Accounts payable $ 9,207 Deferred income - Taxespayable 718 TOTAL CURRENT LIABILITIES $ 9,925 NET ASSETS Unrestricted - undesignated $ 459,299 Restricted - temporary 283,653 TOTAL NET ASSETS $ 742,952 TOTAL LIABILITIES AND NET ASSETS $ 752,877 2 See accompanying notes to financial statements NORTH FORK ANIMAL WELFARE LEAGUE, INC. STATEMENT OF ACTIVITIES For the Yeaz Ended December 31, 2007 Unrestricted Restricted Total SUPPORT AND REVENUE Donations bequests $ 135,351 $ - $ 135,351 Town contract income 175,479 - 175,479 Interest income 10,746 12,834 23,580 Dividend inwme 6,848 - 6,848 Net capital gains 5,452 391 5,843 Fund raising events 21,590 - 21,590 Sundry fees $ 5,402 $ 5,402 TOTAL SUPPORT & REVENUE $ 360,868 $ 13,225 $ 374,093 EXPENDITURES Program services $ 294,921 $ 150.00 $ 295,071 Management & General (Note B) $ 53,590 $ - $ 53,590 TOTAL EXPENDITURES $ 348,511 150.00 $ 348,661 INCREASE (DECREASE) [N NET ASSETS $ 12,357 $ 13,075 $ 25,432 NET ASSETS -BEGINNING OF YEAR $ 446,943 $ 270,577 $ 717,520 NET ASSETS -END OF YEAR $ 459,300 $ 283,652 $ 742,952 3 See accompanying notes to financial statements NORTH FORK ANIMAL WELFARE LEAGUE, INC. STATEMENTS OF CASH FLOWS December 31, 2007 CASH FLOWS FROM OPERATING ACTIVITIES Change in net assets $ 25,432 Adjustment to reconcile net income to net cash provided by operating activities: Increase in prepaid expenses (261) Decrease in accounts payable (58) Decrease in deferred income (14,623) Decrease taxes payable $ (106) NET ASSETS PROVIDED BY OPERATING ACTIVITIES $ 10,384 CASH FLOWS FROM FINANCING ACTIVITIES NET CASH FLOWS FROM FINANCING ACTIVITIES CASH FLOWS FROM INVESTING ACTIVITIES Increase in Investment Principal -Unrestricted Increase in Investment Principal -Restricted NET CASH FLOWS FROM INVESTMENT ACTIVITIES NET DECREASE IN CASH CASH BALANCE -BEGINNING CASH BALANCE -ENDING $ (23,037) (13,076) $ (36,113) $ (25,729) $ 67,187 $ 41,458 4 See accompanying notes to financial statements NORTH FORK ANIMAL WELFARE LEAGUE. INC. STATEMENT OF FUNCTIONAL EXPENSES For the Year Ended December 3l, 2007 Program Management Services & General Total EXPENDITURES Personnel $ 138,504 $ 34,626 $ 173,130 Employee benefits 10,264 2,566 12,830 Payroll taxes 12,530 3,133 15,663 Accounting/Bookkeeping fees 7,360 1,840 9,200 Supplies 32,203 - 32,203 Telephone 2,499 625 3,124 Postage & Shipping 1,780 445 2,225 Repairs & maintenance 1,191 - 1,191 Conferencesll'ravel 2,650 - 2,650 Veterinarian fees 41,213 - 41,213 Truck expense 2,581 - 2,581 Utilities 820 205 1,025 Office expense 1,051 1,052 2,103 Insurance 14,382 - 14,382 Advertising 422 47 469 Bank charges 290 - 290 Garbage 2,578 - 2,578 Legal fees - 8,298 8,298 Truck Purchase 19,610 - 19,610 Licenses/Permits 129 - 129 Miscellaneous expenses $ 3,014 $ 753 $ 3,767 TOTAL EXPENDITURES $ 295,071 $ 53,590 $ 348,661 Admin. 20% 20% 20% 20% 20% 20% 20% 50% 10% 100% 20% 5 See accompanying notes to financial statements NORTH FORK ANIMAL WELFARE LEAGUE. INC. NOTES TO FINANCIAL STATEMENT December 31. 2007 NOTE A -ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Oreani7ation: North Fork Animal Welfare League, Inc., anon-profit organization, was incorporated July 19, 1963 and is exempt from federal income tax under the provisions of Section 501(c) (3) ofthe 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. Contmctual Agreement with Southold Town: On April I, 2008 the League entered into a 3-year contractual agreement which will expire on March 31, 2011 The agreement calls fora 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 $14,623.50/month ($175,479.00 for the year) for the calendaz year 2007 In addition, the League is to operate and maintain at its own expense the Town Animal Shelter in Pewnic, NY, properly shelter, feed and water and otherwise Gaze 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 Preparation 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 Equivalents: 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. Tempotarilv Restricted Funds: When donations aze received for a defined purpose they are restricted until the conditions are deemed as met. In 2006 the NFAWL received $264,196 of temporarily restricted funds from the Estate of Patricia Toner Troxel. The will directs that [he funds be used exclusively for construction of an animal shelter or a wing in addition to an animal shelter solely owned by the League. At December 31, 2007 the balance is $283,653. with no expenditures other than broker fees have been expended since inception. 6