HomeMy WebLinkAbout12/31/2008 (2)RECEIVED
JUL 2 3 2009
Soull~old Town Cle,r~
NORTH FORK ANIMAL WELFARE LEAGUE, INC.
FINANCIAL STATEMENTS
DECEMBER 31~ 2008
IRWIN & ODELL, CPAs LLC
6 Sterlington Commons
Greenport, NY 119d4
(630 477-$01!
(6?0 477-9533 (Fax)
INDEPENDENT AUDITORS' REPORT
March 31, 2009
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, 2008 and the related statements of
activities and cash flows for the year 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 oar 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, 2008, and the results of its operations and its cash flows for the year then
ended in conformity with generally accepted accounting principles.
Joseph W. Irwin, CPA
Irwin & Odell, CPAs LLC
NORTH FORK ANIMAL WELFARE LEAGUE, INC.
TABLE OF CONTENTS
December 3 l, 2008
Page
INDEPENDENT AUDITORS' REPORT ............................................................. I
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.
STATEMENT OF FINANCIAL POSITION
December 31, 2008
ASSETS
CURRENT ASSETS
Cash - Demand deposits
Cash - Time deposits
Investments - UBS Unrestricted
Investments - UBS Restricted
Prepaid insurance
TOTAL CURRENT ASSETS
TOTAL ASSETS
LIABILITIES AND NET ASSETS
CURRENT LIABILITIES
Accounts payable
Deferred income
Taxes payable
TOTAL CURRENT LIABILITIES
NET ASSETS
Unrestricted - undesignated
Restricted- temporary
TOTAL NET ASSETS
TOTAL LIABILITIES AND NET ASSETS
$ 62,178
5,983
346,062
290,765
5,604
$ 710,592
$ 7i0,592
8,204
15,208
4,598
$ 28,010
$ 392,456
290,126
$ 682,582
$ 710,592
2
See accompanying notes to financial statements
NORTH FORK ANIMAL WELFARE LEAGUE, INC.
STATEMENT OF ACTIVITIES
For the Year Ended December 31, 2008
Donations/bequests
Town contract income
Interest income
Dividend income
Net capital gains
Fund raising events
Sundry fees
Unrealized Loss on Investments
TOTAL SUPPORT & REVENUE
Unrestricted Restricted Total
$ 117,040 $ $ 117,040
180,743 180,743
10,566 6,051 16,617
10,592 10,592
(10,287) 743 (9,544)
24,750 24,750
$ 4,581 $ 4,581
$ (79,019) $ (171) (79,190)
$ 258,966 $ 6,623 $ 265,589
EXPENDITURES
Program services
Management & General
TOTAL EXPENDITURES
$ 262,665 $ 150.00
$ 63,144 $
$ 325,809 150.00
$ (66,843) $ 6,473
$ 459,299 $ 283,653
$ 392,456 $ 290,126
$ 262,815
$ 63,144
$ 325,959
$ (60,370)
$ 742,952
$ 682,582
INCREASE (DECREASE) IN NET ASSETS
NET ASSETS - BEGINNING OF YEAR
NET ASSETS - END OF YEAR
3
See accompanying notes to financial statements
NORTH FORK ANIMAL WELFARE LEAGUE, INC.
STATEMENTS OF CASH FLOWS
December 31, 2008
CASH FLOWS FROM OPERATING ACTIVITIES
Change in net assets $ (60,370)
Adjustment to reconcile net income to net cash
provided by operating activities:
Decrease in prepaid expenses 1,241
Decrease in accounts payable (1,003)
Increase in deferred income 15,208
lncmase taxes payable $ 3,880
NET ASSETS PROVIDED BY OPERATING ACTIVITIES $ (41,044)
CASH FLOWS FROM FINANCING ACTIVITIES
NET CASH FLOWS FROM FINANCING ACTIVITIES $
CASH FLOWS FROM INVESTING ACTIVITIES
Decrease in Investment Principal - Unrestricted $ 68,876
Increase in Investment Principal - Restricted (7,112)
NET CASH FLOWS FROM INVESTMENT ACTIVITIES $ 61,764
NET DECREASE IN CASH $ 20,720
CASH BALANCE - BEGINNING $ 41,458
CASH BALANCE - ENDING $ 62,178
4
See accompanying notes to financial statements
NORTH FORK ANIMAL WELFARE LEAGUE, INC.
NOTES TO FINANCIAL STATEMENT
December 31, 2008
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
The mission of the League is to promote animal welfare by means of neutering, human care and protection
of stray and abandoned animals.
Accounting Basis
The organization uses the accrual method of accounting. Under SFAS No. 116 the marketable securities
with readily determinable fair market values must account for unrealized gains or losses in the change in
net assets.
Contractual Agreement with Southold Town: On April 1, 2008 the League entered into a 3-year
contractual agreement which will expire on March 3 t, 2011. 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
$14,623.50/month for the first three months: $15208.18 for the last nine months ($180,743. for the calender
year 2008).
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 ca~:s 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.
Temporarily Restricted Funds: When donations are 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 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. At December
31, 2008 the balance is $283,653. With no expenditures other than broker fees have been expended since
inception.
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