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Home My WebLink About12/31/2009NORTH FORK ANIMAL WELFARE LEAGUE, INC: FINANCIAL STATEMENTS DECEMBER 31, 2009 N~ORTH FORK ANIMAL WELFARE LEAGUE, INC.. TABLE OF CONTENTS December 31, 2009 Page. INDEPENDENT AUDITORS' REPORT ............................................................. I FINANCIAL STATEMENTS 2 Statement of Financial Position ............................................................... 3 Statement of Activities ............................................................................. 4 Statement of Cash Flows .......................................................................... 5 Statement of Functional Expenses .......................................................... 6,7 Notes to Financial Statements ................................................................. IRWIN & ODELL, CPAs LLC 6 Sterlington Commons Greenport, NY 11944 (631) 477-3011 (631) 477-9533 (Fax) INDEPENDENT AUDITORS' REPORT_ February 22, 2010 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, 2009 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 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 f~nancial position of the North Fork Animal Welfare League, Inc. as of December 31, 2009, and the results of its operations and its cash flows for the year then ended in conformity with generally accepted accounting principles. Y,.' . ~oseph gV. Irwin,/CPA Irwin & Odell, CPAs LLC NORTH FORK ANIMAL WELFARE LEAGUE, INC. ASSETS STATEMENT OF FINANGIAL POSITION DECEMBER 21, 2009 CURRENT ASSETS Cash - Demand deposits Cash - Time deposits Investments - UBS Unrestricted Investments - UBS Restricted Prepaid insurance Security Deposit TOTAL CURRENT ASSETS $ 30,515 6,172 402,365 288,985 5,489 5,000 $ 738,526 TOTAL ASSETS $ 738,526 LIABILITIES AND NET ASSETS CURRENT LIABILITIES Accounts payable Taxes payable $ 9,333 5,910 TOTAL CURRENT LIABILITIES $ 15,243 NET ASSETS Unrestricted - undesignated Restricted- temporary TOTAL NET ASSETS $ 434,299 288,984 $ 723,283 TOTAL LIABILITIES AND NET ASSETS $ 738,526 2 See accompanying notes to financial statements NORTH FORK ANIMAL WELFARE LEAGUE, INC. SUPPORT AND REVENUE Donations/bequests Town contract income lnterest income Dividend income Net capital gains Fund raising events Sundry fees Unrealized Gain on Investments TOTAL SUPPORT & REVENUE STATEMENT OF ACTIVITIES DECEMBER 21, 2009 Unrestricted Restricted Total $ 126,805 $ $ 126,805 187,973 187,973 8,299 274 8,573 9,641 90 9,731 (27,498) 577 (26,921) 19,983 19,983 4,759 4,759 65,334 $ (1,93~ 63,401 $ 395,296 $ (992) $ 394,304 EXPENDITURES Program services Management & General TOTAL EXPENDITURES INCREASE (DECREASE) IN NET ASSETS NET ASSETS - BEGINNING OF YEAR NET ASSETS - END OF YEAR $ 297,153 $150 $ 297,303 56 300. 56,300 $ 353,453 150 $ 353,603 $ 41,843 $ (1,142) $ 40,701 $ 392,456 $ 290,126 $ 682,582 $ 434,299 $ 288,984 $ 723,283_ 3 See accompanying notes to financial statements NORTH FORK ANIMAL WELFARE LEAGUE, INC. STATEMENT OF CASH FLOWS DECEMBER 21, 2009 CASH FLOWS FROM OPERATING ACTIVITIES Change in net assets Adjustment to reconcile net income to net cash provided by operating activities: $ 40,701 (189) Increase in tme deposits 115 Decrease in prepaid expenses (5,000) Increase in securuty deposits 1,129 Increase in accounts payable (15,208) Decrease in deferred income 1,3 l 2 Increase taxes payable - NET ASSETS PROVIDED BY OPERATING ACTIVITIES $ 22,860 CASH FLOWS FROM FINANCING ACTIVITIES NET CASH FLOWS FROM FINANCING ACTIVITIES $ CASH FLOWS FROM INVESTING ACTIVITIES increase in Investment Principal - Unrestricted Decrease in Investment Principal - Restricted NET CASH FLOWS FROM INVESTMENT ACTIVITIES NET DECREASE IN CASH CASH BALANCE - BEGINNING CASH BALANCE - ENDING (56,303) 1,780 (54,523)_ (31,663) 62,178_ 30,515 .. 4 See accompanying notes to financial statements NORTH FORK ANIMAL WELFARE LEAGUE, INC. STATEMENT OF FUNCTIONAL EXPENSES DECEMBER 21, 2009 Program Management Services & General Total. % .Admin. EXPENDITURES Personnel $ 152,767 $ 38,192 $ 190,959 16,402 4,100 20,502 Employee benefits 14,287 3,572 17,859 Payroll taxes Accounting/Bookkeeping fees 7,560 1,890 9,450 Supplies 46,482 46,482 Telephone 2,073 518 2,591 Postage & Shipping 1,740 435 2,175 Repairs & maintenance 2,244 2,244 Conferences/Travel 675 675 Veterinarian fees 27,865 27,865 2,461 2,461 Truck expense 226 57 283 Utilities 5,039 5,039 10,078 Office expense 11,603 11,603 Insurance 934 934 Advertising 359 359 Bank charges 2,847 2,847 Garbage 2,093 2,093 Legal fees 125 125 Licenses/Permits Miscellaneous expenses $ 1,614 $ 404 $ 2,018 $ 353,603 $ 56,3O0 TOTAL EXPENDITURES $ 297,303. _ 20% 20% 20% 20% 20% 20% 20% 50% 100% 20% 5 See accompanying notes to financial statements NORTH FORK ANIMAL WELFARE LEAGUE, INC, NOTES TO FINANCIAL STATEMENT December 3 l, 2009 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. Accounting Basis organization uses the accraal method of accounting· Under SFAS No. l 16 the marketable securities wTit~ 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 31,2011. 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 $15208.18/month for the first three months: $15816151 for the last nine months ($187973. for the calender year 2009). 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 Preparation of Financial Statements:. Management of the League uses estimates a-nd assumptions in preparing financial statements in accord~tnce with generally accepted accounting · ci les. Those estimates and assumptions affected the reported amounts of assets and liabilities, the p.rm. p ~ ~' ..... *~ ~nd liabilities, and the reposed revenues and expenses. Actual results could disclosure oI contingent a~L~ ,, vary fi.om 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, 2009 the FMV balance is $288,985. With no expenditures other than broker fees have been expended since inception. 6 ~NORTH FORK ANIMAL WELFARE LEAGUE, 1NC. NOTES TO FINANCIAL STATEMENT December 31, 2009 Uncertainties about the Future: On February 3, 2010 the North Fork Animal Welfare League,Inc.(NFAWL) received a "90 Day Notice of Intention to Terminate" from the Southold Town attorney. The Town of Southold intends to terminate the Agreement dated April l, 2008 between the Town and the NFAWL as of May 15, 2010 due to failure to comply with terms of the Agreement. On February 12, 2010 the attorney for the NFAWL responded to the Southold Town attorney that the NFAWL is in full compliance with the terms of the contract and the Town of Southold does not have the right to terminate this contract. The Towns reasons for termination are all add.res.sed sp. ecifically b..y the CouncilfortheNFAWLandconcuoesm , iftheTownwillnotreconsider~tsmtent~ontotermmatethe contract, the League hereby asserts its right to submit this dispute to arbitration before the American Arbitration Association, pursuant to Paragraph 3(f) of the contract. As of this report date there has been no response from the Town and the issue cannot be determined as its possibility is unclear. RECEIVED BAR 3 2010 ~ou~o~d Town C~¢rk NORTH FORK ANIMAL WELFARE LEAGUE FINANCIAL STATEMENTS MARCH 31, 2009 May I7, 2009 IRWIN & ODELL, CPAs LLC 6 Sterlington Commons Greenport, NY 11944 (631) 47%3011 (631) 477-9533 (Fax) North Fork Animal Welfare League Inc. PO Box 297 Southold, NY. 11971 We have compiled the accompanying Statement of Financial position of North Fork Animal Welfare League Inc, for the years ended March 31, 2009 and 2008 and the related statements of income the years then ended, in accordance with Statements on Standards for Accounting and Review Services issued by the American Institute of Certified Public Accountants. A compilation is limited to presenting in the form of financial statements information that is the representation of management. We have not audited or reviewed the accompm~ying financial statements and, accordingly, do not express an opinion or any other form of assurance on them. Management has elected to omit substantially all of the disclosures required by generally accepted accounting principles. If the omitted disclosures were included in the financial statements, they might influence the user's conclusions about the Company's financial position, results of operations, and its cash flows. Accordingly, these financial statements are not designed for those who are not informed about such matters. Josep,~V. Irw7, CPA// Irwin & Odell, CPAs LLC NORTH FORK ANIMAL WELFARE LEAGUE BALANCE SHEET MARCH 31, 2009 EXHIBIT A PAGE 1 Assets Cash-SCNB General Checking Wells Fargo Securities - Regular Wells Fargo Securities - Restricted Capital One CD Petty Cash Security Deposits Prepaid Insurance TOTAL ASSETS $ 51,268 445,634 291,076 5,983 230 5,000 2,717 $ 801,908 LIABILITIES Accounts Payable Deferred Income SWT Payable Payroll Taxes Payable Disability Withheld TOTAL LIABILITIES 10,005 15,817 764 957 1) 27,542 Fund Balance League Fund Balance Restricted TOTAL FUND BALANCE 483,290 291,076 774,366 TOTAL LIABILITIES & EQUITY 801,908 EXHIBIT B PAGE 1 NORTH FORK ANIMAL WELFARE LEAGUE COMPARATIVE INCOME STATEMENT FOR THE PERIODS JAN. 1, 2009 TO MAR. 31, 2009 JAN. 1, 2008 TO MAR. 31, 2008 REVENUES Donations Interest Income Accrued Interest Paid Dividend Income Net Capital Gains(Losses) Fundraising Events Dogs S-N Cats Cats S-N Memorials Guardian Angels Rabies Clinic Town Contract TOTAL REVENUES EXPENSES Salaries Payroll Taxes Employee Benefits Kennel Supplies Dog Veternarian Repairs & Maintenance Auto Expense Telephone Utilities Office Expenses Insurance Advertising Liscenses & Fees Professional Fees Bookkeeping Fees Bank/Investment Fees Miscellaneous Expenses Garbage Removal Postage/Mailings Education & Training Cat Veternarian Cat Food Fundralsing Expenses TOTAL EXPENSES $ 15,259 $ 12,867 2,515 3,425 0 (59) 2,389 2,831 (3,202) 142 8,370 0 325 110 0 345 0 263 1,415 1,170 150 0 170 168 45,625 43,870 73,016 65,132 44,009 39,812 5,286 3,949 4,157 2,191 5,947 6,335 3,382 3,584 0 1,121 478 878 1,468 885 266 295 718 535 3,000 3,500 362 165 0 588 0 1,707 1,800 1,800 38 32 183 696 847 737 306 122 400 0 2,524 1,849 2,013 1,483 2,868 0 $ 80,052 $ 72/264 NET PROFIT (LOSS) ( 7,036) ( 7,132) NORTH FORK ANIMAL WELFARE LEAGUE COMPAP~TIVE DEPARTMENTAL INCOME STATEMENT UNRESTRICTED FOR THE PERIODS PAGE 1 JAN. 1, 2009 TO MAR. 31, 2009 JAN. 1, 2008 TO MAR. 31, 2008 REVENUES Donations Interest Income Accrued Interest Paid Dividend Income Net Capital Gains(Losses) Fundraising Events Dogs S-N Cats Cats S-N Memorials Guardian Angels Rabies Clinic Town Contract TOTAL REVENUES $ 15,259 2,204 0 2,389 3,702) 8,370 325 0 0 1,415 150 170 45,625 72,205 $ 12,867 2,698 59) 2,831 142 0 110 345 263 1,170 0 168 43,870 64,405 EXPENSES Salaries Payroll Taxes Employee Benefits Kennel Supplies Dog Veternarian Repairs & Maintenance Auto Expense Telephone Utilities Office Expenses Insurance Advertising Liscenses & Fees Professional Fees Bookkeeping Fees Bank/Investment Fees Miscellaneous Expenses Garbage Removal Postage/Mailings Education & Training Cat Veternarian Cat Food Fundraising Expenses TOTAL EXPENSES 44,009 5,286 4,157 5,947 3,382 0 478 1,468 266 718 3,000 362 0 0 1,800 38 183 847 306 400 2,524 2,013 2,868 $ 80,052 39,812 3,949 2,191 6,335 3,584 1,121 878 885 295 534 3,500 165 588 1,707 1,800 32 696 737 122 0 1,849 1,483 0 $ 72,263 NET PROFIT (LOSS) ( 7,847) ( 7,858} PAGE 1 NORTH FORK ANIMAL WELFARE LEAGUE COMPARATIVE DEPARTMENTAL INCOME STATEMENT RESTRICTED FOR THE PERIODS JAN. 1, 2009 TO MAR. 31, 2009 JAN. 1, 2008 TO MAR. 31, 2008 REVENUES Interest Income Net Capital Gains(Losse§) TOTAL REVENUES EXPENSES TOTAL EXPENSES $ 311 $ 727 500 0 811 0 727 0 NET PROFIT {LOSS) 811 727