HomeMy WebLinkAbout12/2010RECEIVED
MAR 2 9 2011
Soufhold Town C'ferk
NORTH FORK ANIMAL WE~!,I~ARE LEAGUE, INC.
FINANCIAL STATEMENTS
DECEMBER 31 2010
NORTH FORK ANIMAL WELFARE LEAGUE, INC.
TABLE OF CONTENTS
December 31, 2010
Page
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, 7
IRWIN & ODELL, CPAs LLC
6 Sterh'ngton Commons
Greenport, NY 11944
(631) 477-3011
(631) 477-9533 (~ax)
INDEPENDENT AUDITORS' REPORT
March 17, 2011
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, 2010 and the related statements of
activities and cash flows for the year then ended. These fmancial 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 financial position of the North Fork Animal Welfare League, Inc. as of
December 31,2010, 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.
STATEMENT OF FINANCIAL POSITION
December 31, 2010
ASSETS
CURRENT ASSETS
Cash - Demand deposits
Cash - Time deposits
Investaaents - UBS Unrestricted
Investments - UBS Restricted
Prepaid insurance
Security Deposit
TOTAL CURRENT ASSETS
TOTAL ASSETS
LIABILITIES AND NET ASSETS
CURRENT LIABILITIES
Accounts payable
Taxes payable
TOTAL CURRENT LIABILITIES
NETASSETS
Unrestricted - undesignated
Restricted- temporary
TOTAL NET ASSETS
TOTAL LIABILITIES AND NET ASSETS
$ 56,170
10,015
482,253
301,973
6,478
5,000
$ 861,889
$ 861,889
$ 6,421
396
$ 6,817
$ 553,099
301,973
$ 855,072
$ 861,889
2
See accompanying notes to financial statements
NORTH FORK ANIMAL WELFARE LEAGUE, INC.
STATEMENT OF ACTIVITIES
For the Year Ended December 31, 2010
SUPPORT AND REVENUE
Donations/bequests
Grant
Town contract income
Interest income
Dividend income
Net capital gains
Fund raising events
Sundry fees
Restriction Satisfied
TOTAL SUPPORT & REVENUE
Unrestricted Restricted Total
$ 234,853 $ $ 234,853
$ $ 10,000 $ 10,000
195,492 195,492
5,371 10,225 15,596
7,400 618 8,018
3,431 56 3,487
16,084 16,084
4,074 4,074
10,015 $ (10,015)
$ 476,720 $ 10,884 $ 487,604
$ 308,458 $0 $ 308,458
63,146 $ 63,146
$ 371,604 $ 371,604
$ 105,116 $ 10,884 $ 116,000
$ 447,983 $ 291~089 $ 739,072
$ 553,099 $ 301,973 $ 855,072
EXPENDITURES
Program services
Management & General
TOTAL EXPENDITURES
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, 2010
CASH FLOWS FROM OPERATING ACTIVITIES
Change in net assets $ 116,000
Adjustment to reconcile net income to net cash
provided by operating activities:
Increase in time deposits (3,844)
Increase in prepaid expenses (989)
Increase in secumty deposits
Decrease in accounts payable (2,911)
Decrease in deferred income
Decrease taxes payable (5,514)
NET ASSETS PROVIDED BY OPERATING ACTIVITIES $ 102,742
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
$ (66,203)
(10,884)
$ (77,087)
$ 25,655
$ 30,515
CASH BALANCE - ENDING $ 56,170
4
See accompanying notes to financial statements
NORTH FORK ANIMAL WELFARE LEAGUE, INC.
STATEMENT OF FUNCTIONAL EXPENSES
For the Year Ended December 31, 2010
Program Management
Services & General Total
E~ENDITU~S
Personnel $ 166,347 $ 41,587 $ 207,934
Employee benefits 18,864 4,716 23,580
Payroll taxes 14,776 3,694 18,470
Legal fees 6,680 6,680
Accounting/Bookkeeping fees 7,760 1,940 9,700
Supplies 43,079 43,079
Telephone 1,680 420 2,100
Postage & Shipping 2,418 605 3,023
Repairs & maintenance 1,323 1,323
Conferences/Travel 1,832 1,832
Veterinarian fees 18,077 18,077
Track expense 7,029 7,029
Office expense 3,008 3,008 6,016
Insurance 13,511 13,511
Advertising 317 317
Bank charges/Credit Card Fees 968 968
Garbage 2,496 2,496
Licenses~Permits 572 572
Fencing 2,418 2,418
Miscellaneous expenses $ 1,983 $ 496 $ 2,479
- TOTAL EXPENDITURES $ 308,458 $ 63,146 $ 371,604
%
Admin.
20%
20%
20%
20%
20%
20%
50%
20%
5
See accompanying notes to financial statements
NORTH FORK ANIMAL WELFARE LEAGUE, INC.
NOTES TO FINANCIAL STATEMENT
December 31, 2010
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 fi.om 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
The organization uses the accrual method of accounting. The Financial Statements uses the Cost basis to
in reporting of its marketable securities. As of December 31, 2010 the FMV of the two brokerage accounts
are as follows:
Wells Fargo - Unrestricted account
Wells Fargo - Restricted account
$474,465.97
$306,533.30
Contractual Agreement with Southold Town: On April 1, 2008 the League entered into a 3-year
contmctaal 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 Agricuitaral and Markets Law and the Town of
Southold rules and regulations. The sum of money paid by the Town was in the amount of
$15816.50/month for the first three months: $16449.17 for the last nine months ($195492. for the calendar
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
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 contingant 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 - Troxel Estate: 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 solely owned by the League. At December 31, 2010 the FMV balance
is $306,533.30 No expenditures other than broker fees have been expended since inception.
6
NORTH FORK ANIMAL WELFARE LEAGUE, ENC.
NOTES TO FINANCIAL STATEMENT
December 31, 2009
Temporarily Resla-icted Funds - Anonymous Grant: A grant of $10,000. was received in March 2010
whereby the donor wished to be anonymous. The funds were to be used for care of dogs and the full
mount was expended in 2010.
Unce~almies about the Fut~e: On Febmm'3, 9,20!0 the No.~& Fork Animal We!f~e Lea,m_,e, Inc.
(NFAWL) received a" Copy of a request for proposal to bid for the new contract'"'from the Southold
Town attorney. The Town of Southold had decided to put out to bid the contract but as of this report date
they have received no other bidders.
The NFAWL and the Town of Southold are in the process of negotiating a new contract with the specifics
not yet determinable. In the opinion of the director it is very likely that a new contract will be implemented
although it may be prolonged beyond the March 31, 2011 current contract expiration date.
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