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Home My WebLink About12/2011 (2)RECEIVED ^?~ - 2 2012 Southold Town C~ed~ NORTH FORK ANIMAL WELFARE LEAGUE F~ANCIAL STATEMENTS DECEMBER 3 !9 201 t IRWIN & ODELL, C?As LLC 6 Sterlington Commons Greenport, NY 11944 (631) 477-3011 (t531) 477-9533 (Fax) [NDElaENDENT AUDITORS~ REPORT March 15.2012 Board of Directors North Fork Animal Welfare League, Inc. PO Box 297 Southold, New York 1 I971 Dear Members of the Board: We have audited the accompanying statements of financial position of The North Fork An/real Welfare League~ Ir~c. as of December 31, 2011 and the related statements of activities and cash floxvs for the year then ended. These financia! statements are the responsibility of the NFAWL management. Our responsl, bility is to express an opinion on these financial statements based on our audit. We cond~cted my audit ;,n accordance with generally accepted auditing standards. Those standards require that we pIa~ and perfo~ the audit to obtain reasonable assurance about wl~ether the ~na,ncial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the fiuancial statements. An audit also includes assessing the accounting principles used and significant estimates made by mm~agement, 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 faifly, in all material respects, the financial position of the North Fork Animal Welfare League, Inc. as of December 31~ 2011, and the results of its operations and its cash flows for the year then ended in conformity ~vith generally accepted accounting principles. / NORTH FORK ANIMAL WELFARE LEAGUE. INC. TABLE ,OF CONTENTS December 31,2011 iNDEPENDENT AUDITORS~ REPORT ............................................................. t FINANCIAL STATEMENTS Statement of Financial Position ............................................................... 2 Statement of Activities ............................................................................. 3 Stateme~t of Cash Flows .......................................................................... 4 Statement o.~'Functional Expenses ......................................................... 5 Notes to Financial Statements ................................................................. 6 NORTH FORK ANIMAL WELFARE LEAGUE, INC. ASSETS STATEMENT OF FINANCIAL POSITION DECEMBER 21, 2011 CURRENTASSETS Cash - Demand deposits Investments - UBS Unrestricted Investments - UBS Restricted Prepaid insurance Security Deposit TOTAL CURRENT ASSETS $ 54,219 485,984 321,796 6,536 15,000 883,535 883,535 TOTAL ASSETS LIAB!!,FU ES AND NET ASSETS CURRENT LIABILITIES Accounts payable Taxes payable TOTAL CURRENT LIABILITIES $ 16,084 263 $ 16,347 $ 553,098 314,090 $ 86Z188 NET ASSETS Unrestricted - undesignated Restricted- temporary TOTAL NET ASSETS TOTAL LiABiLITIES AND NET ASSETS $ 883,535 2 See accompanying notes to financial statements NORTH FORK ANIMAL WELFARE LEAGUE, INC. SUPPORT AND REVENUE, STATEMENT OF ACTIVITIES DECEMBER 21, 2011 U~ restricted Restricted Total Donations/bequests $ 150,563 $ $ 150,563 Tovm contract income 20!,829 201,829 Interest income 13,582 I2,470 26,052 Dividend income 2,483 59 2,542 Net capital gains 7,674 7,294 14,968 Fund raising events 24,245 24,245 Sundry fees 3,234 3,234 TOTAL SUPPORT & REVENUE $ 403,610 $ 19,823 $ 423,433 EXPENDITURES Program services $ 329,458 $ $ 329,458 Management & General 74,153 7,706 81,859 TOTAL EXPEND!TURES $ 403,611 $ 7,706 $ 411,317 INCREASE (DECREASE) IN NET ASSETS $ (I) $ 12,1 !7 $ 12,1 t6 NET ASSETS - BEGtNNING OF YEAR $ 553,099 $ 301,973 $ 855,072 NET ASSETS - END OF YEAR $ 553,098 $ 314,090 $ 867,188 3 See accompanyin9 notes to financial statements NORTH FORK ANIMAL WELFARE LEAGUE, INC. STATEMENT OF CASH FLOWS DECEMBER 21,2011 CASH FLOWS FROM OPERATING ACTIVITIES Change in net assets $ 12,116 Adjustment to reconcile net income to net cash provided by operating activities: Decrease in time deposits I0,015 Increase in prepaid expenses (58) Increase in securuty deposits (10,000) !ncrease in accounts payable 9,663 Decrease in defez~red income Decrease taxes payable (i 33) NET ASSETS PROVIDED BY OPERATING ACTIVITIES $ 21,603 CASH FLOWS FROM FINANCING ACTIVITIES NET CASH FLOWS FROM FINANCING ACTIVITIES $ CASH FLOWS FROM INVESTING ACTIVITIES Increase in lnvesmaent Principal - Unrestricted Increase in Investment Principal - Restricted (19,823) NET CASH FLOWS FROM INVESTMENF ACTIVITIES $ (23,554) NET DECREASE IN CASH $ (1,95i) CAS,ti BALANCE - BEGINNING $ 56,!70 CASH BALANCE - ENDING $ 54,219 4 See accompanying notes to financial statements NORTH FORK ANIMAL WELFARE LEAGUE, INC STATEMENT OF FUNCTIONAL EXPENSES DECEMBER 21, 2011 Program Management Services &GenersI Total EXPENDITURES Personnel $ 161,838 $ 40,460 $ 202,298 Employee benefits 23,111 5,778 28,889 Payro![ taxes 13,386 3,345 16,731 Legal fees 26,141 26,141 Accounting/Bookkeeping fees 8,240 2,060 10,300 Supplies 49,956 49,956 Telephone 1,750 43'7 2,187 Postage & Shipping 1,260 315 1,575 Repairs & maintenance 1,840 1,840 Travel/Education 6,760 6,760 Veterinarian fees 30,252 30,252 Truck expense 3,969 3,969 Office expense 3,087 3,087 6,174 !nsurance 13,851 ~ 3,85 t Advertising 281 281 Bank charges/Credit Card Fees 57 ! 571 Garbage 2,346 2,346 Licenses/Pemfits 125 125 Architectural Services 5,892 5,892 Miscellaneous expenses $ 943 $ 236 $ 1,179 TOTAL EXPENDiTURES $ 329,458 $ 81,859 $ 411,317 % Admin. 20% 20% 20% 20% 20% 20% 50% 20% 5 See accompanying notes to financial statements NORTH FORK ANIMAL WELFARE LEAGU~ INC. NOTES TO FINANCIAL STATEMENT December 31,201 l NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Organization: North Fork Animal Welfare League, Inc., a non-profit organization, was incorporated July !9, 1963 and is exempt fi'om federal income tax under the provisions of Section 501(c) (3) of the Internal Revenue Code. and bas been designated as an organization which is not a private foundation. The missim,, of the League is to promote animal welfare by means of aeutering, human care and protection of stray and abandoned anima!s. Accountin_¢ 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 3 l, 201 l the FMV of the two brokerage accounts are as follows: Wells Fargo Unrestricted account $497,770.05 Wells Fargo - Restricted account $325,802.37 Contractual Ao~reement with Southold Town: On June 1,20l ! the League entered into a 4-year contractual agreement which will expire on May 3 I, 2015. The agreement calls for a 3% annual increase over the term of the cont,'act. 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 m les and regulations. The sum of money paid by the Town was in the amount of $16449. t 7/month for the first five months: $l 7083.33 for the last nine months ($201821. for the calendar year 2011). 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 we]fare 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 var>, fi'om the estimates that management uses. Cash and Cask Eq.uiva}ents: The League considers ali highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. Cash and cash equivalents for purposes ofthe 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 ~-estricted un~il the conditions are deemed as met. In 2006 the NFAWL received $264,196 of temporarily restricted funds fi-om the Estate of Patricia Toner Troxel. The will directs that the funds be used exclusively for co~.struction of an animal shelter solely owned by the League. At December 3 !. 201 l the Fund Balance was 31408%49 which was the book balance of $321,795,56. less expenditures of $7706.07 for professional fees in connection with drawing up blueprints for a new building, 6 See accompanying notes to financial statements