The URL can be used to link to this page

Home My WebLink About12/2013 1 APR 3 0 20114 sw�,! Fo _i Town Clert NORTH FORK ANIMAL WELFARE LEAGUE INC FINANCIAL STATEMENTS DECEMBER 31, 2013 NORTH FORK ANIMAL WELFARE LEAGUE INC. TABLE OF CONTENTS December 31,2013 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 Sterlington Commons Greenport, NY 11944 (631) 477-3011 (631) 477-9533 (Fax) INDEPENDENT AUDITORS' REPORT April 25, 2014 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, 2013 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 financial position of the North Fork Animal Welfare League, Inc. as of December 31, 2013, and the results of its operations and its cash flows for the year then ended in conformity with generally accepted accounting principles. Joseph . Irwin, PA Irwin & Odell, CPAs LLC 1 NORTH FORK ANIMAL WELFARE LEAGUE, INC. STATEMENT OF FINANCIAL POSITION ASSETS DECEMBER 31, 2013 CURRENT ASSETS Cash-Demand deposits $ 68,467 Investments -Wells Fargo Unrestricted 1,313,301 Investments -Wells Fargo Restricted 304,114 Prepaid insurance 3,245 Security Deposit 15,000 TOTAL CURRENT ASSETS $1,704,127 TOTAL ASSETS $1,704,127 LIABILITIES AND NET ASSETS CURRENT LIABILITIES Accounts payable $ 7,537 Payroll Taxes payable $ 345 TOTAL CURRENT LIABILITIES $ 7,882 NET ASSETS Unrestricted-undesignated $1,373,620 Restricted- temporary 322,625 TOTAL NET ASSETS $1,696,245 TOTAL LIABILITIES AND NET ASSETS $1,704,127 2 See accompanying notes to financial statements NORTH FORK ANIMAL WELFARE LEAGUE, INC. STATEMENT OF ACTIVITIES DECEMBER 21, 2013 Unrestricted Restricted Total SUPPORT AND REVENUE Donations/bequests $ 169,361 $ - $ 169,361 Town contract income 400,791 - 400,791 Interest income 12,255 2,258 14,513 Dividend income 17,525 17,525 Net capital gains 30,723 (1,148) 29,575 Fund raising events 29,538 - 29,538 Sundry fees 4,182 - 4,182 TOTAL SUPPORT&REVENUE $ 664,375 $ 1,110 $ 665,485 EXPENDITURES Program services $ 582,146 $ - $ 582,146 Management&General 89,791 40 . 89,831 TOTAL EXPENDITURES $ 671,937 $ 40 $ 671,977 INCREASE(DECREASE)IN NET ASSETS $ (7,562) $ 1,070 $ (6,492) NET ASSETS-BEGINNING OF YEAR $ 1,381,182 $ 321,555 $ 1,702,737 NET ASSETS-END OF YEAR $ 1,373,620 $ 322,625 $ 1,696,245 3 See accompanying notes to financial statements NORTH FORK ANIMAL WELFARE LEAGUE, INC. STATEMENT OF CASH FLOWS DECEMBER 21, 2013 CASH FLOWS FROM OPERATING ACTIVITIES Change in net assets $ (6,492) Adjustment to reconcile net income to net cash provided by operating activities: Decrease in prepaid expenses 2,419 Decrease in accounts payable (5,129) Increase taxes payable 345 NET ASSETS PROVIDED BY OPERATING ACTIVITIES $ (8,857) CASH FLOWS FROM FINANCING ACTIVITIES NET CASH FLOWS FROM FINANCING ACTIVITIES $ - CASH FLOWS FROM INVESTING ACTIVITIES Increase in Investment Principal-Unrestricted $ (1,502) Decrease in Investment Principal-Restricted/Troxel 18,890 NET CASH FLOWS FROM INVESTMENT ACTIVITIES $ 17,388 NET INCREASE IN CASH $ 8,450 CASH BALANCE-BEGINNING $ 59,936 CASH BALANCE-ENDING $ 68,386 Note: Restricted/Troxel has a Checking account of $18511. included in ending Cash Balance 4 See accompanying notes to financial statements NORTH FORK ANIMAL WELFARE LEAGUE, INC. STATEMENT OF FUNCTIONAL EXPENSES DECEMBER 21, 2013 Program Management % Services &General Total Admin. EXPENDITURES Personnel $ 252,069 $ 63,017 $ 315,086 20% Employee benefits 34,638 8,660 43,298 20% Payroll taxes 20,006 5,001 25,007 20% Accounting/Bookkeeping fees 12,200 3,050 15,250 20% Supplies 66,604 - 66,604 - Telephone 4,527 1,132 5,659 20% Postage&Shipping 4,610 1,153 5,763 20% Repairs&maintenance 4,261 - 4,261 - Travel/Education 3,123 - 3,123 - Veterinarian fees 58,746 - 58,746 - Truck expense 9,040 - 9,040 - Office expense 3,744 3,745 7,489 50% Insurance 18,888 - 18,888 - Advertising/Promotion 27,289 - 27,289 - Bank charges/Credit Card Fees 623 - 623 - Garbage 2,432 - 2,432 - Licenses/Permits 389 - 389 - Feral Cat Program 8,163 8,163 Investment Expenses 8,513 8,513 Payroll Processing 461 461 Kennels 15,060 15,060 Fences 1,600 1,600 Ford Truck 17,975 17,975 Computers/Pheriphials 3,036 3,036 6,072 50% Miscellaneous expenses $ 4,149 $ 1,037 $ 5,186 20% TOTAL EXPENDITURES $ 582,146 $ 89,831 $ 671,977 5 See accompanying notes to financial statements NORTH FORK ANIMAL WELFARE LEAGUE INC. NOTES TO FINANCIAL STATEMENT December 31,2013 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 The organization uses the accrual method of accounting. The Financial Statements uses the Cost basis in reporting of its marketable securities. As of December 31,2013 the FMV of the two brokerage accounts are as follows: Wells Fargo—Unrestricted account $1,308,228.95 Wells Fargo-Restricted account $303,376.72 Contractual Agreement with Southold Town: On June 1,2011 the League entered into a 4-year contractual agreement which will expire on May 31,2015. The agreement calls for a 3%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 in 2013 was in the amount of$17595.83/month for the first five months: $18,123.66/month for the last seven months ($214,844.81 for the calendar year 2013). Contractual Agreement with Riverhead Town: On March 1,2013,the League entered into a 3-year contractual agreement which will expire on February 28,2016. The agreement calls for an annual increase limited to the lessor of 2%or the CPI of New York,Northern New Jersey, Long Island for the base period 1982-84=100 formula 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 Riverhead rules and regulations. The sum of money paid by the Town in 2013 was in the amount of$18,594.58/month for the ten months: ($185945.80 for the calendar year 2013). In addition,the League is to operate and maintain at its own expense the Town Animal Shelters in Peconic, NY and in Riverhead,NY;properly shelter, feed and water and otherwise care for all dogs in the shelters 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. 6 See accompanying notes to financial statements NORTH FORK ANIMAL WELFARE LEAGUE INC. NOTES TO FINANCIAL STATEMENT December 31,2013 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 -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$264,196.00 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. As of December,31,2013 the Fund Balance was$322,624.96. Only sundry professional and permit costs have been expended. 7 See accompanying notes to financial statements