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Home My WebLink About1975 FIFD R. A. DOHERTY, C.P.A. (203) 443-2033 R. M. DONOVAN, P.A. R. H. KOZEK G. W. ROOT DOHERTY AND COMPANY PROFESSIONAL CORPORATION CERTJFIEO PUBLIC ACCOUNTANTS I87 WILLIAMS STREET NEW LONDON, CONNECTICUT 06320 April S, 1976 The Board of Commissioners Fishers Island Ferry District Fishers Island, New York Gentlemen: We have examined the Balance Sheet of Fishers Island Ferry District as of December 31, 1975 and the related statements of Income, Proprietory Capital and Changes in Financial Position for the year ended December 31, 1975. Our examination was made in accordance with generally accepted auditing standards, and accordingly included such tests of accounting records and such other auditing procedures as we considered necessary' in the circumstances. In our opinion, the aforementioned financial statements present fairly the financial position of the Fishers Island Ferry District at December 31, 1975 and the results of its operations and the changes in its financial position for the year then ended in conformity with generally accepted accounting principles applied on a basis consistent with that of the preceding year. Yours truly, 71 (w�L,61 TY AND COMPANY, P.C. � Robert A. Doherty, C. RAD/mw . Enclosures 411 FISHERS ISLAND FERRY DISTRICT FIXiANC STATEMENTS Exhibit A - Balance Sheet at December 315, 1975 Exhibit B - Income Statement for the year ended December 31, 1975 Exhibit C - Statement of Proprietory Capital and Retained Income and Additions thereto for the year ended December 31, 1975 Exhibit D - Statement of Changes in Financial Position for the year ended December 31, 1975 Schedule 1 - Statement of Investment in Affiliated Companies at December 31, 1975 Schedule 2 - Statement of Property and Equipment at December 31, 1975 Schedule 3 - Statement of Water Line Operating Revenues for the year ended December 31, 1975 Schedule 4 Statement of Water Line Operating Expenses for the year ended December 31, 1975 Schedule 5 - Statement of Noncarrier Operations for the year ended December 31, 1975 DOHERTY AND COMPANY, P.C. t ...-.. ..,..«._,k.___. ..._ .,_ .. ,. ._, ....:...,. - _.. ... ....... _._ ........ .... _ ... .... ..... .............. ..._..,.... ... »....e ........,.,...w..n.».w.yeu..w.css.....ww-'aWrdr.�.�._ EXHIBIT A FISHERS ISLAND FERRY DISTRICT BALANCE SHEET ,AT DECEMBER. 31. 1975 ASSETS CURRENT ASSETS Cash - Valley National Bank $ 38,202 - Hartford National Bank, 2,030 Imprest Funds 1,225 Special Cash Deposits 2,447 Accrued Interest 156 Certificate of Deposit 75,000 Accounts Receivable 1,642 Total Current Assets $120,702 INVESTMENTS (Schedule 1) Investments in Affiliated Companies 38,2.11 PROPERTY AND EQUTPNENT (Schedule 2) Total at Cost $760,748 Less: Depreciation Reserve (Note 1) 305,631 Total Property and Equipment 455,117 TOTAL ASSESS $614,030 LIABILITIES AND CAPITA,I CURRENT LIABI-LITIES Accounts Payable $ 19,830 Traffic and Car Service Balance 1,073 Accrued Interest 499 Accrued Taxes 1.083 Total Current Liabilities $ 22,485 EQUIPNENT OBLIGATIONS DUE IN ONE YEAR (Note 2) 19,000 CAPITAL Proprietory Capital $958,774 Retained Income - Unappropriated (386,229) Total Capital 572,545 . TOTAL LIABILITIES AND CAPITAL $614,030 DOHERTY AND COMPANY, P.C. EXHIBIT B FISHERS ISLAND FERRY DISTRICT INCOME STATEMENT FOR THE YF�AR ENDED DECEMBER 31, 1975 Water Line 02erating Revenue: Operating Income (Schedule 3) $314,813 Operating Expenses (Schedule 4) 357..064 Net $evenue from Water Line Operations $(42,251) Other Income• Interest Income 2,440 Total- Income before Fixed Charp-es $(39,811) Fixed Charges Interest on Funded Debt 1831) STET INCOME OR (LOSS) $(40,642) DOHERTY AND COMPANY, P.C. EXHIBIT G FISHERS ISLAND FERRY DISTRICT STATEMENT OF PROPRIETORY CAPITAL AND RETAINED INCOME AND ADDITIONS THERETO FOR THE, YEAR ENDED DECEMBER 31, 1975 Progrietory Capital - January 1, 1975 $958.774 Additions (Reductions) -0- Progrietory Capital - December 31, 1975 $958,774 Retained Income - Unappropriated - January 1, 1975 $(422,492) Additions: Town of Southhold - Property Taxes 76,747 Prior Years Freight Revenue Adjustment 158 $(345,587) Deductions: Operating Loss (40.642 Retained TnSoma - Unapporpriated - December 31,1975 (386,229) TOTAL =IT_AL. - DECEMBER 31. 1975 $ 572,545 DOHERTY AND COMPANY, P.C. EXHIBIT it FISHERS ISLAND FERRY DISTRICT STATEMENT OF CHANGES IN FINANCIAL POSITION FOR M YEAR ENDED DECEMBER 31 1975 CHANGES IN WORKING- CAPITAL 97�f- Increase (Decrease) in Current Assets: Cash - Valley National Bank $ 38,202-' $ 18,433✓ $ 19,769 Hartford National Bank 2,030 405 1,625 Imprest Funds 1,225 13-225 -0- Special Cash Deposits 2,447 5,837 (3,390) Accounts Receivable 1;642 -0- 1,642 Accrued Interest 156 168 (12) Certificate of Deposit 0 0✓ 5_5.000 v 20,000 Total Increase (Decrease) $120,702 $ 81,068 $ 39,634 (Increase) Decrease in Current & Accrued Liabilities: Accounts Payable $ 19,830 $ 17,587 $ (2,243) Traffic and Car Service 1,073 (225) (1,298) Accrued Interest 499 998 499 Accrued Taxes 1.083 1.028 (55) Total Increase (Decrease) $ 22,485 $ 19,388 $ (3,097) NET INCREASE (DECREASE) IN WORKING CAPITAL $ 981,217 $ 61,680 $ 36,537 Funds Provided: Additions to Proprietory Capital $ 76,747 Net Income (Loss) from Operations (40,642) Charges against Earnings not requiring Funds: Depreciation 23,374 Prior Years Freight Revenue Adjustment X158 Total Funds Provided $ 59,637 Funds 2l1ed: Payments on Long Term Debt $ .19,000 Additions to Investment in Affiliated Companies 1,883 Fixed Assets Acquired 2,217 Increase in Working Capital 36.537 Total Funds Apvlied $ 59,637 DOHERTY AND COMPANY, P.C. SCHEDIME I FISHERS ISLAND FERRY DISTRICT STATEMENT OF INVESTMENT IN AFFILIATED COMPANIES AT DECEMBER 31, 1975 Elizabeth Airfield and Theatre: Cash on Hand $ -0- Property and Equipment Theatre $ 6,927 Less: Depreciation Reserve 6,176 751 Airfield $ 29,801 Less: Depreciation Reserve 23.414 6,387 Total Pro2erty and Equipment $ 7,138 Add: Deficit at 12/31/75 (Per Schedule 5) 31.073 TOTAL INVESTMENT IN AFFIL.7_A_TE12 CMTMIES $ 38P211 DOHERTY AND COMPANY, P.C. SCHEDULE 2 FISEERS ISLAND FERRY DISTRICT ST&MIENT OF PROPERTY AND EQUIP;iENT AT DECEMBER 31. 1975 Accumulated Net Book Cost Depreciation Value Line Equi mg, ent: Mystic Isle $235,007 $139,371 $ 95,636 Olinda 1663,064 45,390 120,674 Buildines 279,269 882,407 190,862 Office and Terminal E,gui Rment 303P 850 24,622 6,228 Imnrovements__on Leased Property 7,841 7,841 -0- Land 41..717 .�_ 41,717 Totals $760,748 $305,631 $455,117 DOHERTY AND COMPANY, P.C. SCHEDULE 3 FISHERS ISLAND FERRY DISTRICT STATEMENT OF WATER LINE OPERATING REVENUE FOR THF YEAR ENDED DECEMBER 37„ 197 Operating Revenue: Line Service: Mail $ 10,261 Miscellaneous Voyage Revenue 1,945 Total Operatina Revenue - Line Service $ 12 206 Other Operating Revenue: Ferry Service 297,482 Rent Revenue: Revenue from Charters $ 5,025 Other Rental Revenue 100 Total Rent Revenue 5.125 TOTAL WATER LINE OPERATING REMENUE $314,813 DOHERTY AND COMPANY, P.C. SCHUZZ 4 FISHERS ISLAND FERRY DISTRICT STATEMENT OF T,'ATER LINE OPERATD G EY2ENSES FOR THE Y�4R_ ENDED DECEMBER 31. 1975 Maintenance Expense: Repairs to Floating Equipment $ 24,897 Repairs to Buildings and Other Structure 3,255 Repairs to Office and Terminal Equipment 778 Other Maintenance 590 Total Maintenance Expense $ 29,520 Depreciation 23074 Transportation E tenses: Wages of Crew $196,923 Fuel 26,135 Stores, Supplies and Equipment 1,233 Other Vessel Expenses 5,368 Light, Heat, Power and Water 1,109 Stationery and Printing 776 Local Transfers 2,400 Other Terminal Expenses 995 Advertising 424 Other Traffic Expenses -0- Total Transportation Expenses 235,363 General Exvenses: General Officers and Clerks $ 21,113 Office Supplies and Expenses 31322 Law Expenses 600 Pensions and Relief 4,170 Stationery and Printing 118 Other General Expenses 2,940 Total General Expenses 32 263 Casualties and Insurance: Hull, Liability, Damage and Cargo Insurance 32,225 QRerating Taxes•. Payroll Taxes $ 1,789 Water Line Tax Accruals 2.530 - Total Operating Taxes 4,319 TOTAL WATER LINE OPERATING EKPF-NSES $357,064 DOHERTY AND COMPANY, P.C_ SCHEDULE 5 .FISHERS ISLAND FERRY DISTRICT STATEMENT OF NON-CARRIER OPERATIONS FOR THE YEAR ENDED DECQ-1BER 31. 1975 Income from Non-Carrier Overations: Theatre $ 10,750 Airfield 3.390 Tota_j Income $ 14,140 menses of Non-Carrier QRerations: Theatre: Film $ 5,510 Payroll 1,945 Utilities 371 Repairs and Maintenance 523 Miscellaneous 322 Depreciation 359 Total Theatre EZ2enses $ 9.03Q Airfield Utilities $ 5 Insurance 1 525 Repairs 6,484 Miscellaneous 338 Depreciation 1.209 Total Airfield Expenses $__&,5 61 Total EX2gnses 17,591. Net Income ,(Loss) $ (3,451) Deficit - January I, 1975 (27,622) DEFICIT (Carried forward to Schedule 1) $(31,073) DOHERTY AND COMPANY, P.C. FISIERS ISLAND FERRY DISTRICT NOBS TO FINANCIAL E 1) Depreciation of Property and Equipment is charged to income over their estimated useful lives by using the straight-line method. Depreciation for the year ended December 31, 1975 is $23,374. 2) Statutory 3.5% Installment Bonds issued March 31, 1971, mature March 1, 1976. DOHERTY AND COMPANY, P.C.