The URL can be used to link to this page

Home My WebLink About2014 L FERRETTI & ODELL, CPAs LLC NOV 5 2014 6 Sterrlington Commons Greenport, NY 11944 (631) 477-3011 _S�u �o" vr� plc (631) 477-9533 (Fax) INDEPENDENT ACCOUNTANT'S COMPILATION REPORT North Fork Animal welfare League inc. Southold, NY 11971 We have compiled the accompanying statements of financial position of the North Fork Animal. Welfare League Inc. (a not-for-profit organization) as of September 30, 2014 and 2013 and the related statements of activities and functional expenses for the nine months then ended. We have not audited or reviewed the accompanying financial statements and accordingly, do not express an opinion or provide any assurance about whether the financial statements are in accordance with accounting principles generally accepted in the United States of America. Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America and for designing, implementing, and maintaining internal control relevant to the preparation and fair presentation of the financial statements. Our responsibility is to conduct the compilation in accordance with Statements on Standards for Accounting and Review Services issued by the American institute of Certified Public Accountants. The objective of a compilation is to assist management in presenting financial information in the form of financial statements without undertaking to obtain or provide any assurance that there are no material modifications that should be made to the financial statements. Management has elected to omit substantially all of the disclosures and the statement of cash flows required by accounting principles generally accepted in the United States of America. If the omitted disclosures and the statement of cash flows were included in the financial statements, they might influence the user's conclusions about the Organization's financial position, results of ope-rations, and cash flows. Accordingly, the financial statements are not designed for those who are not informed about such matters. Respectfully submitted, BRYPLY FERRETTI, CPA October 29, 2014 NORTH FORK ANIMAL WELFARE LEAGUE INC. (A NOT-FOR-PROFIT ORGANIZATION) STATEMENT OF FINANCIAL POSITION AS OF SEPTEMBER 30, 2014 AND 2013 ASSETS 9/30/2014 9/30/2013 ASSETS: CASH AND CASH EQUIVALENTS $ 142, 894 $ 134, 982 PREPAID INSURANCE 4,236 5,094 LONGTERM INVESTMENTS 1,545,631 1, 528, 401 SECURITY DEPOSITS 15, 000 15,000 TOTAL ASSETS $ 1, 707,761 $ 1, 683, 477 LIABILITIES AND NET ASSETS 9/30/2014 9/30/2013 LIABILITIES: ACCOUNTS PAYABLE $ 22, 139 13, 161 ACCRUED EXPENSES AND TAXES PAYABLE 11016 - TOTAL LIABILITIES 23, 155 13, 161 NET ASSETS: UNRESTRICTED 1,405, 844 1,376, 319 TEMPORARILY RESTRICTED 278,762 293, 997 TOTAL NET ASSETS 1, 684, 606 1, 670, 316 TOTAL LIABILITIES AND NET ASSETS $ 1, 707, 761 $ 1, 683, 477 SEE INDEPENDENT ACCOUNTANT'S COMPILATION REPORT AND NOTES TO THE FINANCIAL STATEMENTS. NORTH FORK ANIMAL WELFARE LEAGUE INC. (A NOT-FOR-PROFIT ORGANIZATION) STATEMENT OF ACTIVITIES FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2014 AND 2013 9 2014 9/30/2013 CHANGES IN UNRESTRICTED NET ASSETS: REVENUES AND GAINS: CONTRIBUTIONS $ 201,806 $ 140,265 GOVERNMENT GRANTS 21500 15,060 SERVICE FEES/CONTRACT INCOME 351,371 290,636 INCOME ON LONG-TERM INVESTMENTS 24,508 16,552 NET REALIZED AND UNREALIZED GAINS ON LONG-TERM INVESTMENTS 12,118 16,890 OTHER 4,304 670 TOTAL UNRESTRICTED REVENUES AND GAINS 596,607 480,073 NET ASSETS RELEASED FROM RESTRICTIONS: SATISFACTION OF RESTRICTIONS 15,032 40 TOTAL NET ASSETS RELEASED FROM RESTRICTIONS 15,032 40 TOTAL UNRESTRICTED REVENUES, GAINS AND OTHER SUPPORT 611,639 480,113 EXPENSES AND LOSSES: PROGRAM SERVICES 491,604 440,189 MANAGEMENT AND GENERAL 89,896 62,391 FUNDRAISING 27,189 10,554 TOTAL EXPENSES AND LOSSES 608,689 513,134 INCREASE IN UNRESTRICTED NET ASSETS 2,950 (33,021) CHANGES IN TEMPORARILY RESTRICTED NET ASSETS: INCOME ON LONG-TERM INVESTMENTS 1,957 2,258 NET REALIZED AND UNREALIZED LOSS ON LONG-TERM INVESTMENTS (1,559) (1,618) NET ASSETS RELEASED FROM RESTRICTION (15,032) (40) DECREASE IN TEMPORARILY RESTRICTED NET ASSETS (14,634) 600 DECREASE IN NET ASSETS (11,684) (32,421) NET ASSETS AT BEGINNING OF THE YEAR 1,696,290 1,702,737 NET ASSETS AT END OF YEAR $ 1,684,606 S 1,670,316 SEE INDEPENDENT ACCOUNTANT'S COMPILATION REPORT AND NOTES TO THE FINANCIAL STATEMENTS. � xrHHQ �: Hct� co � oc � zzroz� � r� � � H k + {ri w z ro n Cv r H W �] t71 z to w M O 2 H *C t" 0 z 3< 0r1-3 m w m 0 azr>7rxca0 171zm1-1 ,9 O M M H H H z H ro )�l ? OWH ;0 > H N m- m o w > y t" C H z % W W x m Q m *3 0 n > r > to r H t� H L' H a Cn M x ° X [TS L H X 'z r tl> z r CTS ` > -II CR z h1 'FJ v, ):1 -a H (/] co z Ui z > x ri7 C+S H ?C H L7 :v T+9 O C� O C xl H �7 C J G7 Z Cx z 3 ro z C G? O C - b ^✓ X0 O d z ly UI L7 H CxJ Q CZ C7 O b >C z rocs a OO m zz � cn zrrzc� c� m ITS CA d a C (7 D a to H H t I tI1 c � ro > IM r-I ca z � r i�x1 w zG CSF W [tel Z H Z ai z K r C � z Cxj ;"f�. CTS H n H > rn z r 3 t-7 "s CQ-7 t7 > z to H -3 r z z a ° PTJm m r7 0 zz CD � d LM z IM H l7 x ° o z x L71 2� o H 3 O ° Z tgaor z z 0 n H y t 3 C7 H Q h7 o ro H H r o rro xzorc� � z H N C ° 0 c r mo DGI Ol i I I-+ O I N (n Co .n .n I 1 W I 00 I (.n p t N Cn -o O O W O cy� O (P X, 00 of m m (.n O W .A w �3 r} (fn ON O (o w O (.n O N Ol O 7- (p OD 1-1 � H z � t" co CO Cn .] (3'i (p Ol tO I 3 �• �O N (O (n �o � ko to N O (11 w Cn (In .a O F--' lO 1-^` t-+ o I--' w F-+ I--' O > z O) .o .a co O W d> J dl (p H cr (O co N .P O --J O r z H -LO 7� I d H C to z F- CTl (Jn --J -J O Q N 00 CO OO N M O N W -J ON CO .P 61 (.n O lC l0 CO CO lO N Ja O Ut a� �L (.n W .G .t O O W OO 1^' Ol CP � H N Gn V. -7 (O , .a w m O O N W ON N 61 (Jn }-, J f- W t4 Ol J N (P (.n Ln h- w NORTH FORK ANIMAL WELFARE LEAGUE INC. (A NOT-FOR-PROFIT ORGANIZATION) NOTES TO THE FINANCIAL STATEMENTS FOR THE NI-NE MONTHS _ENDED SEPTEMBER 30, 20114 AND 2013 RISKS AND UNCERTAINTIES NFAWL owns investment accounts that hold various investment securities. Investment securities are exposed to various risks such as interest rate, market, and credit risks. Due to the level of risk associated with certain investment securities, it is at least reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could materially affect these investment account balances and the amounts reported in the statement of financial position. INVESTMENT VALUATION NFAWL' s investments are stated at fair value. Fair value is the price that would be received to sell an asset or transfer a liability in an orderly transaction between market participants at the measurement date in an active market. Shares of mutual funds and unit investment trusts are valued at quoted market prices, which represent the net asset value of shares held by NFAWL at the end of the quarter. NORTH FORK ANIMAL WELFARE LEAGUE INC. (A NOT-FOR-PROFIT ORGANIZATION) NOTES TO THE FINANCIAL STATEMENT'S FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2014 AND 2013 NOTE 1 - SUMMARY OF ORGANIZATION, TAX, AND ACCOUNTING POLICIES ORGANIZATION The North Fork Animal Welfare League, Inc. ("NFAWL") was established to promote animal welfare by means of neutering, humane care, and by protecting stray and abandoned animals. NFAWL was incorporated on ,7uly 19`h, 1963 in the state of New York. ACCOUNTING BASIS The financial statements have been prepared using the accrual method of accounting. In accordance with this method, revenue is recognized when earned and expenses are recognized when incurred. INCOME TAX STATUS NFAWL is exempt from income taxes under Section. 501 (c) (3) of the Internal Revenue Code. Accordingly, no income taxes are included in these financial statements. The Internal Revenue Service has classified NFAWL as an organization other than a private foundation. BASIS OF PRESENTATION Financial statement preparation follows the recommendation of the U.S. Accounting Principles relating to Financial Statements of Not-for- Profit Organizations. Under these regulations, NFAWL is required to report information regarding its financial position and activities according to three classes of net assets: unrestricted, temporarily restricted, and permanently restricted net assets. Temporarily restricted assets expended within the same fiscal year of their receipt are reflected as unrestricted net assets. Accordingly, net assets of NFAWL and changes therein are classified and reported as follows: Unrestricted net assets - Net assets that are not subject to donor-imposed stipulations. NORTH FORK ANIMAL WELFARE LEAGUE INC. (A NOT-FOR-PROFIT ORGANIZATION) NOTES TO THE FINANCIAL STATEMENTS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2014 AND 2013 BASIS OF PRESENTATION (Continued) Temporarily restricted net assets - Net assets subject to donor- imposed stipulations that may or will be met, either by action of NFAWL and/or the passage of time. When a restriction expires, temporarily restricted assets are reclassified to unrestricted net assets and reported in the statements of activities as net assets released from restrictions. Permanently restricted net assets - Net assets subject to donor- imposed stipulations that they be maintained in perpetuity by NFAWL_ Generally, the donors of these assets would permit NFAWL to use all or part of the income earned on any related investments for general or specific purposes. As of September 30, 2014, the Organization had no permanently restricted net assets. CASH AND CASH EQUIVALENTS For financial statement purposes, NFAWL considers all monies invested in money market accounts to be cash equivalents. FUNCTIONAL EXPENSES Functional expenses for shared costs have been allocated between program services and support services (general and administrative expenses) based on an analysis of personnel time, space utilized, and other equitable bases for the related activities. USE OF ESTIMATES The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could differ from those estimates.