About ABIH - Audit Report - CY 96.htm

Clemon

Informations

• Publié par: Irkoi
• Nombre de lectures: 36
• Langue: English

Extrait

LEWIS M. ARONOW

CERTIFIED PUBLIC ACCOUNTANT

275 EAST STREET ROAD, P.O. BOX 215

FEASTERVILLE. PENNSYLVANIA 19053

INDEPENDENT AUDITOR'S REPORT

To The Board of Directors

American Board of Industrial Hygiene

Lansing, Michigan

I have audited the accompanying balance sheet of the American Board of

Industrial Hygiene as of December 31, 1996, and the related statements of

revenues, expenses, and changes in fund balance and cash flows for the year

then ended. These financial statements are the responsibility of the Board's

management. My responsibility is to express an opinion on these financial

Statements based on my audit.

I conducted my audit in accordance with generally accepted auditing standards.

Those standards require that 1 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. I

believe that my audit provides a reasonable basis for my opinion.

In my opinion, the financial statements referred to above present fairly, in all

material respects, the financial position of the American Board of Industrial

Hygiene as of December 31, 1996, and the results of its operations and its cash

flows for the year then ended, in conformity' with generally accepted accounting

principles.

Certified Public Accountant

February 24, 1997

AMERICAN BOARD OF INDUSTRIAL HYGIENE

BALANCE SHEET

DECEMBER 31, 1996

ASSETS

Cash

Merrill Lynch - WCMA Account

$367,060

Community First Bank - Savings Account

21,241

Merrill Lynch - Brokerage Account

9,726

Total Cash

$398,027

Marketable Securities (at cost)

527,828

(See

Note 2f

and

Accompanying Schedule

)

AAIH Expense Reimbursements Receivable

2,542

Accrued Interest Receivable

5,308

Prepaid Expenses and Deposit

7,841

Office and Computer Equipment

103,883

Less: Accumulated Depreciation

64.801

39,082

Trademark Costs, Net of Amortization

2,672

TOTAL ASSETS

$983,300

LIABILITIES AND FUND BALANCE

Liabilities

Deferred Membership Dues

$234,500

Accounts Payable

2,625

Accrued Expenses

7,617

Total Liabilities

$244,742

Fund Balance

738,558

TOTAL LIABILITIES AND FUND BALANCE

$983,300

STATEMENT OF REVENUES, EXPENSES. AND CHANGES IN FUND

BALANCE

YEAR ENDED DECEMBER 31, 1996

Revenues

Application Fees

$121,160

Examination Fees

152,880

Diplomate Dues and Roster Fees

428,660

Interest Income - NOW Accounts

2,803

WCMA Dividend Income

3,093

Investment Income

38,384

AAIH Contract

8,500

Seals, Videos, and Other Income

5,180

Total Revenues

$760,660

Expenses

Meetings - Board and Committee

$ 31,718

Regional Examination Administration

7,799

Examinations

28,381

Executive Director's Office

589,064

AAIH Per Capita Payment

86,280

Total Expenses

743,242

Excess of Revenues Over Expenses

17,418

Fund Balance - January 1, 1996

721,140

Fund Balance - December 31, 1996

$738,558

STATEMENT OF CASH FLOWS

YEAR ENDED DECEMBER 31, 1996

Operating Activities

Excess Of Revenues Over Expenses For The Year

$ 17,418

Add: Expenses Not Requiring The Use Of Cash:

Depreciation

15,106

Amortization

297

Subtotal

32,821

Decrease in Accrued Interest Receivable

9,227

Increase in AAIH Expense Reimbursements Receivable

( 487)

Decrease in Prepaid Expenses and Deposit

4,151

Increase in Deferred Membership Dues

20,780

Decrease in Accounts Payable

(2,814)

Increase in Accrued Expenses

1,555

Net Cash Provided By Operating Activities

$

65,233

Investing Activities

Purchases of Office and Computer Equipment

( 7,700)

Acquisition of Marketable Securities

(252,000)

Liquidation of Marketable Securities

361,790

Net Cash Used By Investing Activities

102,090

Increase in Cash

$167,323

Cash - January 1, 1996

$230,704

Cash - December 31 1996

398,027

Increase in Cash

$167,323

See

Accompanying Notes to the Financial Statements

.

NOTES TO THE FINANCIAL STATEMENTS

DECEMBER 31, 1996

Note 1 - Mission of Organization

The American Board of Industrial Hygiene was incorporated in Pennsylvania as a

not-for-profit corporation. Its mission is to improve the practice and educational

standards of the profession of industrial hygiene. Among its activities are the

conduct and administration of professional examinations, and granting those who

pass such examinations certification indicating their competence in various

aspects of industrial hygiene.

Note 2 - Summary of Significant Accounting Policies

a. Office and computer equipment is stated at cost. Depreciation on this

equipment is recorded using the straight-line method, based on an

estimated useful life of five years.

b. Trademark costs are being amortized using the straight-line method,

based on an estimated useful life of twenty years.

c. Membership dues for 1997 were billed in November 1996, and income on

this billing has been deferred until 1997. Collections of 1996 dues, and

those of all prior years plus applicable reinstatement fees) have been

reported as 1996 income.

d. Application and examination fees are reported as income in the year in

which collected. Application fees are non-refundable. Applicants need not

take examination in the year in which examination fees are paid, provided

that Board approval of such deferral is secured prior to the administration

of the current semi-annual examination.

e. A significant amount of the Board's functions are conducted by unpaid

officers and directors. The value of this contributed time is not reflected in

the accompanying financial statements, because it is not susceptible to

objective measurement or valuation.

f. Marketable securities consist of bank certificates of deposit. The Board

has purchased these certificates with the intent of holding them until

maturity (the latest maturity date is in May 2000). These securities are

traded and have been purchased on the secondary market. Based on

historical cost, Board securities are valued at $527,828 as of December

31, 1996. The market value of these securities at that date (excluding

accrued interest) was $525,682.

Note 3 - Federal Income Tax Status

The Board has been granted exemption from Federal Income Tax as a not-for-

profit organization under Internal Revenue Code Section 501(c)(6).

Note 4 - Leasing of Real Estate

The Board leases offices for the Executive Director and administrative staff at

6015 West St. Joseph Street, Lansing, Michigan. The term is five years and one

month, ending October 31, 2000. Monthly rentals during this term are as follows:

Years Ended 10/31/96 and 10/31/97 $1,910.25

Year Ended 10/31/98

1,981.00

Years Ended 10/31/99 and 10/31/00 2,051.75

Note 5 - AAIH Contract

a. The Board has an ongoing contract to provide administrative services for

the American Academy of Industrial Hygiene, a related organization

created by the Board. This contract has been renewed for an additional

one-year term ending December 31, 1997. The Board will be paid $9,000

for these services, and will be reimbursed for expenses incurred during its

performance.

b. Except as relating to the above contract, these financial statements do not

include any of the transactions of the American Academy of Industrial

Hygiene.

Note 6 - Leasing of Telephone Equipment

The Board is leasing telephone equipment from A.T.& T. Credit Corporation for

use in it's Lansing, Michigan administrative offices. The monthly rental is

$223.70, terminating in December 1998. The Board then has the option of

renewing the lease or purchasing the equipment at it's then fair market value.

The 1996 lease payments are included as part of the organization's Telephone

Expense.

Note 7 - Leasing of Postal Equipment

The Board is leasing postage equipment from Pitney Bowes Leasing Corporation

for use in it's Lansing, Michigan administrative offices. The quarterly rental is

$561.60, terminating in April 1997.

Note 8 - Simplified Employee Plan

The Board has a Simplified Employee Pension Plan covering all Board

employees. The quarterly Board contribution is based upon a percentage of each

employee's salary, and employees may also make voluntary contributions into

the Plan via payroll withholding.

SCHEDULE OF MARKETABLE SECURITIES

DECEMBER 31, 1996

$56,000 Certificate of Deposit, Tokai Bank, Los Angeles, CA, 5.90%, Due May 27, 1997

$ 55,895

$60,000 Certificate of Deposit, Colonial Bank, Montgomery, AL, 5.65%, Due October 16,

1997

60,000

$50,000 Certificate of Deposit, First Bank of South Dakota, Sioux Falls, SD, 6.93%, Due

November 27, 1997

49,933

$60,000 Certificate of Deposit, First Indiana Bank, Indianapolis, IN, 6.40%, Due May 4,

60,000

1998

$50,000 Certificate of Deposit, Firststar Bank, Milwaukee, WI, 5.70%, Due July 27, 1998

50,000

$60,000 Certificate of Deposit, Signet Bank, Richniond, VA, 6.15%, Due May 28, 1999

60,000

$50,000 Certificate of Deposit, Roslyn Savings Bank, Roslyn, NY, 5.90%, Due October

25, 1999

50,000

$50,000 Certificate of Deposit, Bankers Trust Company, New York, NY, 5.90%, Due

November 8, 1999

50,000

$32,000 Certificate of Deposit, Dime Savings Bank, Wallingford, CT, 5.90%, Due

November 8, 1999

32,000

$60,000 Certificate of Deposit, Bankers Trust Company, New York, NY, 6.25%, Due May

22, 2000

60,000

Total Marketable Securities

$527,828

EXECUTIVE DIRECTOR'S OFFICE EXPENSES

YEAR ENDED DECEMBER 31, 1996

Payroll

$277,222

Payroll Taxes

21,373

Staff Travel

16,014

Telephone

9,496

Bank Charges

2,914

Credit Card Fees

2,467

Office Supplies

14,275

Insurance

4,192

Postage

29,226

Printing

48,439

Repairs and Maintenance

1,619

Rent

22,923

Hospitalization and Employee Benefits

17,001

Payroll Service

1,053

Pension and Pension Fees

16,912

Unification Task Force

23,609

Videos and Seals

34,197

Examination Development

4,909

Joint Council Dues

600

Accounting

10,300

Legal

2,975

Miscellaneous Board Travel

11,945

Depreciation

15,106

Amortization

297

Total

$589,064

See

Accompanying Notes to the Financial Statements

.

Copyright American Board of Industrial Hygiene, 1996 - 2000, all rights reserved.