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LEWIS M. ARONOW CERTIFIED PUBLIC ACCOUNTANT 275 EAST STREET ROAD, P.O. BOX 215 FEASTERVILLE. PENNSYLVANIA 19053 MEMBER: PENNSYLVANIA Phone: [phone] * Fax: 215-INSTITUTE OF CPAS 953-8235 NEW JERSEY SOCIETY OF www.focusonfinance.com CPAS Email: AMERICAN INSTITUTE OF CPAS [e-mail] INDEPENDENT AUDITOR'S REPORT To The Board of Directors American Board of Industrial Hygiene Lansing, Michigan I have audited the accompanying statement of financial position of the American Board of Industrial Hygiene as of December 31, 2001 and the related statements of activities and changes in net assets 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 did not audit the financial statements of the Council on Certification of Health, Environmental and Safety Technologists (CCHEST) as of and for the year ended December 31, 2001. This was audited by other auditors, whose report has been furnished to me, and my opinion, insofar as it relates to amounts included for CCHEST, is based solely on the report of the other auditors. I conducted my audit in accordance with generally accepted auditing standards. Those standards require that I plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes ...

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• Publié par: Vouv
• Nombre de lectures: 13
• Langue: English

Extrait

LEWIS M. ARONOW

CERTIFIED PUBLIC ACCOUNTANT

275 EAST STREET ROAD, P.O. BOX 215

FEASTERVILLE. PENNSYLVANIA 19053

MEMBER: PENNSYLVANIA

INSTITUTE OF CPAS

NEW JERSEY SOCIETY OF

CPAS

AMERICAN INSTITUTE OF CPAS

Phone: [phone] * Fax: 215-

953-8235

www.focusonfinance.com

Email:

[e-mail]

INDEPENDENT AUDITOR'S REPORT

To The Board of Directors

American Board of Industrial Hygiene

Lansing, Michigan

I have audited the accompanying statement of financial position of the American

Board of Industrial Hygiene as of December 31, 2001 and the related statements

of activities and changes in net assets 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 did not audit the financial statements of the Council on Certification of

Health, Environmental and Safety Technologists (CCHEST) as of and for the

year ended December 31, 2001. This was audited by other auditors, whose

report has been furnished to me, and my opinion, insofar as it relates to amounts

included for CCHEST, is based solely on the report of the other auditors.

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

Those standards require that I 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, 2001, and the results of its activities, changes in net

assets, and cash flows for the year then ended in conformity with generally

accepted accounting principles.

Certified Public Accountant

March 5, 2002

LEWIS M. ARONOW

CERTIFIED PUBLIC ACCOUNTANT

AMERICAN BOARD OF INDUSTRIAL HYGIENE

STATEMENT OF FINANCIAL POSITION

YEAR ENDED DECEMBER 31, 2001

ASSETS

Cash

Merrill Lynch - WCMA Account

$364,486

Fifth Third Bank - Savings Account

23,285

Total Cash

$387,771

Marketable Securities

575,120

Accrued Interest Receivable

3,478

Prepaid Expenses and Deposit

11,890

Office and Computer Equipment

129,113

Less: Accumulated Depreciation

67,329

61,784

Trademark Costs, Net of Amortization

17,237

Investment - CCHEST Joint Venture

53,544

TOTAL ASSETS

$1,110,824

LIABILITIES AND NET ASSETS

Liabilities

Deferred Membership Dues

$342,930

Accounts Payable

3,451

Accrued Expenses

2,171

Total Liabilities

$348,552

Unrestricted Net Assets

762,272

TOTAL LIABILITIES AND NET ASSETS

$1,110,824

See

Accompanying Notes to the Financial Statements

.

LEWIS M. ARONOW

CERTIFIED PUBLIC ACCOUNTANT

AMERICAN BOARD OF INDUSTRIAL HYGIENE

STATEMENT OF ACTIVITIES AND CHANGES IN NET ASSETS

YEAR ENDED DECEMBER 31, 2001

Revenues

Application Fees

$ 57,438

Examination Fees

89,080

Dues

499,957

Net Investment Income

29,257

CM Worksheet Late Fees

7,280

Seals, Videos, and Other Income

10,255

Total Revenues

$693,267

Expenses

Meetings - Board and Committee

$ 54,909

Regional Examination Administration

8,154

Examinations

33,892

Executive Director's Office

585,339

CESB Accreditation

4,500

Loss On Disposition Of Investments

34,055

Net Unrealized Loss on Investments

53,927

Total Expenses

774,776

Equity in Net Income of CCHEST Joint Venture

21,255

Decrease in Unrestricted Net Assets

( 60,254)

Unrestricted Net Assets - January 1, 2001

790,237

Add: - Investment in CCHEST Joint Venture (Prior Period)

32,289

Unrestricted Net Assets - December 31, 2001

$762,272

See

Accompanying Notes to the Financial Statements

.

LEWIS M. ARONOW

CERTIFIED PUBLIC ACCOUNTANT

AMERICAN BOARD OF INDUSTRIAL HYGIENE

STATEMENT OF CASH FLOWS

YEAR ENDED DECEMBER 31, 2001

Operating Activities

Decrease in Net Assets

$( 60,254)

Add: Adjustments to reconcile changes in net assets

to record cash provided by operating activities;

Depreciation

17,483

Amortization

651

Changes in:

Unrealized Loss on Investments

53,927

Accrued Interest Receivable

(

1,196)

Prepaid Expenses and Deposit

(

1,945)

Investment in CCHEST Joint Venture

( 21,255)

Deferred Membership Dues

(

2,665)

Accounts Payable

(

2,052)

Accrued Expenses

740

Net Cash Used By Operating Activities

$( 16,566)

Investing Activities

Purchases of Office and Computer Equipment

( 18,404)

Trademark Costs Incurred

(

7,110)

Acquisition of Investments

(321,138)

Liquidation of Investments

538,413

Net Cash Provided by Investing Activities

191,761

Increase in Cash

$ 175,195

Cash - January 1, 2001

$212,576

Cash - December 31 2001

387,771

Increase in Cash

$

175,195

See

Accompanying Notes to the Financial Statements

.

LEWIS M. ARONOW

CERTIFIED PUBLIC ACCOUNTANT

AMERICAN BOARD OF INDUSTRIAL HYGIENE

NOTES TO THE FINANCIAL STATEMENTS

DECEMBER 31, 2001

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 are carried at cost less accumulated

depreciation. 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 2002 were billed in October 2001, and income on

this billing has been deferred until 2002. Collections of 2001 dues, and

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

reported as 2001 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 portion of the Board's functions is conducted by unpaid

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

the accompanying financial statements since the volunteers' time does not

meet the criteria necessary for recognition.

f. Investments are listed at fair market value, as valued by Merrill Lynch &

Company. Based on historical cost, Board investments are valued at

$719,091 at December 31, 2001.

g. Financial statement presentation follows the recommendations of the

Financial Accounting Standards Board in its Statement of Financial

Accounting Standards No. 117, Financial Statements of Not-for-Profit

Organizations.

h. The preparation of financial statements in conformity with generally

accepted accounting principles requires management to make estimates

and assumptions that affect certain reported amounts. Accordingly, actual

results could differ from those estimates.

i.

For purposes of the statement of cash flows, the organization considers all

short-term debt securities purchased with a maturity of three months or

less to be cash equivalents.

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 Highway, Lansing, Michigan. The current five-year lease

ends October 31, 2005, and the remaining monthly rental is as follows:

Year Ended October 31, 2002

- $2,122.50

Year Ended October 31, 2003

- $2,193.25

Years Ended October 31, 2004 and 2005 - $2,264.00

Note 5 - Related Organization

Since 1985 the Board has had a 50% interest in the Council on Certification of

Health, Environmental and Safety Technologists (CCHEST). The Board of

Certified Safety Professionals (BCSP) has the other 50% interest in this joint

venture. Its purpose is to provide certification of occupational safety and health

technologists. This statement includes the Board's interest in CCHEST for the

first time, reflecting its $32,269 in unrestricted net assets at December 31, 2000

and its $21,255 increase in unrestricted net assets for the year ended

December 31, 2001.

Note 6 - Leasing of Equipment- Administrative Offices

a. The Board is leasing postage equipment from Pitney Bowes Leasing

Corporation. The quarterly rental is $642.36.

b. The Board is leasing a Canon copier from IOS Capital, Inc. The monthly

rental is $391.14, and the lease terminates February 21, 2006.

Note 7 - 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.

Note 8 - Testing Services Contract

The Board has contracted with Castle Worldwide, Inc. to provide examination

development, preparation, printing, scoring, and analytical services for the Board.

This contract expires December 31, 2002.

LEWIS M. ARONOW

CERTIFIED PUBLIC ACCOUNTANT

INDEPENDENT AUDITOR'S REPORT

ON ADDITIONAL INFORMATION

To the Board of Directors

American Board of Industrial Hygiene

My report on my audit of the basic financial statements of the American Board of

Industrial Hygiene is attached. I conducted my audit in accordance with generally

accepted auditing standards for the purpose of forming an opinion on the basic

financial statements taken as a whole. The schedule of investments and

statement of executive director's office expenses are presented for purposes of

additional analysis and are not required parts of the basic financial statements.

Such information has been subjected to the auditing procedures applied in the

audit of the basic financial statements and, in my opinion, is fairly stated in all

material respects in relation to the basic financial statements taken as a whole.

Certified Public Accountant

March 5, 2002

LEWIS M. ARONOW

CERTIFIED PUBLIC ACCOUNTANT

AMERICAN BOARD OF INDUSTRIAL HYGIENE

SCHEDULE OF MARKETABLE SECURITIES

DECEMBER 31, 2001

$75,000 Certificate of Deposit, BSB Bank & Trust Co., Binghamton, NY, 5.05%, Due

February 28, 2002

75,184

$50,000 Certificate of Deposit, Provident Bank of Maryland, Baltimore, MD, 5.67%, Due

May 22, 2002

50,460

$50,000 Certificate of Deposit, R G Premiere Bank, Hato Rey, PR, 2.80$, Due July 23,

2002

50,000

1,560.9260 Alliance Bernstein Disciplined Value Fund B

20,135

2,461.6090 Alliance New Europe Fund Class B

16,590

30,761 Biotechnology 2000 Series A Defined Asset Fund

22,421

4,777.5710 Blackrock Large Cap Value Equity Fund Class B

61,057

23,926.0972 DAF S & P 500 Trust 2 Fund

49,918

1,493.6520 Davis NY Venture Fund B

36,578

526.5100 Franklin Small-Mid Cap Growth Fund Class C

16,021

2,082.8440 Goldman Sachs Internet Tollkeeper Fund Class B

16,183

2,963.4400 Massachusetts Investors Growth Stock Fund Class B

35,679

2,816.6600 Mercury U.S. Small Cap Growth Fund Class B

29,405

2,374.2540 ML Fundamental Growth Fund Class B

39,863

1,395.1910 Putnam Investors Fund Class B

15,081

482.2150 Putnam Health Sciences Trust Class B

28,343

370.1210 Putnam International New Opportunities Fund Class B

3,194

26,875.7749 Telegloba1 2000 Series A Defined Asset Fund

9,008

Total Investments

$575,120

See

Accompanying Notes to the Financial Statements

.

LEWIS M. ARONOW

CERTIFIED PUBLIC ACCOUNTANT

AMERICAN BOARD OF INDUSTRIAL HYGIENE

EXECUTIVE DIRECTOR'S OFFICE EXPENSES

YEAR ENDED DECEMBER 31, 2001

Payroll

$322,743

Payroll Taxes

23,790

Staff Travel

15,626

Telephone

7,039

Bank Charges and Credit Card Fees

6,825

Office Supplies

15,894

Insurance

5,163

Postage

27,785

Printing

47,816

Repairs and Maintenance

2,198

Rent

25,470

Hospitalization and Employee Benefits

22,665

Payroll Service

864

Pension and Pension Fees

19,290

Videos and Seals

5,402

Examination Development

3,056

Joint Council Dues

600

Accounting

10,650

Legal (Excluding Trademark Costs)

4,329

Depreciation

17,483

Amortization

651

Total

$585,339

See

Accompanying Notes to the Financial Statements

.

This financial report was posted on June 7, 2002 following review and approval

by the Board.