About ABIH - Audit Report - CY 99.htm

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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 statement of financial position of the American

Board of Industrial Hygiene as of December 31, 1999, and the related statements

of activities, 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 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, 1999, 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

February 15, 2000

AMERICAN BOARD OF INDUSTRIAL HYGIENE

STATEMENT OF FINANCIAL POSITION

YEAR ENDED DECEMBER 31, 1999

ASSETS

Cash

Merrill Lynch - WCMA Account

$176,790

Old Kent Bank - Savings Account

1,999

Total Cash

$178,789

Investments

605,395

Accrued Interest Receivable

4,255

Prepaid Expenses and Deposit

12,167

Office and Computer Equipment

76,769

Less: Accumulated Depreciation

37,540

39,229

Trademark Costs, Net of Amortization

8,086

TOTAL ASSETS

$847,921

LIABILITIES AND NET ASSETS

Liabilities

Deferred Membership Dues

$183,150

Accounts Payable

9,095

Accrued Expenses

1,297

Total Liabilities

$193,542

Unrestricted Net Assets

654,379

TOTAL LIABILITIES AND NET ASSETS

$847,921

See

Accompanying Notes to the Financial Statements

.

AMERICAN BOARD OF INDUSTRIAL HYGIENE

STATEMENT OF ACTIVITIES AND CHANGES IN NET ASSETS

YEAR ENDED DECEMBER 31, 1999

Revenues

Application Fees

$ 77,300

Examination Fees

102,730

Diplomate Dues and Roster Fees

465,421

WCMA Dividend Income

5,963

Investment Income

40,434

Net Unrealized Gain on Investments

11,023

AAIH Contract

11,500

Seals, Videos, and Other Income

9,178

Total Revenues

$723,549

Expenses

Meetings - Board and Committee

$ 52,602

Regional Examination Administration

9,067

Examinations

20,589

Executive Director's Office

567,539

AAIH Per Capita Payment

91,155

CESB Accreditation

4,500

Total Expenses

745,452

Decrease in Net Assets

( 21,903)

Unrestricted Net Assets - January 1, 1999

676,282

Unrestricted Net Assets - December 31, 1999

$654,282

See

Accompanying Notes to the Financial Statements

.

AMERICAN BOARD OF INDUSTRIAL HYGIENE

STATEMENT OF CASH FLOWS

YEAR ENDED DECEMBER 31, 1999

Operating Activities

Decrease in Net Assets

$( 21,903)

Add: Adjustments to reconcile changes in net assets

to record cash provided by operating activities;

Depreciation

10,242

Amortization

297

Loss on Disposition of Office and

Computer Equipment

3,202

Changes in:

Unrealized Gain on Investments

(11,023)

Accrued Interest Receivable

1,554

Prepaid Expenses and Deposit

( 3,099)

Deferred Membership Dues

71,090

Accounts Payable

1,972

Accrued Expenses

83

Net Cash Provided By Operating Activities

$ 52,415

Investing Activities

Purchases of Office and Computer Equipment

( 26,693)

Trademark Costs Incurred

(

5,038)

Acquisition of Investments

(289,310)

Liquidation of Investments

216,202

Net Cash Utilized in Investing Activities

(104,839)

Decrease in Cash

$( 52,424)

Cash - January 1, 1999

$231,213

Cash - December 31 1999

178,789

Decrease in Cash

$ ( 52,424)

See

Accompanying Notes to the Financial Statements

.

NOTES TO THE FINANCIAL STATEMENTS

DECEMBER 31, 1999

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 2000 were billed in November 1999, and income on

this billing has been deferred until 2000. Collections of 1999 dues, and

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

reported as 1999 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 estimated by Merrill Lynch &

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

$594,372 at December 31, 1999.

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.

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 lease term ends

October 31, 2000, and the remaining monthly rental is 2,051.75.

Note 5 - Related Organization

In 1999 a referendum of Board Diplomates authorized the merger of the

Academy of Industrial Hygiene (previously created by the Board) with the

American Industrial Hygiene Association. This merger took place effective

January 1, 2000, and Academy assets at that date were transferred to Board

control.

Note 6 - Leasing of Equipment- Administrative Offices

a. The Board is leasing telecommunications equipment from A.T.&T. Credit

Corporation. The monthly rental is $85.32, and the lease terminates in the

October 2001.

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

Corporation. The quarterly rental is $642.36, and the lease terminates

November 30, 2002.

c. The Board is leasing a Sharp copier from IOS Capital, Inc. The monthly

rental is $213.00, and the lease terminates in November 2001.

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.

SCHEDULE OF MARKETABLE SECURITIES

DECEMBER 31, 1999

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

22, 2000

$ 59,910

$40,000 Certificate of Deposit, Manufacturers and Traders Trust Co., Buffalo, NY, 6.25%,

Due May 30, 2000

39,939

$40,000 Certificate of Deposit, S & T Bank, Indiana, PA, 6.00%, Due July 21,2000

39,849

$65,000 Certificate of Deposit, Harris Savings Bank, Harrisburg, PA, 5.80%, Due

December 11, 2000

64,346

$60,000 Certificate of Deposit, First National Bank of Commerce, New Orleans, LA,

58,831

5.75%, Due October 17, 2001

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

May 22, 2002

48,617

$50,000 Federal National Mortgage Association Callable Note, 6.45%, Due February 14,

2002

49,500

$50,000 Federal National Mortgage Association Callable Note, 5.31%, Due December

22, 2003

47,406

$50,000 Federal National Mortgage Association Callable Note, 5.25%, Due December

23, 2003

47,041

20,272 Shares, Equity Income Fund (Incl. Reinv. Dividends)

62,237

41,835 Shares, Blue Chip Asset Fund (Incl. Reinv. Dividends)

42,253

42,097 Shares, Principal Values Defined Asset Fund (Incl. Reinv. Dividends)

45,466

Total Marketable Securities

$605,395

See

Accompanying Notes to the Financial Statements

.

EXECUTIVE DIRECTOR'S OFFICE EXPENSES

YEAR ENDED DECEMBER 31, 1999

Payroll

$289,838

Payroll Taxes

21,585

Staff Travel

16,525

Telephone

8,324

Bank Charges and Credit Card Fees

5,103

Office Supplies

14,331

Insurance

4,598

Postage

28,214

Printing

48,161

Repairs and Maintenance

1,944

Rent

24,621

Hospitalization and Employee Benefits

15,695

Payroll Service

843

Pension and Pension Fees

17,327

Videos and Seals

9,277

Examination Development

33,062

Joint Council Dues

600

Accounting

10,800

Legal (Excluding Trademark Costs)

2,950

Loss on Disposition of Office Equipment

3,202

Depreciation

10,242

Amortization

297

Total

$567,539

See

Accompanying Notes to the Financial Statements

.

This financial report was posted on June 2, 2000 following review and approval

by the Board.