About ABIH - Audit Report - CY 2000.htm

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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, 2000 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 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 ...

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• Publié par: Endri
• Nombre de lectures: 18
• 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, 2000 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 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, 2000, 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 13, 2001

AMERICAN BOARD OF INDUSTRIAL HYGIENE

STATEMENT OF FINANCIAL POSITION

YEAR ENDED DECEMBER 31, 2000

ASSETS

Cash

Merrill Lynch - WCMA Account

$210,024

Old Kent Bank - Savings Account

2,552

Total Cash

$212,576

Investments

846,323

Accrued Interest Receivable

2,282

Prepaid Expenses and Deposit

9,945

Office and Computer Equipment

112,181

Less: Accumulated Depreciation

51,318

60,863

Trademark Costs, Net of Amortization

10,777

TOTAL ASSETS

$1,142,766

LIABILITIES AND NET ASSETS

Liabilities

Deferred Membership Dues

$345,595

Accounts Payable

5,503

Accrued Expenses

1,431

Total Liabilities

$352,529

Unrestricted Net Assets

790,237

TOTAL LIABILITIES AND NET ASSETS

$1,142,766

See

Accompanying Notes to the Financial Statements

.

AMERICAN BOARD OF INDUSTRIAL HYGIENE

STATEMENT OF ACTIVITIES AND CHANGES IN NET ASSETS

YEAR ENDED DECEMBER 31, 2000

Revenues

Application Fees

$ 60,472

Examination Fees

121,893

Diplomate Dues and Roster Fees

365,041

Net Investment Income

62,389

Net Unrealized Gain on Investments

11,023

Seals, Videos, and Other Income

10,920

Total Revenues

$620,715

Expenses

Meetings - Board and Committee

$ 51,011

Regional Examination Administration

10,722

Examinations

29,101

Executive Director's Office

583,551

CESB Accreditation

4,500

Loss On Disposition Of Investments

19,151

Net Unrealized Loss on Investments

83,016

Total Expenses

781,072

Decrease in Net Assets

(160,357)

Add: AAIH Net Assets Transferred In - Jamuary 1. 2000

296,215

Unrestricted Net Assets - January 1, 2000

654,379

Unrestricted Net Assets - December 31, 2000

$790,237

See

Accompanying Notes to the Financial Statements

.

AMERICAN BOARD OF INDUSTRIAL HYGIENE

STATEMENT OF CASH FLOWS

YEAR ENDED DECEMBER 31, 2000

Operating Activities

Decrease in Net Assets

$(160,357)

Add: Adjustments to reconcile changes in net assets

to record cash provided by operating activities;

Depreciation

13,778

Amortization

445

Changes in:

Unrealized Loss on Investments

83,016

Accrued Interest Receivable

1,973

Prepaid Expenses and Deposit

2,222

Deferred Membership Dues

162,445

Accounts Payable

(

3,592)

Accrued Expenses

134

Net Cash Provided By Operating Activities

$100,064

Investing Activities

Purchases of Office and Computer Equipment

( 35,412)

Trademark Costs Incurred

(

3,136)

Acquisition of Investments

(597,088)

Liquidation of Investments

273,144

AAIH Net Assets Transferred In

296,215

Net Cash Utilized in Investing Activities

66,277

Increase in Cash

$

33,787

Cash - January 1, 2000

$178,789

Cash - December 31 2000

212,576

Increase in Cash

$

33,787

See

Accompanying Notes to the Financial Statements

.

NOTES TO THE FINANCIAL STATEMENTS

DECEMBER 31, 2000

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 2001 were billed in October 2000, and income on

this billing has been deferred until 2001. Collections of 2000 dues, and

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

reported as 2000 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

$912,746 at December 31, 2000.

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 current five-year lease

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

Years Ended October 31, 2001 and 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

In 1999 a re£erendum of Board Diplomates authorized the merger of the

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

the American Industrial Hygiene Association. This merger took effect 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 postage equipment from Pitney Bowes Leasing

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

November 30, 2002.

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

rental is $213.00, and the lease terminates November 16, 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 INVESTMENTS

DECEMBER 31, 2000

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

5.75%, Due October 17, 2001

59,566

$65,000 Certificate of Deposit, Providian National Bank, Tiltorg NH, 6.05%, Due 12/27/01

64,725

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

May 22, 2002

49,119

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

2002

49,992

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

22, 2003

49,250

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

23, 2003

48,501

2,461.6090 Alliance New Europe Fund Class B

41,970

30,761 Biotechnology 2000 Series A Defined Asset Fund

26,648

4,643.2890 Blackrock Large Cap Value Equity Fund Class B

68,488

42,211.4881 Blue Chip Stock Series 7 Defined Asset Fund

40,472

30,003 Broadband Port 2000 B Defined Asset Fund

12,394

20,656.1812 DAF S & P 500 Trust 2 Fund

51,419

526.5100 Franklin Small Cap Growth Fund Class C

20,312

1,431.3450 Goldman Sachs Internet Tollkeeper Fund Class B

16,875

2543.4480 Massachusetts Investors Growth Stock Fund Class B

40,949

2321.7070 Mercury U.S. Small Cap Growth Fund Class B

28,556

2,072.8610 ML Fundamental Growth Fund Class B

43,633

49,516.2482 Principal Value PRT2000B Defined Asset Fund

56,047

1,395.1910 Putnam Investors Fund Class B

20,215

463.3270 Putnam Health Sciences Trust Class B

35,620

370.1210 Putnam International New Opportunities Fund Class B

4,507

26,752.1848 Telegloba1 2000 Series A Defined Asset Fund

17,075

Total Investments

$846,323

See

Accompanying Notes to the Financial Statements

.

EXECUTIVE DIRECTOR'S OFFICE EXPENSES

YEAR ENDED DECEMBER 31, 2000

Payroll

$308,451

Payroll Taxes

22,778

Staff Travel

19,549

Telephone

7,134

Bank Charges and Credit Card Fees

7,515

Office Supplies

18,432

Insurance

4,871

Postage

28,406

Printing

48,080

Repairs and Maintenance

1,774

Rent

24,764

Hospitalization and Employee Benefits

19,022

Payroll Service

871

Pension and Pension Fees

18,507

RTDA Update

13,200

Videos and Seals

5,085

Examination Development

2,853

Public Relations Marketing

2,434

Accounting

10,400

Legal (Excluding Trademark Costs)

5,202

Depreciation

13,778

Amortization

445

Total

$583,551

See

Accompanying Notes to the Financial Statements

.

This financial report was posted on April 22, 2001 following review and approval

by the Board.