About ABIH - Audit Report - CY 2000.htm

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: 215-357-5880 * Fax: 215-INSTITUTE OF CPAS 953-8235 NEW JERSEY SOCIETY OF www.focusonfinance.com CPAS Email: AMERICAN INSTITUTE OF CPAS aronow@focusonfinance.com 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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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: 215-357-5880 * Fax: 215-
953-8235
www.focusonfinance.com
Email:
aronow@focusonfinance.com
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.