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PLAINTIFF'S EXHIBIT SAG-54
INDUSTRIAL .SAESTT EQUIPMENT ASSOCIATION, INC.
AUDITED FINANCIAL STATEMENTS MARCH 31; 1980
OFFICERS 1979-1980
President Vice-President
Executive Director
-J. g. Crider K. F. Keefe F. g. Wilcber, Jr.
BOARD OF TRUSTEES
C. E. Severs, Jr. V. J. Claueon J. B. Crider D. 8. Houston
M* G.' Hulme, Jr* X. F. Keefe
O. R. Kronberg A. J. McNamara
H. M. VJeies
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A Professional Corporation
Certified Public Abcountant*
Arlington, Virginia
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INDUSTRIAL SAFETY EQUIPMENT ASSOCIATION, INC. TABLE OF CONTENTS
Accountants' Report Balance Sheet Statement of Income and Expenses Statement of Changes in Financial Position (Cash) Notes to Financial Statements Accountants' Report on Other Financial Information Schedule of Actual and Budgeted Expenses
1' 2 3 4 5 6 7
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MURRAY, JONSON AND WHITE, UTO,
A RAOl'CMIONAL CORPORATION
CCRYlFTCP RUKEIC ACCOUNTANTS too* IATR STREET, NORTH
RODERICK L. MURRAY, Q. p, A. (RCTMCR) CARE E. JON DON, C. P, A. MAURICE A, WRITE, C. P. A. JMCPH P. M.coMCRSON,C,P.A.
P. O. UK OOO
Arlington, Virginia sagte posi SM-*W
MCMSCft* AMCN'CaN INSTITUTE O -
CERTIFIES PURElC ACCOUN1 ANTS
Board of Trustees Industrial Safety Equipment
Association, Inc.
We have examined the balance sheets of Industrial Safety Equipment Association, Xnc. at of March 31, I960 and 1979, and the related statements of income and expenses and changes in financial position for the years then ended* Our examination was mad* in accordance with generally accepted auditing standards and, accordingly, Included such tests of the accounting records and such other auditing procedures as ve considered necessary in the circumstances.
In our opinion, the financial statements referred to above present fairly the financial position of Industrial Safety Equipment Association, Inc. at March 31, 1980 and 1979, and the results of operations and changes in financial position for the yearB then ended, in accordance with generally accepted accounting principles applied on a basis consistent with that of the previous year.
April 21, 1980
/ Certified Public Accountants
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INDUSTRIAL SAFETY EQUIPMENT ASSOCIATION, INC.
BALANCE SHEET March 31,
ASSETS
1980
Current Assets
Cash on hand
$ 125
Cash in bank
General account
$ 9,889
Imprest account
Payroll account
2,851
Regular savings account
47,916
60,656
Total Cash
$ 60,781
Accounts receivable
Members for dues and initiation fee $ 4,649
Members for rebills
6,675
11,324
Prepaid expenses
978
Total Current Assets
$ 73,083
Investments'(Reserved for Future
Contingencies)
Certificates of deposit
7.25% due 8/1/81
$ 19,525
7.50% due 12/1/81
22,039
U-S. Treasury notes
6-1/4% due 8/15/79
7-5/8% due 8/15/81
8,107
7-3/4% due 11/15/81
9,978
9% due 8/15/82
29,771
Scudder Investment Fund - At
cost vhich approximates market
21,270
Total Investments
'110,690
Fixed Assets -- At Cost
Office furniture and equipment
$ 6,917
Less: Accumulated depreciation
5,159
1,758
Other Assets
Security deposit
616
Total Assets
$186,147
LIABILITIES AND. EQUITY BALANCE
Current Liabilities Accounts payable Withholding taxes payable Prepaid dues and rebills from members Advance fees and deposits Annual Meeting Total Current Liabilities
Equity Balance Beginning balance - April 1,
Add: Excess of income over expenses - Page 3
Ending balance -- March 31,
$115,687 22,507
$ 7,361 2,280
14,382 23,930 $ 47,953
138,194
Total Liabilities and Equity Balance
$186,147
1979_________
$ 125
$17,104 3,000 2,404
17,709
40,217 $"40,342
$ 3,741 2,864
6,605 891
$ 47,838
$18,190 20,443
14,944 8,107 9,978
19,264
$ 6,917 4,294
90,926
2,623 616
$142,003
$ 3,800 . 2,266
$89,204 26,483
20,250 $ 26,316
115,687
$142,003
The accompanying notes to financial statements are an integral part of this statement.
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