Document 65dBpJQB5xJkZ0V1NVYrD7NXm

ENVIRONMENTAL RESEARCH FOUNDATION FINANCIAL REPORT NOVEMBER 30, 1990 000435 MHgrom, Galuskln, Rosier & Company Certified Public Accountants, P.C, ENVIRONMENTAL RESEARCH FOUNDATION NOVEMBER 30, 1990 / CONTENTS Independent Auditor's Report Financial Statements: Statement of Assets, Liabilities and Fund Balance Statement of Support, Revenues, Expenses and Changes in Fund Balance Notes to Financial Statements Supplementary Information: Accountants' Review Report on Supplementary Information Schedule of Grants Schedule of Operating Expenses Page 1 2 3 4 7 8 9 00043S Mllqrom, Galuskln, Rosner & Com pany Certified Public Accountants. P.C. Milgrom, Galuskn, Rosner & Company Certified Public Accountants. P.C. INDEPENDENT AUDITOR'S REPORT Board of Directors Environmental Research Foundation Washington, D.C. We have audited the statement of assets, liabilities and fund balance of Environmental Research Foundation as of November 30, 1990, and the related statements of revenue, expenses and changes in fund balance for the year then ended. These financial statements are the responsibility of the company's management- Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with generally accepted auditing standards- Those standards require that we 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 disclosed' 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. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the assets, liabilities, and fund balance of Environmental Research Foundation as of November 30, 1990, and its revenue and expenses and changes in fund balance for the year then ended in conformity.with generally accepted accounting principles. ' '* Certified Public Accountants, P. C Edison, New Jersey January 28, 1991 2025 Lincoln Highway Edison New Jersey 08817 (201) 287-9000 118 Madison Avenue New York New York 10016 (212) 696-4600 FAX (201) 207-8516 C0(M37 ENVIRONMENTAL RESEARCH FOUNDATION STATEMENT OF ASSETS, LIABILITIES, AND FUND BALANCE NOVEMBER 30, 1990 2 ASSETS Current Assets: Cash Grants receivable - Other current assets Prepaid rent Total Current Assets Property and Equipment less accumulated depreciation of $18,643 (Notes 1 and 2) TOTAL ASSETS $ 85,825 35,000 2,300 ____ 1,750 124,875 19,090 $ 143,965 LIABILITIES AND FUND-BALANCE Current Liabilities: Deferred revenue (Note 3) Accounts payable Accrued professional fees Payroll taxes payable Total Current Liabilities Fund Balance TOTAL LIABILITIES AND FUND; BALANCE $ 49,583 7,700 4,000 838 62,121 81,844 $ 143,965 See notes to financial statements. 000438 Mllgrom, Galuskin, Rosner & Company Certified Public Accountants. P.C. 3 , ENVIRONMENTAL RESEARCH FOUNDATION M STATEMENT OF SUPPORT, REVENUES, EXPENSES AND CHANGES IN FUND BALANCE ** FOR THE YEAR ENDED NOVEMBER.30, 1990 Support and Revenues: Support: Grants Revenues : Publication sales " Contributions Interest income Total Total Support and Revenues Expenses Excess of Support andRevenues Over Expenses Fund Balance: Balance - beginning Cumulative effect on prior years of retroactive restatement for accounting change (Note 4) Prior period adjustment - error in depreciation (Note 5) Balance - Beginning as restated I Balance - Ending $ 140,000 27,017 4,136 3,477 34,630' 174,630 151,678 22,952 94,549 (27,568) (8,089) 58,892 $ 81,844 See notes to financial statements 000429 Mllgrom, Galuskln, Roaner & Company -4 r e n v i r o n m e n t a l r e s e a r c h f o u n d a t i o n NOTES TO FINANCIAL STATEMENTS NOVEMBER 30, 1990 Not 1 - Summary of Significant Accounting Policies; Organization The Environmental Research Foundation ("The Foundation") is a New Jersey not-for-profit organization whose purpose is to provide the general public with useful information about environmental problems, to enhance democratic decision making in the development of public policies leading to solutions. Income Tax Status The Foundation qualifies as a tax-exempt organization under Section 501(c)(3) of the Internal Revenue Code and, therefore, has no provision for Federal and State income taxes. Public Support and Revenue All grants and contributions are considered to be available for unrestricted use unless specifically restricted by the donor. Property and Equipment 'Property and equipment are stated at cost. Depreciation is provided using accelerated methods over estimated useful lives of five to seven years. Note 2 - Property and Equipment: Details of' property and equipment are as follows: Computer hardware Office equipment Office furniture Total Less: Accumulated depreciation Net Property and Equipment $ 2.1,842 13,302 2,539 37,733 18,643 $ 19,090 Depreciation expense aggregated $4,778 for the year ended November 30, 1990. `Note 3 - Deferred Revenue: Deferred revenue results from grants received in the current year to be used as support for the following year's activities. C00440 Mllgrom, Galuskln, Rosner & Com pany Certified Public Accountants, P.C. ENVIRONMENTAL RESEARCH FOUNDATION NOTES TO FINANCIAL STATEMENTS NOVEMBER 30, 1990 5 Note 4 - Change in Accounting Principle: During 1990, the Companychanged from the cash basis to the accrual basis of accounting. The Company believes that the accrual basis more accurately reflects financial position and results of operations. The effect of this change was to decrease the excess of support and revenues over expenses for 1990 by $7,946. Fund balance has been adjusted.for the effect of the retroactive application of the new method. Note 5 - Prior Period Adjustment: Fund balance at the beginning of 1990 has been adjusted to correct an error in depreciation in prior years. Had the error not been made, excess of support and revenues over expenses for 1989 would have decreased by $396. Note 6 - Subsequent Event: On December 1, 1990, the Company entered into an agreement to lease new office facilities located in Washington, D.C. The lease term is for 27 months and expires on February 28, 1993. Minimum future rental payments required under the lease are as follows: 1991 1992 1993 $ 19,200 19,712 4,992 $ 43,904 Rent expense for the year ended November 30, 1990 was $13,468. In order to acquire ttie above lease, the Company terminated an agreement which existed during 1990 for office facilities located in Princeton, New Jersey, and incurred lease termination fee expenses totalling $5,750. These expenses represent a one time payment of $4,000 and the-forfeiture of a $1,750 security deposit. 000441 Mllgrom, Galuskin, Rosner & Company [\ Certified Public Accountants. P.C. # SUPPLEMENTAR INFORMATION (Unaudited) 000442 Mllgrom, Galuskln, Rosner A Company Certified Public Accountants. P.C. Milgrom, Galuskin, Rosner & Company Certified Public Accountants, P.C. Board of Directors Environmental Research Foundation Washington, D.C. The schedules of grants and operating expenses are not a required part of the basic financial statements of Environmental Research Foundation as of November 30, 1990. We have applied certain limited procedures, which consisted principally of inquiries of management regarding the methods of measurement and presentation (or disclosure) of the supplementary information. However, we did not audit the information and express no opinion on it. MlJKgrom, Galuskin, Rosner & C Certified Public Accountants Edison, New Jersey January 28, 1991 2025 Lincoln Highway Edison New Jersey 08817 (201) 287-9000 118 Madison Avenue New York New York 10016 (212) 696-4600 FAX (201) 287-8516 000443 * '* 9 ENVIRONMENTAL RESEARCH FOUNDATION SCHEDULE OF GRANTS FOR THE YEAR ENDED NOVEMBER 30, 1990 (Unaudited). 8 North Shore Unitarian Universalist Veatch Program Rockefeller Family Fund Public Welfare Foundation, Inc. Geraldine R. Dodge Foundation Charles Stewart Mott Foundation W. Alton Jones Foundation, Inc. Ann R. Roberts Total Grants $ 20,000 15,000 25,000 25,000 15,000 35,000 ____ 5,000 $ 140,000 See accountants* review report on supplementary information and notes to financial statements. 000444 _______Mllgrom, GaJuskln, Rosner & Com pany Certified Public Accountants. P.C. ENVIRONMENTAL RESEARCH FOUNDATION SCHEDULE OF OPERATING EXPENSES FOR THE YEAR ENDED NOVEMBER 30, 1990 (Unaudited) 9 Salaries Payroll taxes Non-salaried personnel Rent (Note 6) Repairs and maintenance Insurance Postage and shipping Reproduction and printing Computer expense Books and journals Memberships Office expense Telephone Professional fees Consulting Office supplies Contributions Conferences Travel and entertainment Depreciation Miscellaneous Total Expenses $ 20,668 2,461 39,030 13^468 396 800 18,851 8,472 5,763 5,028 520 2,735 4,*602 7,560 1,000 4,192 500 529 10,130 4,778 195 $ 151,678 See accountants' review report on supplementary information and notes to financial statements. 000*145 Mllgrom, Galuskln, Rosner & Company Certified Pubhc Accountants. P C.