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ENVIRONMENTAL RESEARCH FOUNDATION. INC REPORT ON
FINANCIAL STATEMENTS FOR THE PERIOD
DECEMBER 1. 1990 TO DECEMBER 31. 1991 WITH COMPARATIVE TOTALS FOR THE YEAR ENDED
NOVEMBER 30. 1990
C00427
t ENVIRONMENTAL RESEARCH FOUNDATION., INC,.
, CONTENTS
I
Independent Auditors' Report
Exhibit A - Balance Sheets, as of December 31, 1991, with Comparative Totals for November 30, 1990
Exhibit B - Statement of Revenue, Expenses and Changes in Fund Balance for the Period December 1, 1990 to December 31, 1991, with Comparative Totals for the Year Ended November 30, 1990
Notes to Financial Statements
Page No, 2 3
4-5 6-7
000428
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MICHAEL C. GELMAN JERROLD ROSENBERG MICHAEL A. FREEDMAN
DAVID F. GRALING WALTER H. DEYHLE ROBERT W. ALBRECHT
Gelman, Rosenberg &. Freedman
CERTIFIED PUBLIC ACCOUNTANTS
A Pro/esstoruil Corporation
SUITE 400 4800 HAMPDEN LANE BETHESDA, MARYLAND 20814
INDEPENDENT AUDITORS1 REPORT
TELEPHONE (301) 951-9090
TELEFAX (301) 951-3570
To the Board of Directors Environmental Research Foundation, Inc. Washington, D.C.
We have audited the balance sheet of the Environmental Research Foundation, Inc. as of December 31, 1991, and the related statement of revenue, expenses, and changes in fund balance for the period December 1, 1990 to December 31, 1991. These financial statements are the responsibility of the Foundation's management. Our responsibility is to express an opinion on these financial statements based on our audit. The financial statements of Environmental Research Foundation, Inc. as of November 30, 1990 were audited by other auditors whose report dated January 28, 1991 expressed an unqualified opinion on those statements.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audits 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. We belidve 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 financial position of the Environmental Research Foundation, Inc. as of December 31, 1991, and the results of operations for the period then ended in conformity with generally accepted accounting principles.
February 21, 1992
2- -
Member o f the American Institute o f Certified Public Accountants' Private Companies Practice Section
000-129
ENVIRONMENTAL RESEARCH FOUNDATION. INC.
BALANCE SHEET AS OF DECEMBER 31. 1991 WITH COMPARATIVE TOTALS AS OF NOVEMBER 30. 1990
EXHIBITS
Current Assets
Cash Grants receivable Security deposit Other current assets
Total current assets
Furniture and Equipment
Furniture Equipment Computer equipment
ASSETS
Less: Accumulated depreciation Net furniture and equipment Total Assets
1991
1990
$145,667
1,600 1.130
148.397
$ 85,825 35,000 1,750 2.300
124.875
6,960 14,578 41.021
62,559
X18_l03Z)
44.522
$192,919
11,478 4,413
21.842
37,733
(18.643>
19.090
$143,965
LIABILITIES AND FUND BALANCE
Liabilities
Accounts payable Deferred revenue Payroll taxes payable
i
Total liabilities Fund Balance
Total Liabilities and Fund Balance
$ 6,142 91,250 -
97,392
-95.527
$192,919
$ 11,700 49,583 838
62,121
81.844
$143,965
See accompanying notes to financial statements. -3-
G00430
EXHIBIT B
ENVIRONMENTAL RESEARCH FOUNDATION. INC.
STATEMENT OF REVENUE. EXPENSES AND CHANGES IN FUND BALANCE FO R THE PERIOD DECEMBER 1. 1990 TO DECEMBER 31. 1991 WITH COMPARATIVE TOTALS FOR THE YEAR ENDED NOVEMBER 30. 1990
Revenue Grants Contributions Publication sales Special events Interest income
General and Adm inistrat ive
$
-
Total revenue
Exnenses Salaries Consultant Benefits Payroll taxes Rent, utilities and cleaning Repairs and maintenance Insurance Postage Printing Computer expenses Publication Membership Telephone Professional fees Supplies Contribution Conferences Travel Miscellaneous Depreciation Loss on disposal of furniture and equipment Special events Equipment rentals
24,514
-
884 1,417
5,203
-
304 1,370
862 1,499
145 765 1,435 3,255 1,105
-
* ''145 938
! 381 11,318
872 205
Total expenses
56.617
1991
Program
$233,333 4,619
31,119 15,802
3.849
288.722
Total
$233,333 4,619
31,119 15,802
3.849
288.722
1990
Total
$140,000 4,136
27,017
-
3.477
174.630
107,055
-
4,030 6,447
25,404
-
1,481 22,184 10,725
6,796 3,287
35 5,456 2,462 5,501
350 1,215 9,217 1,059
-
4,484 1.234
218.422
131,569
-
4,914 7,864
30,607
-
1,785 23,554 11,587
8,295 3,432
800 6,891 5,717 6,606
350 1,360 10,155 1,440 11,318
872 4,484 1.439
275.039
59,698 1,000 800 2,461
16,203 396
-
18,851 8,472 5,763 5,028 520 4,602 7,560 4,192 500 529
10,130 195
4,778
-
-
151.678
See accompanying notes to financial statements. -4-
000*131
ENVIRONMENTAL RESEARCH FOUNDATION. INC.
EXHIBIT B (Continued)
STATEMENT OF REVENUE. EXPENSES AND CHANGES IN FUND BALANCE FOR THE PERIOD DECEMBER 1. 1990 TO DECEMBER 31. 1991 WITH COMPARATIVE TOTALS FOR THE YEAR ENDED NOVEMBER 30. 1990
Excess (deficiency) of revenue with respect to expenses
__________________ 1991________________
General and
Administrative
Program
Total
$(56,617)
$ 70,300 $ 13,683
Fund balance at beginning of year
81.844
Fund Balance at End of Year
$ 95,527
1990 Total
$ 22,952
58.892 $ 81,844
See accompanying notes to financial statements. -5-
C 0 0 `132
ENVIRONMENTAL RESEARCH FOUNDATION. INC.
NOTES TO FINANCIAL STATEMENTS DECEMBER 31. 1991
1. Summary of Significant Accounting Policies and General Information
Organization -
Environmental Research Foundation, Inc. (ERF) was incorporated In New Jersey in 1980 as a nonprofit organization. ERF provides the public with useful information about environmental problems to enhance democratic decision making in the development of public policies leading to solutions.
Basis of presentation -
The Foundation's financial statements are prepared on the accrual basis of accounting. Therefore, revenue and related assets are recognized when earned and expenses and related liabilities are recognized when the obligations are incurred.
During 1991, ERF changed its fiscal year end to December 31, 1991. The accompanying financial statements reflect the period from December 1, 1990 to December 31, 1991.
Comparative data
The amounts shown for 1990 in the accompanying financial statements are presented in accordance with the format recommended by the American Institute for Certified Public Accountants. This financial information ~ is included to provide a basis for comparison with 1991, presenting summarized totals only. Accordingly, the 1990 amounts are not intended to present all information necessary for a fair presentation in accordance with generally accepted accounting principles.
Income taxes -
,i f
The Foundation is exempt from Federal income taxes under Section 501(c)(3) of the Internal1Revenue Code. .Accordingly, no provision for income taxes has been made in the accompanying financial statements.
Deferred revenue -
Revenue from grants received in the current year to be used as support for the following year has appropriately been recorded as a current liability.
Furniture and equipment -
Furniture and equipment are stated at cost. Depreciation is provided on the straight-line basis over the estimated useful lives of the related assets, generally five years.
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000-133
f
ENVIRONMENTAL RESEARCH FOUNDATION. INC.
NOTES TO FINANCIAL STATEMENTS DECEMBER 31. 1991
2. Commitments
In November, 1990, ERF entered into a lease expiring February 28, 1993 for office space. Minimum future rental payments required under the lease are as follows:
1992 1993
$19,200 3.200
$22,400
3. Litigation
The Foundation is a defendant in a libel action brought by an Individual. Legal counsel for the Foundation has filed a motion to dismiss the plaintiff's claim on the grounds that the article was really a report of judicial and governmental activity, and therefore is absolutely privileged. The Foundation has not received a ruling from the court on that motion. In the opinion of the Foundation's management and legal counsel, there are other defenses available to them. It is not possible, at this time to estimate the amount of any possible adverse verdict, if any.
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C00434