COM 0696.004 2008-2010 - Laserfiche WebLink

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HAWAII ISLAND HUMANE SOCIETY Notes to the Financial Statements June 30, 2010 Note 7. RECONCILIATION OF CHANGE IN NET ASSETS CASH USED BY OPERATING ACTIVITIES Change in Net Assets $ (136,015) Adjustments to Reconcile: Depreciation 76,823 Change in Other Current Assets 50,702 Change in Accounts Receivable (103,919) Change in Accounts Payable (81, 158) Change in Credit Cards 4,563 Change in Copier Lease (8,881) Change in County Payable (14,207) Change in Deferred Revenue (4,010) Change in Accrued GET 31,148 Change in Accrued Payroll Expense 22,234 Change in Accrued Wages 9,200 Change in Accrued Vacation Pay 2,600 Net Cash Used by Operating Activities $ (150,920) Note 8. RETIREMENT PLAN The Hawaii Island Humane Society maintains an IRA retirement plan for all eligible employees whereby the Organization contributes 5% of each eligible employee's wages. Employees are considered eligible after they have been employed by the Organization for at least two years. During the year, retirement plan expenses totaled $26,173. Note 9. FUNCTIONAL EXPENSES The Hawaii Island Humane Society allocates expenses on a functional basis among three categories: direct program services, supporting services, and fundraising. Most expenses are allocated to the program and support services benefited. Note 10. SPAY/NEUTER PROGRAM The Hawaii Island Humane Society sells coupons that enable the client to take their animal to a participating veterinarian for spay /neuter services. As a service to the community, the veterinarian has agreed to perform his services at a reduced rate which is the price that the client paid for the coupon. The veterinarian accepts the coupon as payment for the spay /neuter services that he has performed and then bills the Hawaii Island Humane Society for payment of his services. Page 13