Doll News Spring 2015 - (Page 170)
Financial Statement Review
T
he United Federation of Doll
Clubs, Inc., review of the Financial
Statements for the fiscal year September
1, 2013 to August 31, 2014 was
completed on November 21, 2014. The
review was performed in accordance with
Statements on Standards for Accounting
and Review Services issued by the
American Institute of Certified Public
Accountants by Rubin Brown LLP.
Based on their review, Rubin Brown has
determined that "they are not aware of
any material modifications that should
be made to the financial statements in
order for them to be in conformity with
accounting principles generally accepted
in the United States of America."
Included in the supplementary
information section of the report are
the following reports: Schedule of
Functional Expenses and Schedule of
Activities by Fund. These reports are
presented here for your review.
What is a schedule of functional
expenses and why is it presented? The
Schedule of Functional Expenses
shows how the expenses are presented
on our income tax return. The expenses
are divided between program services,
management and fundraising. UFDC
presents the schedule of functional
expenses because it elaborates on
the consolidated expenses from the
schedule of activities by fund. You
won't be able to tie all the expenses
170
SPRING 2015
back to the schedule of activities
because internal classifications may
differ from the classifications necessary
for the income tax return line items;
however, the expenses by fund will tie
between both schedules.
What types of expenses are
included in the functional expense
line items? Wages and benefits include
all salaries paid to employees and
employer payroll taxes. Benefits
include the health insurance premiums
and retirement contributions UFDC
pays for its employees.
Professional services include legal
fees, auditor's fees for preparation of
the review and tax returns, as well as
payroll provider fees and information
technology consultant fees.
Advertising and promotion includes
any advertising we do whether highway
signs for the museum, advertising
in other publications, promotional
materials, on-line marketing, and
website maintenance.
Office expenses include printing,
postage, telephone, office supplies,
equipment repairs and maintenance,
bank and credit card fees, fundraising
expenses. Some of these costs will vary
depending on the current needs of the
organization. For example, in some
years we may have to reprint forms but
the new supply will last several years.
Occupancy includes utilities such
as electricity, gas, and water and
pest control. Building repairs and
maintenance include items such as
office cleaning, landscape service, snow
removal, and security.
Travel includes travel paid for
officers, board members and staff to
the extent allowed in UFDC's policy
manual. This includes travel by car
and airlines and lodging while away
from home. Many officers and board
members donate their travel expenses to
the organization.
Convention and meeting includes
costs of hosting the convention. This
includes such items as the souvenir,
favors, security, equipment rental, audio
visual assistance, printing costs, meals,
transportation, and insurance.
Interest expense is the interest paid
on the copier lease. We had a lease in
2011 for the copier but replaced that
copier with a different one and in 2012
the auditors determined the lease to be
a capital lease instead of an operating
lease. Therefore we placed an asset on
the books and recorded a note payable.
The expense appears in the schedule
of activities as a depreciation expense.
Depreciation expense is the writing
down of an asset over its useful life.
Business insurance includes
liability, building, collection, workers
compensation, and directors and officer
insurance.
Table of Contents for the Digital Edition of Doll News Spring 2015
From the Editor
UFDC Officers and Regional Directors
President’s Message
Conference Calendar
A Warm Welcome to Our Newest Members
UFDC Student/ Apprentice Judge Programs
UFDC Notice of Annual Meeting
A Dream Come True – UFDC’s 66th Annual Convention 2015
Fundraising Committee Report
Miss Flora McFlimsey’s Journey
Miss Flora McFlimsey Original Paper Doll
Fashionable Fair Females: Charitable Dress in Miniature
Artists in Wonderland – Featuring the Collection of Lynn Kublank
Out of Adversity
Shared Passions 2014 Special Exhibit Shared Passions
Shared Passions 2014 Special Exhibit The Many Faces of German Dolls
Shared Passions 2014 Special Exhibit The Executive Committee and Board of Directors
Shared Passions 2014 Antique Competitive Exhibit Part 2
Shared Passions 2014 Modern Competitive Exhibit Part 2
Corinne’s Creation – A Doll’s Legacy
The Silent Witness Doll
The Unbridled Spirit of Miss Rose Percy
From Germany with Love – The Story of Annette Hermann
A Civil War Tea and Doll Exhibit
A Tradition of Caring
The Work of Your Hands
Reviewing Resources
Club Notes
Member-at-Large Form
Slate of Officers
Getting to Know Our Regional Directors
Doll-ers & Sense
Donations
In Our Memories
News & Notes
Doll News Spring 2015
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