NORTHEAST POWER COORDINATING COUNCIL, INC. Financial Statements (Together with Accountants Compilation Report)

Transcription

1 NORTHEAST POWER COORDINATING COUNCIL, INC. Financial Statements (Together with Accountants Compilation Report) Nine Months Ended September 30, 2016

2 NORTHEAST POWER COORDINATING COUNCIL, INC. CONTENTS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2016 Accountants Compilation Report 1 Financial Statements Statement of Financial Position 2 Statement of Activities 3-5

3 Marks Paneth LLP New York 685 Third Avenue New Jersey New York, NY Pennsylvania P Washington, DC F markspaneth.com ACCOUNTANTS COMPILATION REPORT 1040 Avenue of the Americas, 10 th Floor New York, New York Management is responsible for the accompanying financial statements of Northeast Power Coordinating Council, Inc., which comprise the statement of financial position as of September 30, 2016, and the related statement of activities for the nine months then ended in accordance with accounting principles generally accepted in the United States of America. We have performed a compilation engagement in accordance with Statements on Standards for Accounting and Review Services promulgated by the Accounting and Review Services Committee of the AICPA. We did not audit or review the financial statements nor were we required to perform any procedures to verify the accuracy or completeness of the information provided by management. Accordingly, we do not express an opinion, a conclusion, nor provide any form of assurance on these financial statements. Management has elected to omit substantially all of the disclosures and the statement of cash flows required by accounting principles generally accepted in the United States of America. If the omitted disclosures and the statement of cash flows were included in the financial statements, they might influence the user s conclusions about the Company s financial position, results of operations, and cash flows. Accordingly, the financial statements are not designed for those who are not informed about such matters. We are not independent with respect to New York, New York November 15, 2016

4 Statement of Financial Position September 30, 2016 Regional Entity Division Criteria Services Division Total Assets Cash $ 5,532,706 $ 441,941 $ 5,974,647 Restricted cash 139,848 10, ,208 Investments 1,569, ,209 1,811,020 Prepaid expenses 237,197 15, ,761 Other assets 131,845 1, ,551 Equipment and leasehold improvements, net 751,523 60, ,025 Total Assets $ 8,362,930 $ 771,282 $ 9,134,212 Liabilities and Net Assets Accrued expenses and other liabilities $ 1,531,201 $ 77,591 $ 1,608,792 Deferred revenue - 265, ,135 Deferred rent 602,134 44, ,760 Total Liabilities 2,133, ,352 2,520,687 Net Assets - Unrestricted 6,229, ,930 6,613,525 Total Liabilities and Net Assets $ 8,362,930 $ 771,282 $ 9,134,

5 Statement of Activities For The Nine Months Ended September 30, 2016 Regional Entity Division Criteria Services Division Total Revenue Assessments $ 14,349,196 $ 10,761, $ - $ - - $ 14,349,196 $ 10,761, Penalty Sanctions 67, , Non-Statutory Funding ,060, , ,060, , Workshops 64,000 48, ,000 48, Interest Income - 3, ,770 Total Revenue 14,480,196 10,814, ,060, , ,540,738 11,609,745 Expenditures Salaries Direct Salaries 6,531,471 4,822, , , ,925,353 5,107, Employment Agency Fee 10, , Temporary Office Services 20,000 11, ,000 12,130 Total Salaries 6,561,471 4,834, , , ,955,353 5,119,187 Payroll Taxes Payroll Taxes-FICA 268, , ,766 14, , , Payroll Taxes-Medicare 99,061 74, ,286 4, ,347 78, Payroll Taxes-SUI 6,843 8, ,527 9, Payroll Taxes-FUI 1,470 1, ,617 1, Payroll Taxes-MCTMT 23,384 16, , ,776 17,396 Total Payroll Taxes 399, , ,275 20, , ,623 Benefits Benefits-Education Reimbursement 15,000 4, ,000 4, Benefits-Training Classes and Seminars 36,860 17, , ,000 17, Benefits-Medical 763, , ,837 11, , , Benefits-Life 68,049 67, ,179 9, ,228 76, Officers-Life 15,000 29, ,000 29, Insurance -WC 15,000 (874) (5.83) - (51) - 15,000 (925) Vacation Expense 451, , ,257 19, , ,924 Total Benefits 1,364, , ,413 40, ,453, ,049 Retirement Pension Contribution , , Employee Savings Plan 713, , ,950 26, , , Pension & Savings Admin 60,000 17, (115) - 60,000 17, Deferred Compensation Expense 60,000 36, ,000 36,000 Total Retirement 833, , ,950 26, , ,128 Meetings Expenses Meeting Expense 244,000 62, , ,500 63, Workshop Expense 150,000 45, ,000 45,962 Total Meetings Expenses 394, , , , ,

6 Statement of Activities For The Nine Months Ended September 30, 2016 Regional Entity Division Criteria Services Division Total Travel Expenses Travel $ 867,100 $ 488, $ 46,000 $ 29, $ 913,100 $ 517, Travel Directors 40,000 14, ,000 14,518 Total Travel Expenses 907, , ,000 29, , ,507 Communications Conference Calls 47,000 24, ,000 24,050 Total Communications 47,000 24, ,000 24,050 Contracts & Consultants Consultants 48, , Contracts 710, , , , , Contract Audit Labor 1,200, , ,200, , Contract Audit Travel 90, , , , Contract Audit Expenses 175, ,000 - Total Contracts & Consultants 2,223,500 1,055, , ,248,500 1,056,040 Office Rent Office Rent 650, , , , Utilities 40,000 22, ,000 22, Maintenance 40,000 23, ,000 23, Security 2,500 2, ,500 2, Real Estate Taxes 70,000 37, ,000 37,738 Total Office Rent 802, , , ,466 Office Costs Telephone 112,000 65, ,000 65, Internet Expense 95,400 56, ,400 56, Office Supplies 33,000 13, ,000 13, Computer Supplies & Maintenance 321, , , , Subscriptions & Publications 13,500 15, ,500 16, Dues 4, , Postage 1, , Express Shipping 10,000 9, ,000 9, Copying 26,400 11, ,400 11, Reports 6,000 7, ,000 7, Stationary & Office Forms 2, , Bank Charges 15,000 (690) (4.60) ,000 (658) Total Office Costs 639, , , ,

7 Statement of Activities For The Nine Months Ended September 30, 2016 Regional Entity Division Criteria Services Division Total Professional Services BOT Fee $ 325,000 $ 241, $ - $ - - $ 325,000 $ 241, BOT Search Fee - 83, , Accounting and Auditing Fees 310, , , , Legal Fees - Other 316, , , , Insurance - Commercial 60,000 45, ,000 45,117 Total Professional Services 1,011, , ,011, ,992 Other Non-Operating Expenses Cash Reserve Requirement (548,624) - - (105,031) - - (653,655) - Total Other Non-Operating Expenses (548,624) - - (105,031) - - (653,655) - Depreciation Expense Depreciation Expense-Equipment 231,821 24, , ,327 25, Depreciation - Software - 103, , Depreciation Expense-Furniture - 13, , , Depreciation Expense - L.I. - 43, , ,735 Total Depreciation Expense 231, , ,506 7, , ,215 Miscellaneous Expenses Miscellaneous Expense 41,000 20, , ,000 20, Indirect Expenses (427,047) (249,535) , , Total Miscellaneous Expenses (386,047) (229,416) , ,760-43,000 20,344 Total Expenditures 14,480,196 9,950, ,060, , ,540,738 10,612,385 Change in Unrestricted Net Assets $ - 863,750 - $ - 133,610 - $ - 997,360 Net Assets - Beginning of Period 5,365, ,320 5,616,165 Net Assets - End of Period $ 6,229,595 $ 383,930 $ 6,613,