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) Three Months Ended March 31, 2015

2 NORTHEAST POWER COORDINATING COUNCIL, INC. CONTENTS FOR THE THREE MONTHS ENDED MARCH 31, 2015 Accountants Compilation Report 1 Page No. Financial Statements Statement of Financial Position 2 Statement of Activities 3-5

3 Marks Paneth LLP Manhattan 685 Third Avenue Long Island New York, NY Westchester P Cayman Islands F ACCOUNTANTS COMPILATION REPORT To the Members of 1040 Avenue of the Americas, 10 th Floor New York, New York We have compiled the accompanying statement of financial position of Northeast Power Coordinating Council, Inc. as of March 31, 2015, and the related statement of activities for the three months then ended. We have not audited or reviewed the accompanying financial statements and, accordingly, do not express an opinion or provide any assurance about whether the financial statements are in accordance with accounting principles generally accepted in the United States of America. Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America and for designing, implementing, and maintaining internal control relevant to the preparation and fair presentation of the financial statements. Our responsibility is to conduct the compilation in accordance with Statements on Standards for Accounting and Review Services issued by the American Institute of Certified Public Accountants. The objective of a compilation is to assist management in presenting financial information in the form of financial statements without undertaking to obtain or provide any assurance that there are no material modifications that should be made to the 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 statement of cash flows were included in the financial statements, they might influence the user s conclusions about the Company s financial position, changes in net assets and cash flows. Accordingly, these 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 July 10, 2015

4 Statement of Financial Position March 31, 2015 Regional Entity Division Criteria Services Division Total Assets Cash $ 3,526,811 $ 637,424 $ 4,164,235 Restricted cash 807,119 10, ,879 Investments 1,569, ,232 2,211,002 Prepaid expenses 513,937 85, ,002 Other assets 92,535 1,911 94,446 Equipment and leasehold improvements, net 852,646 68, ,085 Total Assets $ 7,362,818 $ 1,444,831 $ 8,807,649 Liabilities and Net Assets Accrued expenses and other liabilities $ 654,644 $ 44,044 $ 698,688 Deferred revenue - 776, ,416 Accrued liability for pension 15,773 3,004 18,777 Deferred rent 701,263 25, ,225 Total Liabilities 1,371, ,426 2,221,106 Net Assets - Unrestricted 5,991, ,405 6,586,543 Total Liabilities and Net Assets $ 7,362,818 $ 1,444,831 $ 8,807,

5 Statement of Activities For The Three Months Ended March 31, 2015 Regional Entity Division Criteria Services Division Total Revenue Assessments $ 14,068,878 $ 3,517, $ - $ - - $ 14,068,878 $ 3,517, Penalty Sanctions 290,500 10, ,500 10, Non-Statutory Funding ,035, , ,035, , Workshops 64,000 11, ,000 11, Interest Income - 2, ,165 Total Revenue 14,423,378 3,540, ,035, , ,458,599 3,799,570 Expenditures Salaries Direct Salaries 6,175,425 1,546, ,319 91, ,544,744 1,638, Employment Agency Fee 10, , Temporary Office Services 10,000 3, ,000 3,600 Total Salaries 6,195,425 1,550, ,319 91, ,564,744 1,642,140 Payroll Taxes Payroll Taxes-FICA 263, , ,603 7, , , Payroll Taxes-Medicare 93,207 31, ,842 1, ,049 33, Payroll Taxes-SUI 6,706 8, ,472 9, Payroll Taxes-FUI 1,441 1, ,606 1, Payroll Taxes-MCTMT 22,021 6, , ,326 7,300 Total Payroll Taxes 387, , ,681 10, , ,504 Benefits Benefits-Education Reimbursement 10, , Benefits-Training Classes and Seminars 36,123 9, , ,220 9, Benefits-Medical 720, , ,859 17, , , Benefits-Life 54,567 10, ,321 10, ,888 20, Officers-Life 10,000 10, ,000 10, Insurance -WC 14,700 (293) (1.99) - (18) - 14,700 (311) Vacation Expense 410, , ,624 6, , ,576 Total Benefits 1,256, , ,901 34, ,333, ,255 Retirement Pension Contribution 353,723 88, ,277 26, , , Employee Savings Plan 644, , ,362 9, , , Pension & Savings Admin 32, (120) - 32, Deferred Compensation Exp 60, ,000 - Total Retirement 1,090, , ,639 36, ,235, ,594 Meetings Expenses Meeting Expense 235,000 10, , ,000 10, Workshop Exp 130,000 5, ,000 5,000 Total Meetings Expenses 365,000 15, , ,000 15,

6 Statement of Activities For The Three Months Ended March 31, 2015 Regional Entity Division Criteria Services Division Total Travel Expenses Travel $ 850,000 $ 97, $ 63,000 $ 5, $ 913,000 $ 103, Travel Directors 40,000 1, ,000 1,213 Total Travel Expenses 890,000 98, ,000 5, , ,316 Communications Conference Calls 45,000 5, ,000 5,200 Total Communications 45,000 5, ,000 5,200 Contracts & Consultants Consultants 50, , Contracts 716, , ,000 1, , , Contract Audit Labor 1,300, , ,300, , Contract Audit Travel 96,000 6, ,000 6, Contract Audit Expenses 180,000 12, ,000 12,494 Total Contracts & Consultants 2,342, , ,000 1, ,372, ,181 Office Rent Office Rent 645, , , , Utilities 40,000 7, ,000 7, Maintenance 22,000 5, ,000 5, Security 2, , Real Estate Taxes 42, ,000 - Total Office Rent 751, , , ,976 Office Costs Telephone 110,000 33, ,000 33, Internet Expense 80,000 4, ,000 4, Office Supplies 36,000 6, ,000 6, Computer Supplies & Maintenance 260,000 87, ,000 87, Subscriptions & Publications 13,500 6, ,500 6, Dues 4,000 1, ,000 1, Postage 1, , Express Shipping 10, , Copying 25,000 3, ,000 3, Reports 5,000 3, ,000 3, Stationary & Office Forms 3, , Equipment Repair/Srv. Contracts 8, , Bank Charges 23, , Total Office Costs 578, , , ,

7 Statement of Activities For The Three Months Ended March 31, 2015 Regional Entity Division Criteria Services Division Total Professional Services BOT Fee $ 325,000 $ 65, $ - $ - - $ 325,000 $ 65, Accounting and Auditing Fees 310,000 30, ,000 30, Legal Fees - Other 350,000 30, ,000 30, Insurance - Commercial 40,000 33, ,000 33,697 Total Professional Services 1,025, , ,025, ,542 Other Non-Operating Expenses Cash Reserve Requirement (335,182) - - (104,232) - - (439,414) - Total Other Non-Operating Expenses (335,182) - - (104,232) - - (439,414) - Depreciation Expense Depreciation Expense-Equipment 202,020 5, , ,031 5, Depreciation - Software - 39, , Depreciation Expense-Furniture - 4, , Depreciation Expense - L.I. - 14, , ,245 Total Depreciation Expense 202,020 64, ,011 2, ,031 66,858 Miscellaneous Expenses Miscellaneous Expense 40,000 7, , ,000 7, Indirect Expenses (409,902) (84,883) ,902 84, Total Miscellaneous Expenses (369,902) (77,802) ,902 84,980-42,000 7,178 Total Expenditures 14,423,378 3,087, ,035, , ,458,599 3,353,949 Change in Net Assets $ - 453,650 - $ - (8,029) - $ - 445,621 Net Assets - Beginning of Period 5,537, ,434 6,140,922 Net Assets - End of Period $ 5,991,138 $ 595,405 $ 6,586,