NORTHEAST POWER COORDINATING COUNCIL, INC. Financial Statements (Together with Accountants Compilation Report) Nine Months Ended September 30, 2014
NORTHEAST POWER COORDINATING COUNCIL, INC. CONTENTS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2014 Accountants Compilation Report 1 Page No. Financial Statements Statement of Financial Position 2 Statement of Activities 3-5
ACCOUNTANTS COMPILATION REPORT To the Members of Northeast Power Coordinating Council, Inc. 1040 Avenue of the Americas, 10 th Floor New York, New York 10018 We have compiled the accompanying statement of financial position of Northeast Power Coordinating Council, Inc. as of September 30, 2014, and the related statement of activities for the nine 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 Northeast Power Coordinating Council, Inc. New York, New York November 25, 2014
Statement of Financial Position September 30, 2014 Regional Entity Division Criteria Services Division Total Assets Cash $ 6,039,335 $ 622,172 $ 6,661,507 Restricted cash 728,835 21,474 750,309 Investments 1,602,690 641,174 2,243,864 Prepaid expenses 214,201 28,200 242,401 Other assets 29,116 2,116 31,232 Equipment and leasehold improvements, net 946,553 74,732 1,021,285 Total Assets $ 9,560,730 $ 1,389,868 $ 10,950,598 Liabilities and Net Assets Accrued expenses and other liabilities $ 1,070,305 $ 44,524 $ 1,114,829 Deferred revenue - 247,427 247,427 Accrued liability for pension 953,498 181,619 1,135,117 Deferred rent 723,514 55,547 779,061 Total Liabilities 2,747,317 529,117 3,276,434 Net Assets - Unrestricted 6,813,413 860,751 7,674,164 Total Liabilities and Net Assets $ 9,560,730 $ 1,389,868 $ 10,950,598-2 -
Statement of Activities For The Nine Months Ended September 30, 2014 Regional Entity Division Criteria Services Division Total Revenue 41000-Assessments $ 13,611,880 $ 10,208,910 75.00 $ - $ - - $ 13,611,880 $ 10,208,910 41100-Penalty Sanctions 153,000 113,500 74.18 - - - 153,000 113,500 42100-Non-Statutory Funding - - - 989,708 742,282 75.00 989,708 742,282 47000-Workshops 64,000 44,179 69.03 - - - 64,000 44,179 49000-Interest Income - 8,970 - - 521 - - 9,491 49900-Miscellaneous Income - 5,245 - - - - - 5,245 Total Revenue 13,828,880 10,380,804 75.07 989,708 742,803 75.05 14,818,588 11,123,607 Expenditures Salaries 51000-Direct Salaries 5,886,227 4,357,371 74.03 312,166 260,110 83.32 6,198,393 4,617,481 51200-Employment Agency Fee 15,000 - - - - - 15,000-51300-Temporary Office Services 10,000 10,290 102.90 - - - 10,000 10,290 Total Salaries 5,911,227 4,367,661 73.89 312,166 260,110 83.32 6,223,393 4,627,771 Payroll Taxes 52000-Payroll Taxes-FICA 259,684 234,887 90.45 15,603 14,612 93.65 275,287 249,499 52100-Payroll Taxes-Medicare 88,869 67,701 76.18 3,975 4,223 106.24 92,844 71,924 52200-Payroll Taxes-SUI 11,975 13,273 110.84 695 817 117.55 12,670 14,090 52300-Payroll Taxes-FUI 2,781 1,680 60.41 162 103 63.58 2,943 1,783 52400-Payroll Taxes-MCTMT 21,003 14,980 71.32 1,101 934 84.83 22,104 15,914 Total Payroll Taxes 384,312 332,521 86.52 21,536 20,689 96.07 405,848 353,210 Benefits 54001-Benefits-Training Classes and Seminars 36,123 8,280 22.92 2,097 - - 38,220 8,280 54100-Benefits-Medical 915,306 505,481 55.23 38,927 36,561 93.92 954,233 542,042 54200-Benefits-Life 53,751 33,438 62.21 3,150 21,386 678.92 56,901 54,824 54250-Officers-Life 9,800 10,047 102.52 - - - 9,800 10,047 54300-Insurance -WC 14,700 (860) (5.85) - (54) - 14,700 (914) 54400-Vacation Expense 400,580 303,752 75.83 19,979 19,066 95.43 420,559 322,818 Total Benefits 1,430,260 860,138 60.14 64,153 76,959 119.96 1,494,413 937,097 Retirement 55000-Pension Contribution 590,892 443,169 75.00 109,108 81,831 75.00 700,000 525,000 55100-Employee Savings Plan 478,469 360,215 75.28 20,710 11,784 56.90 499,179 371,999 55200-Pension & Savings Admin 32,000 34,857 108.93 - (480) - 32,000 34,377 55300-Deferred Compensation Exp 23,000 29,300 127.39 - - - 23,000 29,300 Total Retirement 1,124,361 867,541 77.16 129,818 93,135 71.74 1,254,179 960,676 Meetings Expenses 61000-Meeting Expense 235,000 83,605 35.58 10,000 1,020 10.20 245,000 84,625 61100-Workshop Exp 130,000 42,854 32.96 - - - 130,000 42,854 Total Meetings Expenses 365,000 126,459 34.65 10,000 1,020 10.20 375,000 127,479-3 -
Statement of Activities For The Nine Months Ended September 30, 2014 Regional Entity Division Criteria Services Division Total Travel Expenses 62000-Travel $ 850,000 $ 458,634 53.96 $ 63,000 $ 33,776 53.61 $ 913,000 $ 492,410 62200-Travel Directors 40,000 12,013 - - - - 40,000 12,013 Total Travel Expenses 890,000 470,647 52.88 63,000 33,776 53.61 953,000 504,423 Communications 63000-Conference Calls 75,000 22,271 29.69 - - - 75,000 22,271 63100-Online Meeting 2,000 - - - - - 2,000 - Total Communications 77,000 22,271 28.92 - - - 77,000 22,271 Contracts & Consultants 65000-Consultants 60,000 - - - - - 60,000-65100-Contracts 510,000 532,094 104.33 55,000 1,344 2.44 565,000 533,438 65110-Contract Audit Labor 1,196,433 850,398 71.08 - - - 1,196,433 850,398 65120-Contract Audit Travel 58,000 73,038 125.93 - - - 58,000 73,038 65130-Contract Audit Expenses 100,000 135,410 135.41 - - - 100,000 135,410 Total Contracts & Consultants 1,924,433 1,590,940 82.67 55,000 1,344 2.44 1,979,433 1,592,284 Office Rent 70000-Office Rent 654,772 473,189 72.27 - - - 654,772 473,189 70010-Utilities 35,000 23,579 67.37 - - - 35,000 23,579 70020-Maintenance 15,000 33,248 221.65 - - - 15,000 33,248 70030-Security 2,500 2,361 94.44 - - - 2,500 2,361 70040-Real Estate Taxes 30,000 26,423 88.08 - - - 30,000 26,423 Total Office Rent 737,272 558,800 75.79 - - - 737,272 558,800 Office Costs 71000-Telephone 110,000 66,481 60.44 - - - 110,000 66,481 71100-Internet Expense 80,000 69,696 87.12-28 - 80,000 69,724 71200-Office Supplies 35,000 15,410 44.03-49 - 35,000 15,459 71300-Computer Supplies & Maintenance 213,000 201,565 94.63 - - - 213,000 201,565 71400-Subscriptions & Publications 13,000 9,658 74.29 - - - 13,000 9,658 71500-Dues 4,000 1,970 49.25-105 - 4,000 2,075 71600-Postage 1,500 452 30.13-1 - 1,500 453 71700-Express Shipping 10,000 4,113 41.13-25 - 10,000 4,138 71800-Copying 25,000 18,648 74.59 - - - 25,000 18,648 71900-Reports - 4,791 - - - - - 4,791 72000-Stationary & Office Forms 5,000 524 10.48-17 - 5,000 541 72100-Equipment Repair/Srv. Contracts 10,000 - - - - - 10,000-72200-Bank Charges 30,000 856 2.85-12 - 30,000 868 Total Office Costs 536,500 394,164 73.47-237 - 536,500 394,401-4 -
Statement of Activities For The Nine Months Ended September 30, 2014 Regional Entity Division Criteria Services Division Total Professional Services 75000-BOT Fee $ 280,000 $ 218,207 77.93 $ - $ - - $ 280,000 $ 218,207 75300-Accounting and Auditing Fees 300,000 147,437 49.15 - - - 300,000 147,437 75400-Legal Fees - Other 350,000 221,479 63.28 - - - 350,000 221,479 75500-Insurance - Commercial 36,500 50,419 138.13 - - - 36,500 50,419 Total Professional Services 966,500 637,542 65.96 - - - 966,500 637,542 Other Non-Operating Expenses 80300-Cash Reserve Requirement (442,126) - - (99,391) - - (541,517) - Total Other Non-Operating Expenses (442,126) - - (99,391) - - (541,517) - Depreciation Expense 95100-Depreciation Expense-Equipment 250,000 20,266 8.11 24,000 972 4.05 274,000 21,238 95200-Depreciation Expense-Computers - 32,141 - - 2,902 - - 35,043 95250-Depreciation - Software - 120,467 - - 1,104 - - 121,571 95300-Depreciation Expense-Furniture - 13,714 - - 1,505 - - 15,219 95400- Depreciation Expense - L.I. - 43,861 - - 4,874 - - 48,735 Total Depreciation Expense 250,000 230,449 92.18 24,000 11,357 47.32 274,000 241,806 Miscellaneous Expenses 99000-Miscellaneous Expense 80,000 25,930 32.41 3,567 (27) - 83,567 25,903 99900-Contingencies - - - - 99990-Indirect Expenses (405,859) (296,488) 73.05 405,859 296,488 - - - Total Miscellaneous Expenses (325,859) (270,558) 83.03 409,426 296,461-83,567 25,903 Total Expenditures 13,828,880 10,188,575 73.68 989,708 795,088 80.34 14,818,588 10,983,663 Change in Net Assets $ - 192,229 - $ - (52,285) - $ - 139,944 Net Assets - Beginning of Period 6,621,184 913,036 7,534,220 Net Assets - End of Period $ 6,813,413 $ 860,751 $ 7,674,164-5 -