NORTHEAST POWER COORDINATING COUNCIL, INC. Financial Statements (Together with Accountants Compilation Report) Six Months Ended June 30, 2014
NORTHEAST POWER COORDINATING COUNCIL, INC. CONTENTS FOR THE SIX MONTHS ENDED JUNE 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 June 30, 2014, and the related statement of activities for the six 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 17, 2014
Statement of Financial Position June 30, 2014 Regional Entity Division Criteria Services Division Total Assets Cash $ 5,298,284 $ 831,483 $ 6,129,767 Restricted cash 728,556 21,466 750,022 Investments 1,600,580 641,174 2,241,754 Prepaid expenses 379,465 58,108 437,573 Other assets 32,594 2,116 34,710 Equipment and leasehold improvements, net 1,002,318 78,517 1,080,835 Total Assets $ 9,041,797 $ 1,632,864 $ 10,674,661 Liabilities and Net Assets Accrued expenses and other liabilities $ 778,584 $ 32,893 $ 811,477 Deferred revenue - 494,854 494,854 Accrued liability for pension 953,498 181,619 1,135,117 Deferred rent 722,031 55,433 777,464 Total Liabilities 2,454,113 764,799 3,218,912 Net Assets - Unrestricted 6,587,684 868,065 7,455,749 Total Liabilities and Net Assets $ 9,041,797 $ 1,632,864 $ 10,674,661-2 -
Statement of Activities For The Six Months Ended June 30, 2014 Regional Entity Division Criteria Services Division Total Revenue 41000-Assessments $ 13,611,880 $ 6,805,940 50.00 $ - $ - - $ 13,611,880 $ 6,805,940 41100-Penalty Sanctions 153,000 113,500 74.18 - - - 153,000 113,500 42100-Non-Statutory Funding - - - 989,708 494,855 50.00 989,708 494,855 47000-Workshops 64,000 33,779 52.78 - - - 64,000 33,779 49000-Interest Income - 6,159 - - 358 - - 6,517 49900-Miscellaneous Income - 5,245 - - - - - 5,245 Total Revenue 13,828,880 6,964,623 50.36 989,708 495,213 50.04 14,818,588 7,459,836 Expenditures Salaries 51000-Direct Salaries 5,886,227 2,927,579 49.74 312,166 173,413 55.55 6,198,393 3,100,992 51200-Employment Agency Fee 15,000 - - - - - 15,000-51300-Temporary Office Services 10,000 6,450 64.50 - - - 10,000 6,450 Total Salaries 5,911,227 2,934,029 49.63 312,166 173,413 55.55 6,223,393 3,107,442 Payroll Taxes 52000-Payroll Taxes-FICA 259,684 189,940 73.14 15,603 11,744 75.27 275,287 201,684 52100-Payroll Taxes-Medicare 88,869 49,014 55.15 3,975 3,032 76.28 92,844 52,046 52200-Payroll Taxes-SUI 11,975 12,300 102.71 695 755 108.63 12,670 13,055 52300-Payroll Taxes-FUI 2,781 1,580 56.81 162 97 59.88 2,943 1,677 52400-Payroll Taxes-MCTMT 21,003 10,838 51.60 1,101 670 60.85 22,104 11,508 Total Payroll Taxes 384,312 263,672 68.61 21,536 16,298 75.68 405,848 279,970 Benefits 54001-Benefits-Training Classes and Seminars 36,123 8,280 22.92 2,097 - - 38,220 8,280 54100-Benefits-Medical 915,306 349,641 38.20 38,927 23,852 61.27 954,233 373,493 54200-Benefits-Life 53,751 17,903 33.31 3,150 15,514 492.51 56,901 33,417 54250-Officers-Life 9,800 10,047 102.52 - - - 9,800 10,047 54300-Insurance -WC 14,700 (579) (3.94) - (36) - 14,700 (615) 54400-Vacation Expense 400,580 204,434 51.03 19,979 12,827 64.20 420,559 217,261 Total Benefits 1,430,260 589,726 41.23 64,153 52,157 81.30 1,494,413 641,883 Retirement 55000-Pension Contribution 590,892 295,446 50.00 109,108 54,554 50.00 700,000 350,000 55100-Employee Savings Plan 478,469 243,252 50.84 20,710 6,385 30.83 499,179 249,637 55200-Pension & Savings Admin 32,000 19,873 62.10 - (360) - 32,000 19,513 55300-Deferred Compensation Exp 23,000 - - - - - 23,000 - Total Retirement 1,124,361 558,571 49.68 129,818 60,579 46.66 1,254,179 619,150 Meetings Expenses 61000-Meeting Expense 235,000 53,716 22.86 10,000 1,020 10.20 245,000 54,736 61100-Workshop Exp 130,000 42,854 32.96 - - - 130,000 42,854 Total Meetings Expenses 365,000 96,570 26.46 10,000 1,020 10.20 375,000 97,590-3 -
Statement of Activities For The Six Months Ended June 30, 2014 Regional Entity Division Criteria Services Division Total Travel Expenses 62000-Travel $ 850,000 $ 307,213 36.14 $ 63,000 $ 25,564 40.58 $ 913,000 $ 332,777 62200-Travel Directors 40,000 5,718 - - - - 40,000 5,718 Total Travel Expenses 890,000 312,931 35.16 63,000 25,564 40.58 953,000 338,495 Communications 63000-Conference Calls 75,000 14,455 19.27 - - - 75,000 14,455 63100-Online Meeting 2,000 - - - - - 2,000 - Total Communications 77,000 14,455 18.77 - - - 77,000 14,455 Contracts & Consultants 65000-Consultants 60,000 - - - - - 60,000-65100-Contracts 510,000 433,131 84.93 55,000 1,344 2.44 565,000 434,475 65110-Contract Audit Labor 1,196,433 591,142 49.41 - - - 1,196,433 591,142 65120-Contract Audit Travel 58,000 56,038 96.62 - - - 58,000 56,038 65130-Contract Audit Expenses 100,000 107,358 107.36 - - - 100,000 107,358 Total Contracts & Consultants 1,924,433 1,187,669 61.72 55,000 1,344 2.44 1,979,433 1,189,013 Office Rent 70000-Office Rent 654,772 303,493 46.35 - - - 654,772 303,493 70010-Utilities 35,000 14,273 40.78 - - - 35,000 14,273 70020-Maintenance 15,000 25,459 169.73 - - - 15,000 25,459 70030-Security 2,500 1,763 70.52 - - - 2,500 1,763 70040-Real Estate Taxes 30,000 26,423 88.08 - - - 30,000 26,423 Total Office Rent 737,272 371,411 50.38 - - - 737,272 371,411 Office Costs 71000-Telephone 110,000 45,977 41.80 - - - 110,000 45,977 71100-Internet Expense 80,000 47,007 58.76-22 - 80,000 47,029 71200-Office Supplies 35,000 11,350 32.43-42 - 35,000 11,392 71300-Computer Supplies & Maintenance 213,000 135,626 63.67 - - - 213,000 135,626 71400-Subscriptions & Publications 13,000 7,514 57.80 - - - 13,000 7,514 71500-Dues 4,000 1,970 49.25-105 - 4,000 2,075 71600-Postage 1,500 396 26.40 - - - 1,500 396 71700-Express Shipping 10,000 3,248 32.48-19 - 10,000 3,267 71800-Copying 25,000 12,513 50.05 - - - 25,000 12,513 71900-Reports - 4,791 - - - - - 4,791 72000-Stationary & Office Forms 5,000 149 2.98-17 - 5,000 166 72100-Equipment Repair/Srv. Contracts 10,000 - - - - - 10,000-72200-Bank Charges 30,000 337 1.12 - (4) - 30,000 333 Total Office Costs 536,500 270,878 50.49-201 - 536,500 271,079-4 -
Statement of Activities For The Six Months Ended June 30, 2014 Regional Entity Division Criteria Services Division Total Professional Services 75000-BOT Fee $ 280,000 $ 151,956 54.27 $ - $ - - $ 280,000 $ 151,956 75300-Accounting and Auditing Fees 300,000 79,654 26.55 - - - 300,000 79,654 75400-Legal Fees - Other 350,000 161,007 46.00 - - - 350,000 161,007 75500-Insurance - Commercial 36,500 43,737 119.83 - - - 36,500 43,737 Total Professional Services 966,500 436,354 45.15 - - - 966,500 436,354 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 13,434 5.37 24,000 648 2.70 274,000 14,082 95200-Depreciation Expense-Computers - 21,427 - - 1,935 - - 23,362 95250-Depreciation - Software - 73,638 - - 736 - - 74,374 95300-Depreciation Expense-Furniture - 9,143 - - 1,004 - - 10,147 95400- Depreciation Expense - L.I. - 29,241 - - 3,249 - - 32,490 Total Depreciation Expense 250,000 146,883 58.75 24,000 7,572 31.55 274,000 154,455 Miscellaneous Expenses 99000-Miscellaneous Expense 80,000 17,091 21.36 3,567 (81) - 83,567 17,010 99900-Contingencies - - - - 99990-Indirect Expenses (405,859) (202,117) 49.80 405,859 202,117 - - - Total Miscellaneous Expenses (325,859) (185,026) 56.78 409,426 202,036-83,567 17,010 Total Expenditures 13,828,880 6,998,123 50.61 989,708 540,184 54.58 14,818,588 7,538,307 Change in Net Assets $ - (33,500) - $ - (44,971) - $ - (78,471) Net Assets - Beginning of Period 6,621,184 913,036 7,534,220 Net Assets - End of Period $ 6,587,684 $ 868,065 $ 7,455,749-5 -