PROCEEDINGS OF THE
OKLAHOMA ACADEMY OF SCIENCE
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Volume 72—1992

{Page 74}

STATEMENT INCOME AND EXPENSES FOR 1991 JANUARY 1 TO DECEMBER 31

INCOME
Dues:
Professional $ 4,704.00
Student 405.00
Library 957.50
Life, Sustaining, Family 547.50 $ 6,614.00
 
Meetings:
Field–Spring 4,235.85
Field–Fall 4,116.60
Technical–Fall 3,303.00 11,655.45
 
Publications:
Proceedings 990.00
Sales of Publications 381.25
Page Charges to Authors 1,480.39 2,851.64
 
Endowment Income 1,763.90 1,763.90
 
Interest Income:
Savings Account $ 2,200.06
Endowment Account 53.36 2,253.42
 
Transfer from Savings Account 4,000.00 4,000.00
TOTAL INCOME $30,845.03
Less Checks Returned -60.00
and Uncollected -51.50 -111.50 -111.50
NET TOTAL INCOME $29,026.91
EXPENSES PAID
Telephone 200.01
Supplies 940.96
Printing 9,548.17
Postage 674.68
Field Meeting–Spring 3,140.25
Field Meeting–Fall 2,647.00
Technical Meeting–Fall 1,242.39
Insurance (Liability) 1,391.50
Executive Secretary 7,000.00
Dues 194.00
Travel 425.00
Audit 300.00
Endowment 1,644.65
Miscellaneous 539.42
TOTAL EXPENSES PAID 29,967.48
EXCESS OF EXPENSES OVER NET INCOME ($    940.57)

The Oklahoma Academy of Science is a non-profit organization, organized under Section 501 C (3) of the Internal Revenue Code of 1954.

Books and records of the organization are maintained on the cash basis of accounting.

{Page 75}

BALANCE SHEET AT 1991 DECEMBER 31

ASSETS
  Cash – Market Rate Checking Account $   6,303.45
  Cash – Savings Account 5,741.14
  Cash – Endowment Fund 1,991.74
  Certificate of Deposit 32,000.00
TOTAL ASSETS $ 46,036.33

LIABILITIES
  Liabilities 0.00 0.00
BALANCE
  Balance at 1990 Dec 31 $ 49,332.25
  Less: Excess of Expenses over Income
        1991 Jan 1 to Dec 31
(-940.57)
  Less: Transfer from Savings to checking (-4,000,00
  Add: Increase in Endowment fund 1,644.65
  BALANCE at 1991 Dec 31 46,036.33
TOTAL of LIABILITIES AND BALANCE $ 46,036.33

 

May 14, 1992

Dr. James K. McPherson
President
Oklahoma Academy of Science

I have examined the Balance Sheet arising from cash transactions of the Oklahoma Academy of Science as of December 31, 1991 and the related statement of Revenues Collected and Expenses Paid for the period January 1, 1991 to December 31, 1991. My examination was made in accordance with generally accepted auditing standards and, accordingly, included such tests of the accounting records and such other procedures as considered necessary in the circumstances.

The Academy's policy is to prepare its financial statements on the basis of cash receipts and disbursements. Revenues and the related assets are recognized when received rather than when earned, and expenses are recognized when paid rather than when the obligation is incurred. Accordingly, the accompanying financial statements are not intended to present financial position and results of operations in conformity with generally accepted accounting principles.

In my opinion, the financial statements referred to above present fairly the assets and liabilities arising from cash transactions of the Oklahoma Academy of Science as of December 31, 1991, and the revenue collected and expenses paid during the period mentioned above, on the cash basis, of accounting, which basis has been applied in a manner consistent with that of the preceding year.

/S/William H. Jordan
William H. Jordan PA
Oklahoma Certificate # 653
Oklahoma Permit # 0179