PROCEEDINGS OF THE
OKLAHOMA ACADEMY OF SCIENCE
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Volume 73—1993

{Page 84}

STATEMENT INCOME AND EXPENSES FOR 1992 JANUARY 1 TO DECEMBER 31

INCOME
Dues:
Professional $ 5,960.00
Student 960.00
Library 969.50
Life, Sustaining, Family 920.00 $ 8,809.50
 
Meetings:
Field–Spring 3,435.00
Field–Fall 4,011.75
Technical–Fall 3,012.00 10,458.75
 
Publications:
Proceedings 731.25
Sales of Publications 263.50
Page Charges to Authors 1,094.40 2,089.15
 
Endowment Income 1,081.20 1,081.20
 
Interest Income:
Savings Account 1,288.71
Endowment Account     79.23 1,367.94
 
Miscellaneous Income:     81.90     81.90
 
TOTAL ORDINARY INCOME 23,888.44
 
Transfer from Savings Account 21,000.00
Transfer from Endowment Account 3,000.00 24,000.00
 
TOTAL INCOME $47,888.44
 
EXPENSES PAID
Telephone 310.25
Supplies 246.99
Printing 10,474.95
Word Processing 189.65
Postage 917.07
Field Meeting–Spring 2,447.00
Field Meeting–Fall 2,794.00
Technical Meeting–Fall 1,740.96
Insurance (Liability) 1,261.00
Executive Secretary 6,000.00
Oklahoma State Sales Tax 28.28
Dues 127.50
Audit 327.00
Miscellaneous     930.58
 
TOTAL ORDINARY EXPENSES PAID 27,795.23
 
Transfer to Endowment Fund 1,262.25
Transfer to Investments 16,650.00 17,912.25
 
TOTAL EXPENSES 45,707.48
 
EXCESS OF INCOME OVER EXPENSES $    2,180.96

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 85}

BALANCE SHEET AT 1992 DECEMBER 31

ASSETS
Cash – Market Rate Checking Account $ 7,116.47
Cash – Savings Account 2,029.85
Cash – Endowment Fund 333.22
Investments – Savings Account
Certificate of Deposit
16,000.00
202 shares N-II
5,000.00
763 shares NBI
8,000.00
Investments – Endowment Fund
111 shares VG
3,650.00
 
TOTAL ASSETS $ 42,129.54

 
LIABILITIES
  Liabilities 0.00 0.00
 
BALANCE
Balance at 1991 Dec 31 $ 46,036.33
Add: Excess of Income over Expenses, 1992 2,180.96.
Add: Increase in Investment – Savings 13,000.00
Add: Increase in Investment – Endowment 3,650.00
Add: Transfer to Endowment Fund 1,625.25
Less: Transfer from Savings to Operating (-21,000.00)
Less: Transfer from Endowment to Operating (-3,000.00)
BALANCE at 1991 Dec 31 42,129.54
 
TOTAL of LIABILITIES AND BALANCE $ 42,129.54

 

May 14, 1993

Dr. James R. Estes
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, 1992 and the related statement of Revenues Collected and Expenses Paid for the period January 1, 1992 to December 31, 1992. 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, 1992, 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 # 0147