|Page Charges to Authors||2,390.00||2,390.00|
|Redeposit of change funds||600.00||5,000.00|
|Oklahoma State Sales Tax||399.36|
|Registration & Lodging: AAAS, NAAS, AJAS||568.00|
|TOTAL EXPENSES PAID||21,970.88|
|PRO FORMA EXPENSES|
|Transfer to Endowment Fund||2,683.45|
|Transfer to Investment||3,000.00|
|Change funds for Registration Desk||600.00||6,283.45|
|EXCESS OF EXPENSES OVER INCOME||
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.
|Cash Checking Account||$ 7,921.70|
|Cash Savings Account||4,848.58|
|Cash Endowment Fund||3,535.20|
|Investments Savings Account|
|Investments Endowment Fund|
|Balance at 1995 Dec 31||$ 53,621.47|
|Less: Excess of Expenses over Income, 1996||220.38|
|Add: Increase in Investment Endowment + Savings||9,355.39|
|BALANCE at 1996 Dec 31||62,756.48|
|TOTAL of LIABILITIES AND BALANCE||
May 17, 1996
Dr. Connie Taylor
Oklahoma Academy of Science
I have examined the Balance Sheet arising from cash transactions of the Oklahoma Academy of Science as of December 31, 1996 and the related statement of Revenues Collected and Expenses Paid for the period January 1, 1996 to December 31, 1996. 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, 1996, 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 # 0067