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OKLAHOMA ACADEMY OF SCIENCE
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Volume 771997

{Page 142}

STATEMENT INCOME AND EXPENSES FOR 1996 JANUARY 1 TO DECEMBER 31

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INCOME
Dues:
Professional $ 4,710.00
Student 1,065.00
Family 1,010.00
Library 2,022.50 $ 8,807.50
 
Meetings:
Field–Spring 2,428.00
Field–Fall 2,816.00
Technical–Fall 3,309.00 8,553.00
 
Publications:
Page Charges to Authors 2,390.00 2,390.00
 
Endowment Contributions 2,683.45 2,683.45
Miscellaneous Income:
Redeposit of change funds 600.00 5,000.00
TOTAL INCOME 28,033.95
EXPENSES PAID
Telephone 376.30
Office Expense 868.33
Printing 7,720.12
Postage 1,035.29
Field Meeting–Spring 2,821.00
Field Meeting–Fall 2,097.50
Technical Meeting–Fall 2,939.22
Insurance (Liability) 1,021.00
Oklahoma State Sales Tax 399.36
Dues (National) 232,00
Audit 398.00
Travel 675.47
Registration & Lodging: AAAS, NAAS, AJAS 568.00
In-jet Printer 754.34
Bank Charges 7.85
Miscellaneous 57.10
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
TOTAL EXPENSES 28,254.33
EXCESS OF EXPENSES OVER INCOME $    220.38


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 143}

BALANCE SHEET AT 1996 DECEMBER 31

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ASSETS
  Cash – Checking Account $   7,921.70
  Cash – Savings Account 4,848.58
  Cash – Endowment Fund 3,535.20
  Investments – Savings Account
Certificate of Deposit
12,000.00
202 shares N-II
5,000.00
1025 shares NBI
11,000.00
  Investments – Endowment Fund
Certificate of Deposit
8,000.00
307 shares VG
10,451.00
TOTAL ASSETS $ 62,756.48

LIABILITIES
  Liabilities 0.00 0.00
BALANCE
  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 $ 62,756.48

 

May 17, 1996

Dr. Connie Taylor
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, 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

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