PROCEEDINGS OF THE
OKLAHOMA ACADEMY OF SCIENCE
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Volume 78—1998

{Page 142}

STATEMENT INCOME AND EXPENSES FOR 1997 JANUARY 1 TO DECEMBER 31

INCOME
Dues:
Professional $ 4,625.00
Student 1,490.00
Family 660.00
Library     1,902.50 $ 8,677.50
 
Meetings:
Field–Spring 5,011.00
Field–Fall 3,564.00
Technical–Fall 2,925.00
Sale of Publications     2,380.00 13,880.00
 
Endowment Constributions     2,611.00 2,611.00
 
Savings Constributions     7,000.00 7,000.00
 
Miscellaneous Income:
Redeposit of Advance - Warren 1,310.00
Transfer from Savings Account   10,000.00   11,310.00
TOTAL INCOME 43,478.50
 
EXPENSES PAID
Telephone 427.53
Office Expense 1,526.01
Printing 9,172.75
Postage 1,466.42
Field Meeting–Spring 3,529.00
Field Meeting–Fall 2,422.50
Technical Meeting–Fall 2,372.48
Insurance (Liability) 1,642.31
Oklahoma State Sales Tax 545.68
Dues (National) 245.00
Audit 406.00
Travel 727.08
Registration & Lodging: AAAS, NAAS, AJAS 613.00
CBE Workshop 1,391.00
CBE Mtg-T. Warren / Advance 1,310.00
Awards 496.46
Miscellaneous       30.00
TOTAL EXPENSES PAID 28,323.22
PRO FORMA EXPENSES
Transfer to Endowment Fund 2,835.00
Transfer to Investment 10,000.00
Transfer to Savings Account     2,185.00     15,020.00
TOTAL EXPENSES   43,343.22
EXCESS OF INCOME OVER EXPENSES $      135.28


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 1997 DECEMBER 31

ASSETS
  Cash – Checking Account $   8,056.98
  Cash – Savings Account 20,015.27
  Cash – Endowment Fund 8,394.73
  Investments – Savings Account
Certificate of Deposit
12,000.00
  Investments – Endowment Fund
Certificate of Deposit
10,000.00
138.447 shares VG
    10,000.00
TOTAL ASSETS $ 68,466.98

LIABILITIES
  Liabilities       0.00 0.00
BALANCE
  Balance at 1996 Dec 31 $ 62,756.48
  Add: Excess of Income over Expenses, 1997 135.28
  Add: Increase in Investment – Endowment + Savings     5,575.98
  BALANCE at 1997 Dec 31 68,466.98
TOTAL of LIABILITIES AND BALANCE $ 68,466.98


May 17, 1998

Dr. Ron J. Tyrl
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, 1997 and the related statement of Revenues Collected and Expenses Paid for the period January 1, 1997 to December 31, 1997. 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, 1997, 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