Our Warmest Wishes For The Holidays - Korean War Veterans ...
Our Warmest Wishes For The Holidays - Korean War Veterans ...
Our Warmest Wishes For The Holidays - Korean War Veterans ...
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<strong>Korean</strong> <strong>War</strong> <strong>Veterans</strong> Association Financial Statement: October 2006 – September 2007<br />
BUSINESS<br />
Board of Directors<br />
<strong>Korean</strong> <strong>War</strong> <strong>Veterans</strong> Association, Inc.<br />
Alexandria, LA<br />
We have compiled the accompanying balance sheet and<br />
income statement-cash basis/income tax basis for the twelve<br />
month period ended September 30, 2007 of the <strong>Korean</strong> <strong>War</strong><br />
<strong>Veterans</strong> Association, Inc. and the accompanying supplementary<br />
information which is presented only for supplementary analysis<br />
purposes, in accordance with Statements on Standards for<br />
Accounting and Review Services issued by the American Institute<br />
of Certified Public Accountants.<br />
A compilation is limited to presenting, in the form of financial<br />
statements information that is the representation of management.<br />
We have not audited or reviewed the accompanying financial<br />
statements and accordingly, do not express an opinion or any<br />
other form of assurance on them.<br />
Management has elected to omit substantially all of the disclosures<br />
required by generally accepted accounting principles of the<br />
United States. If the omitted disclosures were included with the<br />
balance sheet and income statement, they might influence the<br />
user’s conclusion about the Company’s financial position.<br />
Accordingly, this balance sheet and income statement is not<br />
designed for those who are not informed about such matters.<br />
We are not independent with respect to the <strong>Korean</strong> <strong>War</strong> <strong>Veterans</strong><br />
Association, Inc.<br />
Oct ‘06 - Sep 07<br />
Ordinary Income/Expense<br />
Income<br />
4000 · Contributions - Support of Gray 3,369.18<br />
4002 · Conventions<br />
4002.a · Convention Registraton & Meals 6,600.00<br />
Total 4002 · Conventions 6,600.00<br />
4003 · Dues<br />
4003.a · Paid by Cash 271,028.22<br />
4003.b · Paid by Credit Card 13,191.40<br />
Total 4003 · Dues 284,219.62<br />
4004 · Donations 2,201.68<br />
4005 · Graybeards Advertising 9,535.00<br />
4006 · Fund Raiser-Net of Expenses<br />
4006.e · Travel & Meals -1,820.19<br />
Total 4006 · Fund Raiser-Net of Expenses -1,820.19<br />
4007 · Sales - Miscellaneous Items 636.17<br />
Total Income 304,741.46<br />
Expense<br />
5000 · Professional services<br />
5000.a · Accounting fees 20,036.22<br />
5000.b · Legal Fees 14,849.32<br />
5000.c · Other 10,872.59<br />
Total 5000 · Professional services 45,758.13<br />
5001 · Other Fund Raisers<br />
5001.a · Decals & Patches -19.00<br />
5001.b · Other 1,121.50<br />
Total 5001 · Other Fund Raisers 1,102.50<br />
5002 · Bank charges 3,120.38<br />
5007 · Web site 16,494.63<br />
5008 · Depreciation 2,877.66<br />
5009 · Donation -<strong>Veterans</strong> Org 500.00<br />
5014 · Graybeards Magazine<br />
5014.a · Editing 12,000.00<br />
5014.b · Printing/Publishing 121,360.74<br />
5014.c · Postage 40,718.33<br />
Total 5014 · Graybeards Magazine 174,079.07<br />
5015 · Insurance<br />
5015.b · Directors and Officers 6,401.40<br />
5015.d · Other 28.50<br />
Total 5015 · Insurance 6,429.90<br />
5016 · Judge advocate 342.12<br />
5017 · Membership Office<br />
5017.a · Secretarial Services 18,246.53<br />
5017.b · Telephone 2,859.04<br />
5017.c · Postage 8,715.95<br />
5017.d · Membership Cards/Supplies 7,851.75<br />
5017.e · Other 626.71<br />
Total 5017 · Membership Office 38,299.98<br />
5019 · Meetings and conventions<br />
5019.a · Travel 31,799.94<br />
5019.b · Recorder 7,828.10<br />
5019.c · Hotel Charges 13,547.24<br />
5019.d · Entertainment 3,718.63<br />
5019.e · Other 1,386.31<br />
Total 5019 · Meetings and conventions 58,280.22<br />
5021 · Headquarters Expense<br />
5021.a · Travel 27,154.10<br />
5021.b · Telephone 1,832.14<br />
5021.c · Supplies & Postage 5,681.43<br />
5021.d · Other 5,641.63<br />
Total 5021 · Headquarters Expense 40,309.30<br />
5022 · Miscellaneous<br />
5022.a · Chapter Development Expenses 59.59<br />
5022.b · Other Expenses 3,275.96<br />
5022.c · Reimbursed Expenses 1,055.13<br />
Total 5022 · Miscellaneous 4,390.68<br />
5023 · Elections 2,225.70<br />
5024 · Travel<br />
5024.a · President 6,871.21<br />
Total 5024 · Travel 6,871.21<br />
5031 · Telephone/Supplies/Postage<br />
5031.a · Office of the President 1,107.51<br />
5031.b · Other 307.46<br />
Total 5031 · Telephone/Supplies/Postage 1,414.97<br />
5032 · Credit Card expense 112.06<br />
Total Expense 402,608.51<br />
Net Ordinary Income -97,867.05<br />
Other Income/Expense<br />
Other Income<br />
7001 · Dividends 8,295.84<br />
7002 · Interest Income 15,842.80<br />
7004 · Unrealized Gain(Loss) Invstmnts 22,206.37<br />
7005 · Royalty Income 1,500.03<br />
Total Other Income 47,845.04<br />
Net Other Income 47,845.04<br />
Net Income -50,022.01<br />
13<br />
<strong>The</strong> Graybeards November-December 2007