2011 Annual Report - the Seashore Trolley Museum

New England Electric Railway Historical Society
Statement of Functional Expenses
Year Ended December 31, 2011
Curatorial &
Exhibits
Membership
General &
Administrative
Fund
Raising
Auxiliary
Operation
Total
Expenses
Salaries and related expenses $ 138,552 $ - $ 73,059 $ - $ 27,711 $ 239,322
Contributed services - - 16,626 - - 16,626
Professional fees 72,209 - 24,875 - 63 97,147
Utilities 25,102 2,699 8,255 - 221 36,277
Conservation and maintenance 109,349 1,201 8,308 - - 118,858
Taxes and fees 55 - 4,283 - 478 4,816
Insurance - - 18,151 - - 18,151
Rent and equipment rental 32,250 - 6,590 - 239 39,079
Administration 12,179 15,968 41,425 2,204 3,837 75,613
Interest - - 4,030 - - 4,030
Miscellaneous 16,252 - - - - 16,252
Cost of goods sold 1,599 - - - 49,124 50,723
Total expenses before depreciation 407,547 19,868 205,602 2,204 81,673 716,894
Depreciation 13,894 879 39,553 - 10,780 65,106
Total expenses $ 421,441 $ 20,747 $ 245,155 $ 2,204 $ 92,453 $ 782,000
2011
Year Ended December 31, 2010
Curatorial &
Exhibits
Membership
General &
Administrative
Fund
Raising
Auxiliary
Operation
Total
Expenses
Salaries and related expenses $ 152,340 $ - $ 51,890 $ - $ 33,860 $ 238,090
Contributed services - - 26,658 - - 26,658
Professional fees 6,739 - 25,120 - 223 32,082
Utilities 23,329 2,724 12,016 - 59 38,128
Conservation and maintenance 80,915 111 9,452 - 9 90,487
Taxes and fees 11 - 3,810 - 411 4,232
Insurance 500 - 18,306 - - 18,806
Rent and equipment rental 31,727 - 5,810 - 312 37,849
Administration 36,842 12,795 51,956 2,954 3,218 107,765
Interest - - 4,479 - - 4,479
Miscellaneous 18,218 - - - 311 18,529
Cost of goods sold - - - - 54,061 54,061
Total expenses before depreciation 350,621 15,630 209,497 2,954 92,464 671,166
Depreciation 39,313 879 16,554 - 10,904 67,650
Total expenses $ 389,934 $ 16,509 $ 226,051 $ 2,954 $ 103,368 $ 738,816
2010
models). Net present value is an income approach where a
stream of expected cash flows is discounted at an appropriate
market interest rate.
For the year ended December 31, 2011, the application of valuation
techniques applied to similar assets and liabilities has been
consistent. The following table sets forth by level, within the
fair value hierarchy, the Society’s investments at fair value at
December 31, 2011.
Pledges Receivable Quoted Prices
in Active Significant
Markets for Other Significant
Identical Observable Unobservable
Fair Assets Inputs Inputs
Values (Level 1) (Level 2) (Level 3)
Mutual Funds $ 540,299 $ 540,299 $ - $ -
Pledges Receivable 14,937 - - 14,937
Total $ 555,236 $ 540,299 $ - $ 14,937
Fair value for investments is determined by reference to quoted
market prices and other relevant information generated by
market transactions.
Pledges Receivable
Pledges receivable, gross at December 31, 2010 $ 45,000
Pledge payments received during 2011 (30,000)
Less:
Discount at .15% (US Treasury bill 3-month rate) (63)
Pledges receivable at December 31, 2011 $ 14,937
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