2007 Annual Report - the Seashore Trolley Museum

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New England Electric Railway Historical Society car Museum and displays. The agreement does not include a rental payment but does call for the Society to be responsible for all utilities, and is for a term of five years, ending June 30, 2012. The estimated present value of the rent under this lease agreement as of December 31, 2007 is $134,445 and is included in pledges receivable. Rent expense for the year ended December 31, 2007 was $15,000. Rent expense will be recognized annually as follows: Total 2008 $ 30,000 2009 30,000 2010 30,000 2011 30,000 2012 15,000 $ 135,000 Note 11 - Subsequent Events In February 2008, the Society entered into a 60-month operating lease agreement for a copier. Rental payments are $95 per month plus tax. In addition, a twelve-month lease agreement was entered into during 2009, with monthly payments of $35. Total minimum annual rentals are as follows: Total 2008 $ 1,406 2009 1,613 2010 1,193 2011 1,193 2012 1,193 Thereafter $ 137 6,735 In 2009, the Society obtained a $30,000 line of credit with a sixmonth draw period repayable over five years. The interest rate is fixed at 5.75%, and interest only payments are due over the first six-months, then monthly principal and interest payments are due based on a seven year amortization. A final balloon payment will be due at the end of the five year term. This loan is cross-collateralized with the renewed loan described in Note 6. Independent Auditor’s Report To the Board of Trustees New England Electric Railway Historical Society Kennebunkport, ME We have audited the accompanying statements of financial position of New England Electric Railway Historical Society as of December 31, 2007, and the related statements of activities and changes in net assets, and cash flows for the year then ended. These financial statements are the responsibility of the Society’s management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of New England Electric Railway Historical Society as of December 31, 2007 and the changes in its net assets and its cash flows for the year then ended in conformity with accounting principles generally accepted in the United States of America. The 2006 financial statements were compiled by us. We did not audit or review those financial statements and, accordingly, express no opinion or other form of assurance on them. February 28, 2010 Certified Public Accountants Kennebunk, Maine 28
Trustee Recognition Awards Each Spring—at one of its regular meetings—your Board of Trustees carefully reviews a short list of noteworthy candidates. Those coming under such close scrutiny at the time are not a slate of nominees for annual election, nor are they appointees to Museum posts. Rather, they are those being considered as recipients of the Society’s highest honor: the Trustee Recognition Award. This award is conferred annually upon an individual, group, or entity that has markedly impacted the Society—and its Seashore Trolley Museum—in an extraordinarily beneficial manner. Trustee Recognition Award recipients are not made known until the Annual Meeting (in May), at which time the framed Award is presented to the recipients and the individualized text of each Award is read aloud to all those assembled. At this year’s Annual Meeting, held on May 26, 2007, the Trustee Recognition Awards were presented to the following uncommon individuals: Frederick J. Maloney Fred has been one of the key architects of Seashore’s National Collection of American Streetcars and has sponsored restoration of some of the most significant cars in that collection. Working with others, Fred sought out and helped acquire many of the cars of national significance from major cities of the streetcar era. One of Seashore’s most generous benefactors, Fred sponsored the restoration of Brooklyn 4547, Pittsburgh 1440, Montreal 957, New Orleans 966, and Cleveland 1227, while contributing his own labr and funding to many others. Cecilia B. Clapp Above: Eliot Kaplan reads Cecilia Clapp's award as Jim Schantz looks on. Cecilia has been a part of the Museum for so many years that people think she was there at the founding From working in the shop, to selling tickets from the ticket booth before there was a Visitor’s Center, to operating the trolleys, to helping with financial work, to being the Corporate Secretary sending out the Trustees’ meeting notices and taking and keeping the minutes of the meetings, Cecilia has done it all. These are but a representative few of the many different ways that Cecilia has worked to benefit the Museum. For all your seen and unseen efforts on behalf of the New England Electric Railway Historical Society and its Museum, we acknowledge and honor your devotion, leadership, and service. John W. Coyle III EK In his almost 50 years of volunteer activity, Fred has served as Trustee, has helped edit the Anuual Report, has been a consistent and vocal advocate for the collection, and has given to many aspects of the Museum’s development. For all your seen and unseen efforts on behalf of the New England Electric Railway Historical Society and its Museum, we acknowledge and honor your devotion, leadership, and service. Robert Reich Bob’s dedication, hard work, loyalty, and generosity makes Bob a model volunteer. Regularly working 2 days a week in the Shop during the off-season, and 1 day in the Shop and 1 in Operatins inseason gives Bob the unique view of seeing the fruits of his labor in passenger service. In the Shop, Bob has sanded & painted the windows on 434D, recovered the seats on 631 & 1267, worked on 4175 in the middle of winter with only a small space heater to stay warm. It has also been said that Bob is so punctual that you could set your watch by his comings and goings. In Operations, Bob has risen from Operator/Conductor to spare Dispatcher to be the regular Wednesday Dispatcher These are but a representative few of the many different ways that Bob has worked to the benefit the Museum. For all your seen and unseen efforts on behalf of the New England Electric Railway Historical Society and its Museum, we acknowledge and honor your devotion, leadership, and service. Above: Eliot Kaplan and Jim Schantz present the award to Jack Coyle. EK For many years, Jack could be seen riding or guiding lawn mowers around the grounds keeping the museum’s public appearance neat. An expert in the intricacies of Seashore’s storage yards and car characteristics, Jack has played a major role in the Yardmaster department. His knowledge and experience in overhead wire construction has often also found him on top of a line car or line truck ensuring the wire is functional and safe. Last Winter, Jack took a very active role in the Society’s last Annual Fund Campaign, tirelessly calling our membership soliciting donations long after others had stopped. For all your seen and unseen efforts on behalf of the New England Electric Railway Historical Society and its Museum, we acknowledge and honor your devotion, leadership, and service.
Page 1 and 2: New England Electric Railway Histor
Page 3 and 4: Letter to Members The year 2007 was
Page 5 and 6: 2007 Annual Report Parts Department
Page 7 and 8: Library Report Edward L. Ramsdell,
Page 9 and 10: Seashore’s Web Site at the ASL 10
Page 11 and 12: • First truck disassembled • Al
Page 13 and 14: Above: Cleveland 1227’s headlinin
Page 15 and 16: Lowell Operations Report Roger E. S
Page 17 and 18: Ann Transportation Authority No. 78
Page 19 and 20: 2007 2006 Local States [ME & NH] 11
Page 21 and 22: 2007 Annual Report Administrative M
Page 23 and 24: Pierce, Donald W. Robb, Kenneth E.
Page 25 and 26: Financial Report Notes to Financial
Page 27 and 28: Statement of Activities and Changes
Page 29: Statement of Cash Flows For the yea

2007 Annual Report - the Seashore Trolley Museum

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