BC/EFA Annual Report 2004 - Broadway Cares/Equity Fights AIDS

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BROADWAY CARES/EQUITY FIGHTS AIDS BROADWAY CARES/EQUITY FIGHTS AIDS, INC. NOTES TO FINANCIAL STATEMENTS SEPTEMBER 30, 2004 AND 2003 NOTE B - PROPERTY AND EQUIPMENT At each fiscal year-end, property and equipment consisted of the following: YEAR ENDED SEPTEMBER 30, 2004 2002 office furniture and fixtures $ 99,049 $ 115,280 equipment 105,392 145,825 leasehold improvements 59,730 61,755 264,171 322,860 less accumulated depreciation (172,707) (235,967) During fiscal-year 2004, fully depreciated furniture and equipment of $104,407 were written-off. $ 91,464 $ 86,893 NOTE C - COMMITMENTS [1] LEASE AGREEMENT: The Organization rents office space under an operating lease agreement that expires on June 30, 2008. The lease requires minimum lease payments plus escalation charges. Rent expense for each of the fiscal-years 2004 and 2003 was approximately $248,000 and $236,000, respectively. The minimum annual future obligations under this lease are as follows: YEAR ENDED SEPTEMBER 30, 2005 212,396 2006 218,767 2007 225,328 2008 172,770 $ 829,261 [2] CONSULTING AGREEMENT: On October 1, 2004, the Organization entered into a consulting agreement for direct mailing services. The agreement expires on September 30, 2006. The minimum fee is expected to be $27,000 for fiscal-year 2005 and $27,000 for fiscal-year 2006. notes to financial statements 70
BROADWAY CARES/EQUITY FIGHTS AIDS BROADWAY CARES/EQUITY FIGHTS AIDS, INC. NOTES TO FINANCIAL STATEMENTS SEPTEMBER 30, 2004 AND 2003 NOTE D - DONATED GOODS AND SERVICES Contributed goods are recognized at their fair market values at the dates of donation. Contributions of services are recognized when they are received, if the services (a) create or enhance nonfinancial assets or (b) require specialized skills, are provided by individuals possessing those skills, and would typically need to be purchased if not donated. During fiscal-year 2004, the Organization received $62,850 of donated airfare and $35,600 of donated security. In addition, the Organization received (i) donated toy bears of $100,000 and $90,000 in fiscal-years 2004 and 2003, respectively, and (ii) an in-kind contribution in the form of donated advertising which was valued at $170,000 and $175,000 in fiscal-years 2004 and 2003, respectively. NOTE E - RELATED PARTY TRANSACTION A director of the Organization is a principal owner of the press agency used by the Organization. Fees paid for services and expense reimbursements to the press agency were $32,741 and $27,538 for fiscal-years 2004 and 2003, respectively. For the fiscal-years 2004 and 2003, grants of $3,360,500 and $2,972,500, respectively, were paid to the Actors Fund of America, a not-for-profit organization that has several board members in common with the Organization. NOTE F - CONTRIBUTIONS TO RELIEF EFFORTS As a result of the terrorist attacks in 2001, various Broadway shows collected donations for the relief efforts and submitted these contributions to the Organization. The Organization in turn distributed these funds, which amounted to approximately $215,000 in the fiscal year ending September 30, 2002, to appropriate recipients. NOTE H - RETIREMENT BENEFITS The Organization has a defined-contribution pension plan formed under U.S. Internal Revenue Code Section 401(k) that covers all employees who meet certain length-of-service requirements. Participants' contributions are fully vested at all times, and vesting of the Organization's contributions is phased-in over a six-year period. There were no employer contributions made in fiscalyears 2004 and 2003. It is the Organization's policy to fund pension costs currently. NOTE I - CONCENTRATION OF CREDIT RISK The Organization deposits its cash in accounts with major banking institutions. At times, such amounts may be in excess of federal insurance limits. Management believes that the Organization has no significant risk of loss on these accounts due to the failure of the institutions. notes to financial statements 71
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BC/EFA Annual Report 2004 - Broadway Cares/Equity Fights AIDS

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