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

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