BC/EFA Annual Report 2005 - Broadway Cares/Equity Fights AIDS

oadway cares/equity fights aids
BROADWAY CARES/EQUITY FIGHTS AIDS
Statements of cash flow
SEPTEMBER 30, 2005 AND 2004
NOTE E - 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.
The Organization received donated airfare of $114,600 and $62,850, as well as donated security of $55,200 and $35,600 in fiscal-years
2005 and 2004, respectively. In addition, the Organization received (i) donated toy bears of $76,000 and $100,000 in fiscal-years 2005
and 2004, respectively, and (ii) an in-kind contribution in the form of donated advertising which was valued at $188,602 and $170,000 in
fiscal-years 2005 and 2004, respectively.
NOTE F - RELATED-PARTY TRANSACTION
A member of the Board of Directors 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 $33,541 and $32,741 for fiscal-years 2005 and 2004, respectively.
For fiscal-years 2005 and 2004, grants of $3,526,500 and $3,360,500, respectively, were made to the Actors’ Fund of America, a not-forprofit
organization that has several board members in common with the Organization.
NOTE G - RETIREMENT BENEFITS
The Organization has a defined-contribution 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 fiscal-years 2005 and 2004. It is the
Organization’s policy to fund this expense currently.
NOTE H - CONCENTRATION OF CREDIT RISK
The Organization deposits its cash with major banking institutions in amounts that may be at times 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.
NOTE I - NATURAL DISASTER RELIEF
During fiscal-year 2005, the Organization collected money in theaters to be given to organizations such as the American Red Cross, in order
to help the relief efforts for the Southeast Asia tsunami and Hurricane Katrina. Additionally, some of the traveling productions raised money
that was included with the Organization’s relief grants. The total amount raised in the theaters for tsunami relief was $95,376. The total
amount granted to tsunami relief organizations by the Organization was $220,301. The total raised in the theaters for the Hurricane Katrina
relief effort was $129,798, while the total amount granted by the Organization for hurricane relief totaled $431,637.
notes to financial statements
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