Please note: I have converted this report from a Microsoft Word document provided by Donna Bates.
I believe it to accurately represent the document prepared by Mrs. Bates.  If any discrepencies between this document and Mrs. Bates original report come to light please let me know, and I will correct them.
Bob Gildersleeve		 About
MTHS
MOUNTAIN TOP HISTORICAL SOCIETY
OF GREENE COUNTY, INCORPORATED

FINANCIAL STATEMENTS

DECEMBER 31, 2000

Table of Contents

Accountants Review Report

Statement of Assets, Liabilities and Net Assets

Statement of Receipts, Disbursements and Changes  In Net Assets

Notes to Financial Statements 
 


Mountain Top Historical Society
of Greene County  Incorporated
Statement of Assets, Liabilities and Net Assets
Cash Basis
December 31, 2000



 

ASSETS:
Cash in bank 
Unrestricted investments 
Restricted investments

PROPERTY AND EQUIPMENT:
Buildings and improvements
Equipment 
Land and improvements 

   TOTAL ASSETS 
 

LIABILITIES:
   Loan Payable 

NET ASSETS:
   Restricted 
   Unrestricted 

 TOTAL NET ASSETS 

TOTAL LIABILITES & NET ASSETS 
 

 
$ 10,397
   70,810
   72,522 
$ 153,729 


$345,585
      8,735
    18,288

   372,608 
$ 526,337
  ======

$ 40,000 

   40,000 

   
    72,522 
  413,815 

  486,337
 

$ 526,337
  ====== 

   See accompanying notes and review report.
 
 

Mountain Top Historical Society
of Greene County, Incorporated
Statement of Receipts, Disbursements and
Changes in Net Assets – Cash Basis
January 1, 2000 through December 31, 2000



 
 
 
 

Receipts: 
   Contributions 
   Campaign income 
   Grant income 
   Interest & Dividends 
   Membership dues
    Royalties 
Total Receipts 

Net assets released from 
restrictions 

 Total receipts and net assets
   released from restrictions 

Disbursements:
   Bank charges 
   Campaign 
   Dues and subscriptions 
   Fees 
   Festival expense 
   Grant expense 
   Insurance 
   Interest expense 
   Internet access 
   Memorials 
   Office expense 
   Professional fees 
   Repairs and maintenance 
   Signage 
   Speaker fees 
   Supplies 
   Telephone 
    Utilities 

Increase in net assets 
Unrealized gain on investments 
Net Assets, beginning of year 

Net Assets, ending 
 

 Unrestricted
$    16,935 
      11,256 
      19,451 
       1,690 
     15,645 
          361
$   65,338 
 

     35,887
 

$  101,225 
 

267 
14,579 
    410 
456 
4,480 
 12,018 
 2,338 
  104 
     197 
     727 
 3,701 
12,264 
 4,140 
 2,447 
50 
  318 
  804 
 1,176 
60,476 
$ 40,749 

$373,066 

$413,815 
 ====== 
Restricted 
$  30,001
             0
             0
      3,520
             0
             0
$  33,521
 

(35,887)
 

$  (2,366)
 

0
0
  0
  0
 0
 0
371
 0
 0
 0
70
0
0
  0
0
 0
0
 0
441
$ (2,807)
1,270
$ 74,059

 $ 72,522
===== 

 Total
$  46,936
    11,256
    19,451
      5,210
    15,645
         361
$  98,859
 

              0
 

$102,206
 

 267
14,579
410
456
4,480
12,018 
2,709
   104
  197
      727
3,771
12,264
4,140
 2,447
 50
318
 804
1,176
60,476
 $  37,942 
1,270
$447,125

$486,337
 =====

See accompanying notes and review report.
 
 

Mountain Top Historical Society
Of Greene County, Incorporated
Notes to Financial Statements

NOTE A - NATURE OF ACTIVITIES AND SIGNIFICANT                                                                                                                                                                                               ACCOUNTING POLICIES

Organization and Nature of Activities

Mountain Top Historical Society of Greene County, Incorporated (the Organization) is a non-stock corporation organized under the provisions of Section 102 of the Not-For-Profit Corporation Law of the State of New York.  Its purpose is to promote the interest and study of the literature, history, culture, folklore and legend of that portion of the Catskill Mountains referred to generally as the “Mountain Top” and to discover, procure, preserve and display whatever may relate thereto, including real and personal property, documents, books and historical materials.

Basis of Accounting

The organization’s policy is to prepare its financial statements on the cash basis.  Under this basis, revenue is recognized when collected rather than when earned and expenses are recognized when paid rather than when incurred.

Property and Equipment

Property and equipment are recorded at cost.  Maintenance and repairs are expensed whereas major repairs and betterments are capitalized.  Depreciation is provided using the straight-line method over the estimated useful lives of the respective assets.

Income Taxes

A provision for income taxes has not been included in the accompanying financial statements as Mountain Top Historical Society of Greene County, Inc. is a non-taxable organization under Section 501(c)(3) of the Internal Revenue Code.

Public Support and Revenue

Ongoing campaign contributions are deposited into the general operating fund unless specifically restricted by the donor.  The majority of the contributions come from a broad base of residents and part time residents of the Town of Hunter as  a result of ongoing campaigns.  The organization has approximately 563 members contributing on a regular basis.

ESTIMATES
The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect certain reported  amounts and disclosures.  Accordingly, actual results could differ from those estimates.

DONATED SERVICES
Donated services are recognized as contributions in accordance with SFAS No. 116, Accounting for Contributions Received and Contributions Made, if the services (a) create or enhance nonfinancial assets or (b) require specialized skills, are performed by people with those skills, and would otherwise be purchased by the Mountain  Top Historical Society of Greene County, Inc..

NOTE B – CASH IN BANK

Cash and investments includes the following:
 

The Bank of Greene County Checking
     $ 10,401
 Fidelity Investments 
        70,809
McDonald Investments 
         72,522

 The investment accounts are mutual fund accounts.  Yields will fluctuate with market conditions.  Investments are not insured by FDIC.  Investments are stated at fair market value, which approximates cost and consists of cash and cash equivalents.
 

NOTE C – PROPERTY AND EQUIPMENT

Property and equipment consists of the following:
 
Railroad Station Property & Improvements
$ 138,490
Catskill Vision Property & Improvements
207,095
Catskill Vision Land & Improvements 
18,288
Equipment 
 8,735
 $  372,608 

NOTE D – TEMPORARILY RESTRICTED NET ASSETS:

At December 31, 2000, the organization had net assets temporarily restricted as follows:

  Building and Campus Reserve   $72,522

See review report.