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

JUNE 30, 2001

Table of Contents:

Accountants Compilation 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
June 30, 2001


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 
 

 
$ 19,079 
   57,498
   72,957
$ 149,534
$354,019
      9,185
    18,288 
      381,492

$ 531,026


 

$ 35,710 

   35,710 

 

   72,957 
 422,359 

 495,316

$ 531,026
  ====== 
   See accompanying notes and compilation report.

 


Mountain Top Historical Society
of Greene County, Incorporated
Statement of Receipts, Disbursements and
Changes in Net Assets – Cash Basis
January 1, 2001 through June 30, 2001


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: 
   Advertising 
   Campaign 
   Dues and subscriptions 
   Festival expense 
   Grant expense 
   Insurance 
   Interest expense 
   Internet access 
   Memorials 
   Office expense 
   Professional fees 
   Repairs and maintenance 
    Supplies 
   Telephone 
    Utilities 
Visions Center
 

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

Net Assets, ending 
 
Unrestricted 
$      2,792
        1,046
           990
        1,662
      16,020 
           771 
 $   23,281 
 

     0
 

$  23,281 
 

          50
          82
          30
        264
     1,000
     3,984
        835
        230
        150
     2,199
     5,062
          33
          70
        458 
          98 
        192

   14,737 
$    8,544 

$ 413,815

$ 422,359 
  ====== 
Restricted 
$           0
             0 
             0 
      1,483
             0 
             0 
$    1,483 
 

0 
 

$    1,483 
 

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
 
 

 (1,048) 
$ 72,522

$ 72,957
===== 
Total 
$      2,792
        1,046 
           990
        3,145
      16,020 
           771 
$    24,764
 

0 
 

$    24,764
 

        50 
        82
        30
      264
   1,000
   3,984
      835
       230
       150
    2,199
    5,062
         33
         70
       458
         98 
       192 

   14,737 
$  10,028 
    (1,048) 
$486,337 

$495,316
 =====
See accompanying notes and compilation 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
         $ 19,079 
 Fidelity Investments 
     57,498
McDonald Investments 
       72,957

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
$ 146,924
Catskill Vision Property & Improvements
207,095
Catskill Vision Land & Improvements 
18,288
Equipment 
 9,185
 
 $  381,492 

NOTE D – LOAN PAYABLE: Loan payable to Catskill Watershed Corporation, payable in 60 monthly installments of 732.16 including interest at 3.75%.  Final payment is due December 2005, collateralized by the Railroad Station property.

Maturities of long-term debt are as follows:

2001 $   7,412
2002      7,695
2003      7,989
2004      8,294
2005      8,610

NOTE E – TEMPORARILY RESTRICTED NET ASSETS: At June 30, 2001, the organization had net assets temporarily restricted as follows: Building and Campus Reserve   $72,957 See compilation report.