|
| STATEMENTS OF REVENUE AND EXPENSES AND
CHANGES IN NET ASSETS |
| FOR THE YEARS ENDED MAY 31, 2005 AND 2004 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2005 |
2004 |
|
|
|
|
|
|
|
(As Restated) |
|
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|
|
|
|
|
|
| Operating Revenue: |
|
|
|
|
|
| Agency fees |
|
|
|
|
$ 2,000
|
$ 41,760 |
| Payment in lieu of taxes |
|
|
|
656,006 |
599,500 |
| Grant revenue |
|
|
|
|
- |
17,600 |
| Economic development revenue |
|
|
- |
850,000 |
| Miscellaneous revenue |
|
|
|
513 |
1,278 |
|
|
|
|
|
|
|
|
| Total
Operating Revenue |
|
|
|
658,519 |
1,510,138 |
|
|
|
|
|
|
|
|
| Operating Expenses: |
|
|
|
|
|
| Payment in lieu of taxes |
|
|
|
656,006 |
599,500 |
| Economic
development |
|
|
|
- |
850,000 |
| Salaries and wages |
|
|
|
|
72,330 |
69,553 |
| Payroll taxes and employee
benefits |
|
|
17,245 |
8,918 |
| Insurance |
|
|
|
|
2,449 |
2,449 |
| Office supplies and expense |
|
|
|
1,207 |
2,091 |
| Professional fees |
|
|
|
|
3,500 |
21,065 |
| Rent |
|
|
|
|
|
6,300 |
6,075 |
| Utilities |
|
|
|
|
|
2,532 |
2,809 |
| Travel and meals |
|
|
|
|
2,248 |
2,031 |
| Depreciation |
|
|
|
|
1,274 |
1,172 |
| Maintenance and repairs |
|
|
|
418 |
448 |
| Dues and subscriptions |
|
|
|
826 |
622 |
| Advertising and marketing |
|
|
|
67 |
183 |
| Property taxes |
|
|
|
|
6 |
6 |
| Printing |
|
|
|
|
|
781 |
955 |
| Miscellaneous
|
|
|
|
|
53 |
110 |
| Total
Operating Expenses |
|
|
|
767,242 |
1,567,987 |
|
|
|
|
|
|
|
|
| Operating loss |
|
|
|
|
(108,723) |
(57,849) |
|
|
|
|
|
|
|
|
| Nonoperating Revenue |
|
|
|
|
|
| Interest revenue |
|
|
|
|
60,119 |
66,510 |
|
Total Nonoperating Revenue |
|
|
60,119
|
66,510
|
| |
|
|
|
|
|
|
|
| Net income (loss) |
|
|
|
|
(48,604) |
8,661 |
| Net assets - beginning of year |
|
|
|
1,827,388 |
1,818,727 |
|
|
|
|
|
|
|
|
| Net assets - end of year |
|
|
|
$ 1,778,784 |
$ 1,827,388 |
|