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July 1, 2006 — June 30, 2007 Annual Report of the North Carolina Veterinary Medical Board

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Annual Report per NCGS § 93B-2(a)(1) - (a)(11)

A. Veterinarians

1. North Carolina Veterinary Licensing Examination (NAVLE): 112

2. North Carolina State Examination (Statute and Rules): 213

B. Veterinary Technicians

1. Veterinary Technician National Exam (VTNE): 75

2. North Carolina State Examination (Statute and Rules): 86

A. Veterinarians: 0
B. Veterinary Technicians: 0

(4) The number who took the examination:

A. Veterinarians

1. NAVLE: 112

2. North Carolina State Examination 207

B. Veterinary Technicians

1. VTNE: 73
2. North Carolina State Examination : 86

A. Veterinarians: 206
B. Veterinary Technicians (Registrations): 85

21 NCAC 66.0206 Minimum Standards for Continuing Education
Increase the number of allowable hours for audio, video or computer-based training.

21 NCAC 66.0207 Minimum Facility and Practice Standards
Revised the requirements for in-house or consultant laboratory services.

Financial Statements for the
Years Ended June 30, 2007 and 2006 and
Independent Auditor's Report

Shelton L. Hawley, C.P.A., P.A.
Certified Public Accounting Firm

MANAGEMENT'S DISCUSSION AND ANALYSIS

This section of the Board's financial report represents Management's analysis of the Board's financial performance during the years ending June 30, 2007 and 2006. Please read it in conjunction with the financial statements which follow this section.

Financial Highlights

During 2007, the Board's net assets increased by $43,026 or 5.2%, due primarily to annually recurring revenues in excess of expenses. During 2006, the Board's net assets increased by $65,787, or 8.6%, due primarily to annually recurring revenues in excess of expenses.

During 2007, the operating revenues of the Board increased by $77,286, or 11.1%, due primarily to an increase in license fees revenue. During 2006, the operating revenues of the Board increased by $37,592, or 5.7%, due primarily to an increase in license and examination fees revenue.

During 2007, the non-operating revenues of the Board increased by $8,636, or $58.8%, due to increase in cash on hand and an increase in interest rates. During 2006, the non-operating revenues of the Board increased by $7,949, or 117.8%, due to an increase in cash on hand and an increase in interest rates.

During 2007, the operating expenses of the Board decreased [sic] by $108,683, or 16.9% primarily to an increase in legal fees. During 2006, the operating expenses of the Board decreased by $2,323, or .3%, due primarily to a decrease in board members expenses.

STATEMENTS OF REVENUES, EXPENSES AND CHANGES IN NET ASSETS YEARS ENDED JUNE 30, 2007 AND 2006 From the Independent Auditor's Report, Shelton L. Hawley, CPA, PA, pages 5-6
	2007 Proprietary Enterprise Fund	2006 Proprietary Enterprise Fund
OPERATING REVENUES:
License and renewal fees (including late fees)	$  597,850	$  538,645
Examination fees	119,205	102,725
Hospital inspection fees	41,550	42,150
Reinstatement fees	725	700
Temporary permits	1,750	1,150
Service verifications	2,790	2,330
Corporate registration and application fees	4,300	2,600
Recovery of costs awarded	200
Miscellaneous income      Total operating revenues	3,974 $  772,344	4,758 $  695,058
OPERATING EXPENSES:
Salaries - staff (including accumulated leave)	$  132,720	$  137,814
Salaries - inspections (including accumulated leave)	30,455	29,422
Salaries - investigations (including accumulated leave)	48,191	49,364
Payroll taxes	16,169	16,570
Retirement contributions (Note 5)	8,796	9,452
Employee insurance	12,739	14,559
Board members and meeting expenses (including hearing expenses)	23,512	16,072
Travel - staff	1,224	532
Travel - investigations	23,571	20,885
Travel - hospital inspections	16,602	15,679
Investigation expenses	195	344
Telephone	6,410	6,295
Building operating expenses	15,075	13,767
Depreciation	24,392	22,212
Examination expenses	60,903	53,638
Impairment fund expenses	67,500	71,250
Office equipment rental and maintenance expenses	3,877	2,427
Office and computer supplies	7,009	8,559
Printing	8,199	4,249
Postage and shipping	10,337	8,708
Insurance and bonding	12,549	13,931
Dues and subscriptions	500	500
Legal, audit and other professional fees	220,945	127,419
Miscellaneous expenses            Total operating expenses	781 $  752,651	320 $  643,968
Operating income	$    19,693	$    51,090
NON-OPERATING REVENUES (EXPENSES)
Gain (loss) on disposition of capital assets	$         14	$          36
Interest income      Total non-operating revenues	23,319 $   23,333	14,661 $    14,697
Change in net assets	$   43,026	$    65,787
Net assets - beginning of year	830,372	764,585
Net assets - end of year	$  873,398	$  830,372
Note 5 - Pension Plan and Postemployment Benefits other Than Pensions Simplified Employee Pension Plan On April 14, 1997, the Board entered into a Simplified Employee Pension plan agreement on behalf of employees of the Board. The Board's payroll for employees covered by the plan for the year ended June 30, 2007 was $179,920; the Board's total payroll was 211,366. The Board's covered payroll for the year ended June 30, 2006 was $189,040; total payroll was $216,600. The Board's covered payroll for the year ended June 30, 2005 was $197,040; total payroll was $207,406. The Board's pension contribution amounted to $8,796 for 2007, $9,452 for 2006 and $9,852 for 2005. The Board assumes no liability for retiree benefits provided by this program other than its required contributions. The Board has no postemployment benefits other than pensions.

 

Overview of the Financial Statements

This financial report consists of two sections: Management's Discussion and Analysis and the Financial Statements. The Board has no other supplementary information required by GASB 34. The Financial Statements also include notes to the financial statements that provide detail of the information included in the financial statements.

Basic Financial Statements

The financial statements of the Board report information about the Board using accounting methods similar to those used by private sector companies. These statements offer short and long-term financial information about the activities of the Board.

The Statements of Net Assets present the current and long-term portions of assets and liabilities separately.

The Statements of Revenues, Expenses, and Changes in Net Assets present information on how the Board's assets changed as a result of its operations.

The Statements of Cash Flows present information on how the Board's cash changed as a results of its financial activities.

Condensed Financial information

The following presents condensed financial information on the operations of the Board:

	Current Year as of and for the year ended June 30, 2007	Current Year as of and for the year ended June 30, 2006
Current assets	$    548,344	$    462,161
Capital assets	693,795	690,085
Total assets	$ 1,242,139	$ 1,152,246
Current liabilities	$    336,375	$    294,622
Long-term liabilities	32,366	27,252
Total liabilities	$    368,741	$    321,874
Invested in capital assets	$    693,795	$    690,085
Unrestricted	179,603	140,287
Total net assets	$    873,398	$    830,372
Operating revenues	$    772,344	$    695,058
Operating expenses	(752,651)	(643,968)
Operating income	19,693	51,090
Non-operating revenues	23,333	14,697
Change in net assets	$     43,026	$     65,787

Events Affecting Future Operations

The Board has indicated it has no significant events affecting future operations which are reportable pursuant to GASB 34.

Contacting the Board's Management

This financial report is designed to provide a general overview of the Board's finances and to demonstrate the Board's accountability for the money it receives. If you have any questions about this report or need additional information, contact: North Carolina Veterinary Medical Board, PO Box 37549, Raleigh, NC 27627.

 

 

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