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

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

August 31, 2007

(1) The address of the Board and the names of its members and officers:
The address of the Board was 1611 Jones Franklin Road, Suite 106, Raleigh, NC 27606; the mailing address was P.O. Box 37549, Raleigh, NC 27627.

The members, with officer designations, were J. Linwood Jernigan, D.V.M., President; David T. Marshall, D.V.M., Vice President; Nancy K. Robinson, R.V.T., Secretary-Treasurer; Susan K. Bull, D.V.M., Michael G. Davidson, D.V.M., Ms. Amy Edwards, Richard W. Hawkins, D.V.M., and Dante R. Martin, D.V.M.

(2) The number of persons who applied to the Board for examination:
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
(3) The number who were refused examination:
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
(5) The number to whom initial licenses were issued:
A. Veterinarians: 206
B. Veterinary Technicians (Registrations): 85
(6) The number who applied for license by reciprocity or comity:
A. Veterinarians: 0
B. Veterinary Technicians (Registrations): 0
(7) The number who were granted licenses by reciprocity or comity:
A. Veterinarians: 0
B. Veterinary Technicians (Registrations): 0
(8) The number of licenses suspended or revoked:
A. Veterinarians: 125
B. Veterinary Technicians (Registrations): 36
(9) The number of licenses terminated for any reason other than failure to pay the required fee:
A. Veterinarians: 0
B. Veterinary Technicians (Registrations): 0
(10) The substance of any anticipated change in rules or anticipated adoption of new rules:

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.

From the Annual Report per NCGS § 93B-2(b)
View entire document including the independent auditor's report dated October 10, 2007.   

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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