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July 1, 2007 — June 30, 2008
Annual Report of the North Carolina Veterinary Medical Board
See also:

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

August 30, 2008

(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): 95
2. North Carolina State Examination (Statute and Rules): 240
B. Veterinary Technicians
1. Veterinary Technician National Exam (VTNE): 78
2. North Carolina State Examination (Statute and Rules): 83
(3) The number who were refused examination:
A. Veterinarians: 3
B. Veterinary Technicians: 8
(4) The number who took the examination:
A. Veterinarians
1. NAVLE: 95
2. North Carolina State Examination 229
B. Veterinary Technicians
1. VTNE: 77
2. North Carolina State Examination : 75
(5) The number to whom initial licenses were issued:
A. Veterinarians: 228
B. Veterinary Technicians (Registrations): 73
(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: 154
B. Veterinary Technicians (Registrations): 30
(9) The number of licenses terminated for any reason other than failure to pay the required fee:

A. Veterinarians: 1
B. Veterinary Technicians (Registrations): 0

(10) The substance of any anticipated request by the Board to the General Assembly to amend statutes:

While the Board has started reviewing the North Carolina Veterinary Practice Act for possible amendments, it is not anticipated that such review would be complete to meet any filing deadlines

(11) The substance of any anticipated change in rules or anticipated adoption of new rules:

21 NCAC 66.0203 License Required to Practice: Faculty Certificate; Zoo Veterinary Certificate
Require applicants for a Faculty Certificate to pass the same written North Carolina license examination on Article 22 of Chapter 90 and 21 NCAC 66 of the North Carolina Administrative Code that veterinarians must pass to have a veterinary license.

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

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)

Financial Statements for the
Years Ended June 30, 2008 and 2007 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, 2008 and 2007. Please read it in conjunction with the financial statements which follow this section.

Financial Highlights

During 2008, the Board's net assets increased by $126,679, or 14.5%, due primarily to annually recurring revenues in excess of expenses. 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 2008, the operating revenues of the Board increased by $41,289, or 5.3%, due primarily to an increase in license fees revenue. During 2007, the operating revenues of the Board increased by $77,286, or 11.1%, due primarily to an increase in license and examination fees revenue.

During 2008, the non-operating revenues of the Board increased by $1,736, or $7.4%, due to increase in cash on hand. During 2007, the non-operating revenues of the Board increased by $8,636, or 58.8%, due to an increase in cash on hand and an increase in interest rates.

During 2008, the operating expenses of the Board decreased by $40,628, or 5.4%, due primarily to an decrease in legal fees, examination expenses and board members expenses. During 2007, the operating expenses of the Board increased by $108,683, or 16.9%, due primarily to an increase in legal fees.

STATEMENTS OF REVENUES, EXPENSES AND CHANGES IN NET ASSETS
YEARS ENDED JUNE 30, 2008 AND 2007
From the Independent Auditor's Report, Shelton L. Hawley, CPA, PA, pages 5-6
 
2008

Proprietary Enterprise Fund
2007

Proprietary Enterprise Fund
OPERATING REVENUES:
License and renewal fees
(including late fees)
$  650,885
$  597,850
Examination fees
102,840
119,205
Hospital inspection fees
41,625
41,550
Reinstatement fees
725
725
Temporary permits
2,440
1,750
Service verifications
2,610
2,790
Corporate registration and application fees
9,000
4,300
Recovery of costs awarded   200
Miscellaneous income

     Total operating revenues
3,508

$  813,633
3,974

$  772,334
OPERATING EXPENSES:
Salaries - staff
(including accumulated leave)
$  127,101
$  132,720
Salaries - inspections
(including accumulated leave)
32,476
30,455
Salaries - investigations
(including accumulated leave)
49,194
48,191
Payroll taxes
15,971
16,169
Retirement contributions (Note 6) 10,009 8,796
Employee insurance 14,959 12,739
Board members and meeting expenses
(including hearing expenses)
15,226 23,512
Travel - staff 1,385 1,224
Travel - investigations 24,099 23,571
Travel - hospital inspections 15,314 16,602
Investigation expenses   195
Telephone 6,611 6,410
Building operating expenses 12,196 15,075
Depreciation 25,914 24,392
Examination expenses 55,213 60,903
Impairment fund expenses 67,500 67,500
Office equipment rental and maintenance expenses (Note 5) 5,449 3,877
Office and computer supplies 8,924 7,009
Printing 4,877 8,199
Postage and shipping 9,757 10,337
Insurance and bonding 13,012 12,549
Dues and subscriptions 500 500
Legal, audit and other professional fees 195,076 220,945
Miscellaneous expenses     

      Total operating expenses
1,260

$  712,023
781

$  752,651

Operating income

$  101,610

$    19,693
NON-OPERATING REVENUES (EXPENSES)
Gain (loss) on disposition of capital assets $              $          14
Interest income

     Total non-operating revenues
25,069

$   25,069
23,319

$    23,333

Change in net assets

$ 126,679


$    43,026

Net assets - beginning of year
873,398

830,372

Net assets - end of year $ 1,000,077 $  873,398


Note 5- Operating Leases

Beginning in the year ended June 30, 2008, the Board leased office equipment under an operating lease. The total rent expense charged to operations under the lease agreement was $2,075 for 2008.

Rental commitments under noncancellable operating leases at June 30, 2008 are as follows:

Year Ending June 30,
2009 $ 2,075
2010 1,556

  $ 3,631

 

Note 6- 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, 2008 was $200,180; the Board's total payroll was $208,771. The Board's covered payroll for the year ended June 30, 2007 was $175,920; 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 pension contribution amounted to $10,009 for 2008, $8,796 for 2007 and $9,452 for 2006. 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 this defined contribution retirement plan.

 

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, 2008
Current Year as of and for the year ended
June 30, 2007

Current assets
$    727,933
$    548,344
Capital assets
682,450

693,795

     Total assets
$ 1,410,383
$ 1,242,139

 

   
Current liabilities
$    377,446
$    336,375
Long-term liabilities
32,860

32,366

     Total liabilities
$    410,306
$    368,741
     
Invested in capital assets
$    682,450
$    693,795
Unrestricted
317,627

179,603

     Total net assets
$  1,000,077
$    873,398
     
Operating revenues
$    813,633
$    772,344
Operating expenses
(712,023)

(752,651)

     Operating income
101,610
19,693
Non-operating revenues
25,069

23,333

      Change in net assets
$  126,679
$     43,026

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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