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July 1, 2009 — June 30, 2010
Annual Report of the North Carolina Veterinary Medical Board
See also:

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


August 28, 2010

(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; Richard W. Hawkins, 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., David T. Marshall, D.V.M., Mrs. Katie Morgan, and Dante R. Martin, D.V.M.

(2) The number of persons who applied to the Board for examination:
        A. Veterinarians
                North Carolina State Examination (Statute and Rules): 207
        B. Veterinary Technicians
                North Carolina State Examination (Statute and Rules): 118

(3) The number who were refused examination:
        A. Veterinarians: 3
        B. Veterinary Technicians: 9

(4) The number who took the examination:
        A. Veterinarians
                North Carolina State Examination: 207
        B. Veterinary Technicians:
                North Carolina State Examination: 104

(5) The number to whom initial licenses were issued:
        A. Veterinarians: 207
        B. Veterinary Technicians: 101

(6) The number who applied for license by reciprocity or comity:
        A. Veterinarians: 0
        B. Veterinary Technicians: 0

(7) The number who were granted licenses by reciprocity or comity:
        A. Veterinarians: 0
        B. Veterinary Technicians: 0

(8) The number of licenses suspended or revoked:
        A. Veterinarians: 149
        B. Veterinary Technicians: 51

(9) The number of licenses terminated for any reasonother than failure to pay:
        A. Veterinarians: 0
        B. Veterinary Technicians: 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, 2010 and 2009 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, 2010 and 2009. Please read it in conjunction with the financial statements which follow this section.

Financial Highlights

During 2010, the Board's net assets decreased by $35,877, or 3.5%, due primarily to decrease in examination fees revenue. During 2009, the Board's net assets increased by $17,767, or 1.8%, due primarily to annually recurring revenues in excess of expenses.

During 2010, the operating revenues of the Board decreased by $62,022, or 7.1%, due primarily to a decrease in examination fees revenue. During 2009, the operating revenues of the Board increased by $54,374 or 6.7%, due primarily to an increase in license fees revenue.

During 2010, the non-operating revenues of the Board decreased by $7,120, or 32.9%, due to decrease in interest earnings rates. During 2009, the non-operating revenues of the Board decreased by $3,437, or 13.7%, due to decrease in interest earnings rates.

During 2010, the operating expenses of the Board decreased by $155,498, or 1.8%, due primarily to a decrease in examination expenses and legal fees. During 2009, the operating expenses of the Board increased by $159,849 or 22.4%, due primarily to an increase in legal fees, travel expenses and salaries (including employee benefits) expense.

STATEMENTS OF REVENUES, EXPENSES AND CHANGES IN NET ASSETS
YEARS ENDED JUNE 30, 2010 AND 2009
From the Independent Auditor's Report, Shelton L. Hawley, CPA, PA, pages 5-6
 
2010

Proprietary Enterprise Fund
2009

Proprietary Enterprise Fund
OPERATING REVENUES:
License and renewal fees
(including late fees)
$  698,900
$  681,575
Examination fees
42,120
123,830
Hospital inspection fees
39,075
41,325
Reinstatement fees
1,325
825
Temporary permits
3,390
3,540
Service verifications
2,850
3,125
Corporate registration and application fees
8,700
8,250
Miscellaneous income

     Total operating revenues
9,625

$  805,985
5,537

$  868,007
OPERATING EXPENSES:
Salaries - staff
(including accumulated leave)
$  176,455
$  149,837
Salaries - inspections
(including accumulated leave)
33,812
32,290
Salaries - investigations
(including accumulated leave)
57,667
53,581
Payroll taxes
20,497
18,116
Retirement contributions (Note 6) 11,077 11,142
Employee insurance 27,533 19,534
Board members and meeting expenses
(including hearing expenses)
22,233 22,762
Travel - staff 7,147 2,142
Travel - investigations 31,283 35,940
Travel - hospital inspections 17,646 18,626
Telephone 10,041 7,500
Building operating expenses 16,866 13,583
Depreciation 35,599 29,131
Examination expenses 4,600 61,320
Impairment fund expenses 67,500 67,500
Office equipment rental and maintenance expenses (Note 5) 13,279 13,814
Office and computer supplies 11,052 10,959
Online processing fees 17,293  
Printing 2,635 5,077
Postage and shipping 6,741 11,419
Insurance and bonding 11,587 11,331
Dues and subscriptions 500 500
Legal, audit and other professional fees 250,857 271,826
Miscellaneous expenses     

      Total operating expenses
2,474

$  856,374
2,842

$  871,872

Operating income

$  ( 50,389)

$   (3,865)
NON-OPERATING REVENUES (EXPENSES)
Gain (loss) on disposition of capital assets $              $             
Interest income

     Total non-operating revenues
14,512

$   14,512
21,632

   $  21,632


Change in net assets

$   (35,877)


$  17,767

Net assets - beginning of year
1,017,844

1,000,007

Net assets - end of year $ 981,967 $  1,017,844

 

Note 2 - Deposits and Investments (Continued)
Investments
At June 30, 2010 and 2009, the Board had the following investments and maturities.

 
June 30, 2010
June 30, 2009
Investment Type
Fair Value
6 - 12 Months
Fair Value
6 - 12 Months
 

Certificate of Deposit
$100,000
$100,000
$100,000
$100,000
Certificate of Deposit
$100,000
$100,000
$100,000
$100,000
Certificate of Deposit
$100,000
$100,000
$100,000
$100,000
 

Total
$300,000
$300,000
$300,000
$300,000
 





Note 5- Operating Leases

The Board leased office equipment under an operating lease. The total rent expense charged to operations under the lease agreement was $1,047 for 2010 and $2,075 in 2009.

There were no rental commitments under noncancellable operating leases at June 30, 2010.

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, 2010 was $221,540; the Board's total payroll was $267,934. The Board's covered payroll for the year ended June 30, 2009 was $222,840; total payroll was $236,808. The Board's covered payroll for the year ended June 30, 2008 was $200,180; total payroll was $208,771. The Board's pension contribution amounted to $11,077 for 2010, $11,142 for 2009 and $10,009 for 2008. 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, 2010
Current Year as of and for the year ended
June 30, 2009

Current assets
$    710,792
$    728,432
Capital assets
705,038

692,629

     Total assets
$ 1,415,830
$ 1,421,061

 

   
Current liabilities
$    393,431
$    362,517
Long-term liabilities
40,432

40,700

     Total liabilities
$    433,863
$    403,217
     
Invested in capital assets
$    705,038
$    692,629
Unrestricted
276,929

325,215

     Total net assets
$    981,967
$ 1,017,844
     
Operating revenues
$    805,985
$    868,007
Operating expenses
(856,374)

(871,872)

     Operating income
(   50,389)
(3,865)
Non-operating revenues
14,512

21,632

      Change in net assets
$     35,877
$     17,767

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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