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North Carolina Veterinary Medical Board Revenues and Expenditures

1994-1998
2004-2008
2014-2015
1999-2003
  
 
REVENUES & EXPENDITURES FOR THE YEARS ENDING JUNE 30, 2014
Data derived from NCVMB Annual Audits
 
Proprietary Enterprise Fund
Proprietary Enterprise Fund
2016
View Entire Audit
Proprietary Enterprise Fund
2017
View Entire Audit
Proprietary Enterprise Fund
2018
View Entire Audit
Proprietary Enterprise Fund
OPERATING REVENUES:
License and renewal fees (including late fees) $    802,415 $    822,370      
Examination fees 76,400 86,400      
Hospital inspection fees 47,175 66,450      
Reinstatement fees 1,300 1,775      
Temporary permits 27,150 38,850      
Service verifications 5,793 4,932      
Corporate registration and application fees 8,400 7,350      
Miscellaneous income (including consent order income)
 6,390
 17,082      
TOTAL OPERATING REVENUES $  975,023 $ 1,045,209      

OPERATING EXPENSES:
Salaries - staff
(including accumulated leave) 		$   195,848 $ 197,414      
Salaries - inspections
(including accumulated leave) 		51,748 49,400      
Salaries - investigations
(including accumulated leave) 		61,847 65,284      
Payroll taxes 26,044 23,685      
Retirement contributions *, 10,531 12,777      
Employee insurance 31,514 28,761      
Board members and meeting expenses
(including hearing expenses)		 42,701 33,096      
Travel - staff
(including training expenses 2013)
 6,486 5,463      
Travel - investigations (including investigations expenses 2013) 32,352 36,613      
Travel - hospital inspections 23,274 20,640      
Contractual services - impairment fund expenses *** 67,500 67,500      
Telephone (including internet related costs 2013) 15,257 14,962      
Building operating expenses 17,229 21,880      
Depreciation 46,767 39,292      
Examination expenses 61,320        
Impairment fund expenses 67,500        
Office equipment rental and maintenance expenses ** 15,659 16,420      
Office and computer supplies 12,952 15,050      
Online Processing fees 19,142 20,396      
Printing 3,604 9,442      
Postage and shipping 9,542 8,675      
Insurance and bonding 15,325 16,900      
Dues and subscriptions 600 650      
Legal, audit and other professional fees 299,550 299,381      
Computer consulting expenses 47,478 34,668      
Miscellaneous expenses     
 587
 708      
TOTAL OPERATING EXPENSES $   1,053,537 $   1,038,835      


Operating income
$     (78,514)
$          6,374		      
 
NON-OPERATING REVENUES (EXPENSES)
Interest income

  		 $          5,771
 $          6,161      
TOTAL NON-OPERATING REVENUES $         5,771 $          6,161      
 

CHANGE IN NET POSITION
$   (72,743)
 $        12,535      
NET POSITION -
BEGINNING OF YEAR
 $    804,862
 ****$      726,005      
NET POSITION -
END OF YEAR		 $    732,119 $      738,540      

 

2015 Note 2 - Deposits and Investments (Continued)
Investments
At June 30, 2015 and 2014, the Board had the following investments and maturities.

 
June 30, 2015
June 30, 2014
Investment Type
Fair Value
6 - 12 Months
Fair Value
6 - 12 Months
 
Certificate of Deposit
$ 0
$ 0
$100,000
$100,000
 
Total
$ 0
$ 0
$100,000
$100,000
 


**2015 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 $2,739 in 2014 and $2,664 in 2013.

Rental commitments under noncancellable operating leases at June 30, 2014 are as follows:

Year Ending June 30,
2016 1,554
  $ 1,554

*2015 Note 7 - 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. Five employees are covered under the plan, one management employee and four professional and clerical staff employees. Only the Board contributes to the plan, and only the Board has the authority to authorize and amend the plan. There are no forfeitures inuring to other employees this type plan. The Board's payroll for employees covered by the plan for the year ended June 30, 2015 was $251,097; the Board's total payroll was $312,098. The Board's covered payroll for the year ended June 30, 2014 was $229,780; the Board's total payroll was $309,443. The Board's covered payroll for the year ended June 30, 2013 was $225,760; the Board's total payroll was $309,429. The Board's pension contribution amounted to $12,555 for 2015, $11,489 for 2014 and $11,288 for 2013. The Board had no outstanding libilities to the plan at June 30, 2015 and 2014. 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.

***2015 Note 11 - Payment to Impairment Fund

The Board contributes to the North Carolina Physicians Health Program, Inc., pursuant to a contractual agreement with the program. The Board paid into the program $67,500 for the year ended June 30, 2015 and $67,500 for the year ended June 30, 2014. The payments were made to benefit veterinarians in need of the services of the program. The North Carolina Physicians Health Program was created in accordance with North Carolina General Statute 90-21.22. According to the Federation of State Health Programs, Inc., the purpose of a physician health program is to "provide a non-disciplinary theraputic program for health care practitioners with health conditions which may compromise their ability to practice with reasonable skill and safety." A memorandum of understanding between the North Carolina Medical Board (Medical Board) and the North Carolina Medical Society (Medical Society) establishes provisions for administering the Program. The memorandum also established the North Carolina Physicians Health Program, Inc., a nonprofit affiliate organization of the Medical Society, as the Program's administrator. The North Carolina Physicians Health Program, Inc. has a 15-member Board of Directors that consists of five members from the Medical Society, three members from the Medical Board, and seven members from other health care provider organizations.

****2015 Note 12 - Restatement of Net Position

In order to comply with the issuance of Statement No. 68 (effective for the fiscal years beginning after June 15, 2014) by the Governmental Accounting Standards Board (GASB 68), and to record omitted simplified employee pension (SEP) contribution payable, the Board has restated its beginning net position for the year ended June 30, 2014 in the amount of $5,156. This resulted in an increase in expenses in excess of revenues in the amount of $958 for the year ended June 30, 2014. The financial statements for the hear as of and for the year ended June 30, 2014 are restated herein.

In connection with this changes [sic] the beginning net position (for 2014) has been restated as follows:

Net Position at July 1, 2013, as previously reported
$ 804,862
Adjustment for change in SEP contribution payable
(5,156)
Net Position at July 1, 2013 as restated
$799,706

2014 Note 2 - Deposits and Investments (Continued)
Investments
At June 30, 2014 and 2013, the Board had the following investments and maturities.

 
June 30, 2014
June 30, 2013
Investment Type
Fair Value
6 - 12 Months
Fair Value
6 - 12 Months
 
Certificate of Deposit
$100,000
$100,000
$100,000
$100,000
 
Total
$100,000
$100,000
$100,000
$100,000
 


** 2014 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 $2,739 in 2014 and $2,664 in 2013.

Rental commitments under noncancellable operating leases at June 30, 2014 are as follows:

Year Ending June 30,
2015 2,664
2016 1,554
  $ 4,218

* 2014 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, 2014 was $210,620; the Board's total payroll was $309,443. The Board's covered payroll for the year ended June 30, 2013 was $224,740; the Boar's total payroll was $309,429. The Board's covered payroll for the year ended June 30, 2012 was $230,160; total payroll was $274,599. The Board's pension contribution amounted to $110,531 for 2014, $11,237 for 2032 and $11,508 for 2012. 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.

 

 

REVENUES & EXPENDITURES FOR THE YEARS ENDING JUNE 30, 2009 - JUNE 30, 2013
Data derived from NCVMB Annual Audits
 
Proprietary Enterprise Fund
Proprietary Enterprise Fund
Proprietary Enterprise Fund
Proprietary Enterprise Fund
Proprietary Enterprise Fund
OPERATING REVENUES:
License and renewal fees (including late fees) $ 681,575 $ 698,900 $ 721,025
$ 744,475
 $ 764,835
Examination fees 123,830 42,120 50,000
75,888
 74,350
Hospital inspection fees 41,325 39,075 45,900
47,475
 50,550
Reinstatement fees 825 1,325 1,225
725
 1,050
Temporary permits 3,540 3,390 4,410
11,840
 27,306
Service verifications 3,125 2,850 2,940
3,387
 4,316
Corporate registration and application fees 8,250 8,700 6,300
8,550
 8,700
Miscellaneous income (including consent order income 2013)
 5,537
 9,625

4,108

7,121

 19,785
TOTAL OPERATING REVENUES $  868,007 $  895,985 $  835,908 $  899,373 $ 950,829

OPERATING EXPENSES:
Salaries - staff
(including accumulated leave) 		$  149,937 $  176,455 $  177,745 $  167,171 $ 194,471
Salaries - inspections
(including accumulated leave) 		33,290 33,812 44,766 48,592 54,312
Salaries - investigations
(including accumulated leave) 		53,581 57,667 58,453 58,453 60,646
Payroll taxes 18,116 20,497 21,294 21,007 23,717
Retirement contributions * 11,142 11,077 12,179 11,508 11,237
Employee insurance 19,534 27,533 36,095 31,715 30,519
Board members and meeting expenses
(including hearing expenses)		 22,762 22,233 20,755 38,882 24,384
Travel - staff
(including training expenses 2013)
 2,142 7,147 3,319 4,978 4,616
Travel - investigations (including investigations expenses 2013) 35,940 31,283 30,736 29,329 28,001
Travel - hospital inspections 18,626 17,646 17,965 21,753 24,779
Contractual services - impairment fund expenses         67,500
Telephone (including internet related costs 2013) 7,500 10,041 12,125 15,264 17,267
Building operating expenses 13,583 16,866 20,819 14,298 14,511
Depreciation 29,131 35,599 41,060 46,729 52,831
Examination expenses 61,320 4,600 - - -
Impairment fund expenses 67,500 67,500 67,500 67,500  
Office equipment rental and maintenance expenses ** 13,814 13,279 14,568 14,959 16,555
Office and computer supplies 10,959 11,052 13,626 11,159 10,069
Online Processing fees - 17,293 18,109 17,398 18,321
Printing 5,077 2,635 4,282 2,015 6,419
Postage and shipping 11,419 6,741 10,643 9,306 9,004
Insurance and bonding 11,331 11,587 10.906 12,505 14,285
Dues and subscriptions 500 500 500 500 500
Legal, audit and other professional fees 271,826 250,857 354,079 232,324 260,783
Computer consulting expenses         59,885
Miscellaneous expenses     
 2,842
 2,474
 5,091
 3,042
 372
TOTAL OPERATING EXPENSES $      871,872 $    856,374 $      996,815 $    880,773 $    1,004,984

Operating income
$       (3,865)
$   (50,389)
$   (160,907)		 $      18,640 $      (54.092)
 
NON-OPERATING REVENUES (EXPENSES)
Interest income

  		 21,632
 14,512
 9,096
 5,582

 

 4,576

 
TOTAL NON-OPERATING REVENUES $      21,632 $     14,512 $        9,096 $      5,582 $        5,582
 

CHANGE IN NET ASSETS/POSITION
$       17,767
$     (35,877)
$    (151,811)
$     24,222
$     (49,516)
NET ASSETS/POSITION -
BEGINNING OF YEAR
 $  1,000,007
 $   1,017,844
 $      981,967
 $   830,156 $      854,378
NET ASSETS/ POSITION -
END OF YEAR		 $  1,017,844 $     981,967 $      830,156 $   854,378 $      804,862

 

2012/2013 - Note 2 - Deposits and Investments (Continued)
Investments
At June 30, 2013 and 2012, the Board had the following investments and maturities.

 
June 30, 2013
June 30, 2012
Investment Type
Fair Value
6 - 12 Months
Fair Value
6 - 12 Months
 
Certificate of Deposit
$100,000
$100,000
$100,000
$100,000
 
Total
$100,000
$100,000
$100,000
$100,000
 

2011/2012 - Note 2 - Deposits and Investments (Continued)
Investments
At June 30, 2012 and 2011, the Board had the following investments and maturities.

 
June 30, 2012
June 30, 2011
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
Certificate of Deposit    
$100.000
$100,000
 
Total
$100,000
$100,000
$300,000
$300,000
 

2010/2011 - Note 2 - Deposits and Investments (Continued)
Investments
At June 30, 2011 and 2010, the Board had the following investments and maturities.

 
June 30, 2011
June 30, 2010
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
 

2009/2010 - 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
 

2008/2009 - Note 2 - Deposits and Investments (Continued)
Investments
At June 30, 2009 and 2008, the Board had the following investments and maturities.

 
June 30, 2009
June 30, 2008
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
    
 
Total
$300,000
$300,000
$200,000
$200,000
 

 

* 2012/2013 - Note 6- Pension Plan and Postemployment Benefits other Than Pensions

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, 2013 was $224,740; the Board's total payroll was $309,429. The Board's covered payroll for the year ended June 30, 2012 was $230,160; total payroll was $274,599. The Board's covered payroll for the year ended June 30, 2011 was $243,580; total payroll was $280,964. The Board's pension contribution amounted to $11,237 for 2013, $11,508 for 2012 and $12,179 for 2011. 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.

* 2011/2012 - 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, 2012 was $230,160; the Board's total payroll was $274,599. The Board's covered payroll for the year ended June 30, 2011 was $243,580; total payroll was $280,964. The Board's covered payroll for the year ended June 30, 2010 was $221,540; total payroll was $267,934. The Board's pension contribution amounted to $11,508 for 2011, $12,179 for 2011 and $11,077 for 2010. 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.

* 2010/2011 - 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, 2011 was $243,580; the Board's total payroll was $280,964. The Board's covered payroll for the year ended June 30, 2010 was $221,540; 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 pension contribution amounted to $12,179 for 2011, $11,077 for 2010 and $11,142 for 2009. 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.


* 2009/2010 - 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.

* 2008/2009 - 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, 2009 was $222,840; the Board's 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 covered payroll for the year ended June 30, 2007 was $175,920; total payroll was $211,366. The Board's pension contribution amounted to $11,142 for 2009, $10,009 for 2008 and $8,796 for 2007. 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.

 

** 2012/2013 - Note 5- Operating Leases

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 $2,664 in 2013 and $2,668 in 2012.

Rental commitments under noncancellable operating leases at June 30, 2013 are as follows:

Year Ending June 30,
2014 2,664
2015 2,664
2016 1,554
  $ 6,882

** 2011/2012 - 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 $1,726 for 2011 and $1,047 in 2010.

Rental commitments under noncancellable operating leases at June 30, 2009 are as follows:

Year Ending June 30,
2013 2,664
2014 2,664
2015 2,664
2016 1,554
  $   9,564

** 2010/2011 - 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 $1,726 for 2011 and $1,047 in 2010.

Rental commitments under noncancellable operating leases at June 30, 2009 are as follows:

Year Ending June 30,
2012 $   2,465
2013 2,689
2014 2,689
2015 2,689
2016 1,569
  $ 12,101

** 2009/2010 - 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.

** 2008/2009 - 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 $2,075 for 2009 and $2,075 in 2008.

Rental commitments under noncancellable operating leases at June 30, 2009 are as follows:

Year Ending June 30,
2010 $ 1,556
  $ 1,556

 


*** 2008/2009 - Note 9 - Restatement of Beginning Net Assets
In connection with the implementation of GASB 34, the Board has changed from reporting its operating fund on a special revenue fund basis (modified accrual method) in 2002, to an enterprise fund basis (accrual method) for 2004 and 2003 (restated for 2003 herein). Further the Board has changed from reporting its construction fund on a capital project fund basis in 2002, to an enterprise fund basis for 2004 and 2003 (restated for 2003 herein). No adjustment to the beginning net assets was required for the capital project fund change in reporting format

Special Revenue Fund Balance at
June 30, 2002, as previously reported		 $     557,115
Recording capital assets, net of depreciation 15,866
Recording accrued vacation pay (13,159)
Net Assets at June 30, 2002, as restated $     559,822

 

REVENUES & EXPENDITURES FOR THE YEARS ENDING JUNE 30, 2004 -  2008
Data derived from NCVMB Annual Audits
 
Proprietary Enterprise Fund
Proprietary Enterprise Fund
Proprietary Enterprise Fund
Proprietary Enterprise Fund
Proprietary Enterprise Fund
OPERATING REVENUES:
License and renewal fees (including late fees) $ 509,780 $ 518,900 $  538,645
$  597,850
$    650,850
Examination fees 83,275 88,300 102,725
119,205
 102,840
Hospital inspection fees 44,175 39,150 42,150
41,550
 41,625
Reinstatement fees 900 525 700
725
 725
Temporary permits 1,550 1,425 1,150
1,750
 2,440
Service verifications 1,930 1,990 2,330
2,790
 2,610
Corporate registration and application fees 2,600 3,650 2,600
4,300
 9,000
Recovery of costs awarded 6,750 350 -
200
 -
Miscellaneous income

     Total operating revenues		 2,123
$  653,083
 3,176
$  657,466		 4,758
$  695,058
3,974
$  772,344
3,508
$    813,633
OPERATING EXPENSES:
Salaries - staff
(including accumulated leave) 		$  111,598 $  134,586 $  137,814
$  132,720
 $    127,101
Salaries - inspections
(including accumulated leave) 		31,973 25,561 29,422
30,455
 32,476
Salaries - investigations
(including accumulated leave) 		43,671 47,259 49,364
48,191
 49,194
Payroll taxes 14,324 16,236 16,570
16,169
 15,971
Retirement contributions * 7,259 9,852 9,452 8,796 10,000
Employee insurance 9,593 16,593 14,559 12,739 14,959
Board members and meeting expenses
(including hearing expenses)		 27,955 23,526 16,072 23,512 15,226
Travel - staff 1,792 1,186 532 1,224 1,385
Travel - investigations 19,283 17,776 20,885 23,571 24,099
Travel - hospital inspections 13,709 13,218 15,679 16,602 15,314
Investigation expenses 1,796 1,363 334 195 -
Telephone 8,344 6,455 6,295 6,410 6,611
Building operating expenses 9,441 13,313 13,767 15,075 12,196
Depreciation 7,571 20,323 22,212 24,392 25,914
Examination expenses 37,900 53,400 53,638 60,903 55,213
Impairment fund expenses 37,500 75,000 71,250 67,500 67,500
Office equipment rental and maintenance expenses ** 3,074 2,775 2,427 3,877 5,449
Office and computer supplies 5,350 7,582 8,559 7,009 8,924
Printing 5,254 4,673 4,249 8,199 4,877
Postage and shipping 9,329 9,873 8,708 10,337 9,757
Insurance and bonding 14,122 13,651 13,931 12,549 13,012
Dues and subscriptions 500 500 500 500 500
Legal, audit and other professional fees 106,482 131,330 127,419 220,945 195,076
Miscellaneous expenses     

      Total operating expenses		 465
$    528,275		 270
$    624,291		 320
$  643,968		 781
$  752,651		 1,260
$     712,023

Operating income
$    124,808
$      11,175
$    51,090
$    19,693
$     101,610
NON-OPERATING REVENUES (EXPENSES)
Gain (loss) on disposition of capital assets - - $          36 $         14 $               -
Interest income

     Total non-operating revenues		 5,081
$       5,081		 6,748
$       6,748		 14,661
$    14,697		 23,319
$   23,333		 25,069
$      25,069

Change in net assets
$   129,889
$   17,923
$    65,787
$   43,026
    126,679
Net assets - beginning of year ***
 661,773
 746,662
 764,585
 830,372
 873, 398
Net assets - end of year $    746,662 $    764,585 $  830,372 $  873,398 $ 1,000,077

*2003/2004 - 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, 2004 was $145,180; the Board's total payroll was 187,242. The Board's covered payroll for the year ended June 30, 2003 was $120,580; total payroll was $161,765. The Board's covered payroll for the year ended June 30, 2002 was $94,740; total payroll was $149,655. The Board's pension contribution amounted to $7,259 for 2004, $6,029 for 2003 and $4,737 for 2002. 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.

*2004/2005 - 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, 2005 was $197,040; the Board's total payroll was $207,406. The Board's covered payroll for the year ended June 30, 2004 was $145,180; total payroll was $187,242. The Board's covered payroll for the year ended June 30, 2003 was $120,580; total payroll was $1161,756. The Board's pension contribution amounted to $9,852 for 2005, $7,259 for 2004 and $6,029 for 2003. 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.

*2006/2007 - 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.

*2007/2008 - 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.

** 2007/2008 - 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

*** 2003/2004 - Note 9 - Restatement of Beginning Net Assets
In connection with the implementation of GASB 34, the Board has changed from reporting its operating fund on a special revenue fund basis (modified accrual method) in 2002, to an enterprise fund basis (accrual method) for 2004 and 2003 (restated for 2003 herein). Further the Board has changed from reporting its construction fund on a capital project fund basis in 2002, to an enterprise fund basis for 2004 and 2003 (restated for 2003 herein). No adjustment to the beginning net assets was required for the capital project fund change in reporting format

Special Revenue Fund Balance at
June 30, 2002, as previously reported		 $     557,115
Recording capital assets, net of depreciation 15,866
Recording accrued vacation pay (13,159)
Net Assets at June 30, 2002, as restated $     559,822

 

REVENUES & EXPENDITURES FOR THE YEARS ENDING JUNE 30, 1999 -  2003
Data derived from NCVMB Annual Audits
 REVENUES 1999-2003
1999
2000
2001
2002
2003 
License and renewal fees
 $237,713
License and renewal fees
$238,285
License and renewal fees
$249,388
License and renewal fees
$253,490
License and renewal fees
$380,725
Examination fees
$76,510
Examination fees
$73,375
Examination fees
$71,145
Examination fees
$88,860
Examination fees
$76,090
Interest, dividend & investment income
$1,350
Interest, dividend & investment income
$28,356
Interest, dividend & investment income
$36,950
Hospital inspection fees
$36,075
Hospital inspection fees
$27,225
Hospital inspection fees
$20,775
Hospital inspection fees
$27,375
Hospital inspection fees
$20,400
Interest, dividend & investment income
$28,185
Interest income
$12,634
Consent Order Income
$2,000
Corporate application & registration fees
 $1,830
Consent Order Income
$4,000
Service verification
$2,325
Recovery of costs awarded
$3,450
Temporary permits
$1,875
Miscellaneous income
$1,784
Corporate application & registration fees
$2,290
Corporate application & registration fees
$2,155
Corporate application & registration fees
$2,550
Service verification
$1,765
Temporary permits
$1,725
Service verification
$1,550
Miscellaneous income
$1,868
Service verification
$2,190
Corporate application & registration fees
$1,650
Service verification
$1,720
Miscellaneous income
$1,506
Consent Order Income
$1,600
Temporary permits
$1,600
Miscellaneous income
$1,350
Reinstatement fees & penalties
$250
Temporary permits
$1,450
Temporary permits
$1,375
Miscellaneous income
$890
Reinstatement fees & penalties
$575
Consent Order Income
$0
Reinstatement fees & penalties
$550
Reinstatement fees & penalties
$475
Reinstatement fees 
$575
EXPENDITURES 1999-2003
1999
2000
2001
2002
2003 
Salaries
$104,032
Salaries
$115,078
Salaries
$98,864
Salaries
$147,192
Capital asset acquisition - land and construction in progress
$642,094
(Capital Project Fund)
Legal, accounting & audit fees
$75,666
Legal, accounting & audit fees
$62,620
Legal, accounting & audit fees
$92,799
Legal, accounting & audit fees
$83,752
Legal, accounting & audit fees
$110,605
Examination expense
$36,121
Examination expense
$41,231
Examination expense
 $31,550
Examination expense
$41,676
Salaries - staff
$96,608
Board members & meeting expenses
$17,819
Board members & meeting expenses
$20,848
Board members & meeting expenses
$26,421
Board members & meeting expenses
$23,878
Salaries - investigations
$41,000
Office rent     $11,990
Office rent
$13,182
Office rent
$14,850
Investigations
$15,561
Examination expenses
$39,975
Fixed asset purchases
$9,492
Hospital inspections - travel 
$9,348
Hospital inspections - travel 
  $7,835
Office rent     $14,850
Travel - Investigations
$23,499
Payroll Taxes     $7,955
Payroll Taxes     $8,739
Postage & shipping
  $7,775
Hospital inspections - travel 
  $12,666
Salaries - inspections
$18,437
Postage
$7,161
Fixed asset purchases
$7,349
Payroll Taxes
$7,563
Payroll Taxes
$11,260
Board members & meeting expenses
$16,256
Hospital inspections - travel 
$6,706
Postage
$7,258
Employee insurance
$5,720
Capital asset purchases
$9,598
Office rent 
$15,079
Hospital insurance
$5,172
Hospital insurance
$7,162
Insurance and Bonding
$5,442
Postage & shipping
$9,477
Payroll Taxes
$11,937
Office supplies & computer costs
$4,733
Insurance and Bonding
$4,933
Telephone
$3,676
Employee insurance
$7,772
Bonding and Insurance
$11,623
Insurance and Bonding
$4,551
Retirement
$4,274
Capital asset purchases
$3,334
Printing
$6,589
Postage & shipping
$8,729
Retirement
$3,922
Office supplies & computer costs
$3,765
Retirement contributions
$3,296
Insurance and Bonding
$6,453
Travel - Hospital Inspections
$7,696
Printing
$3,601
Printing
 $3,402
Printing
$3,145
Telephone
$4,786
Capital asset acquisitions - furniture and office equipment
$7,300-
Telephone
$3,008
Telephone
$3,250
Office & computer supplies
$3,071
Office & computer supplies
$4,386
Employee insurance
$7,255
Equipment rental & maintenance 
$2,994
Equipment rental & maintenance 
$3,072
Equipment rental & maintenance 
$3,058
Retirement contributions
$4,153
Telephone
$6,763
Travel - Staff
$1,518
Travel - Staff
$1,323
Investigations
$2,546
Equipment rental & maintenance 
$3,3,29
Retirement contributions
$5,744
Building maintenance
$1,200
Investigations
$1,053
Travel - Staff
$2,524
Other contracted services
$3,000
Office equipment rental & maintenance 
$3,351
Investigations
$721
Miscellaneous 
$937
Dues and subscriptions
$875
Miscellaneous 
$2,162
Building operating expenses
$3,920
Miscellaneous 
$680
Building maintenance
$700
Temporary services
$611
Travel - Staff
$1,142
Investigation expenses
$3,601
Dues and subscriptions
$525
Dues and subscriptions
$525
-
Dues and subscriptions
$700
Office & computer supplies
$3,351
Temporary services
$288
Temporary services
$300
-
Temporary services
$121
Travel - Staff
$2,901
-
-
-
-
Printing
$2,563
-
-
-
-
Miscellaneous 
$596
-
-
-
-
Dues and subscriptions
$500
 TOTALS 1999-2003
1999
2000
2001
2002
2003 
Total revenues
$370,189
Total revenues
$374,700
Total revenues
$388,869
Total revenues
$416,408
Total revenues
$507,929
Total expenditures
$309,855
Total expenditures
$320,350
Total expenditures
$325,214
Total expenditures
$414,498
Total expenditures
$446,260
Excess of Revenues Over (Under) Expenditures
$60,334
Excess of Revenues Over (Under) Expenditures
$54,350
Excess of Revenues Over (Under) Expenditures
$63,655
Excess of Revenues Over (Under) Expenditures
$1,910
Excess of Revenues Over (Under) Expenditures
$61,669
-
-
-
-
Other Financing Sources (Uses):

Transfer In 
($624,094)
Transfer Out ($624,094)

-
-
-
-
Net Changes in Fund Balances
($562,425)
Fund Balances, Beginning of year
$486,706
Fund Balances,
Beginning of year
$547,040
Fund Balances,
Beginning of year
$601,390
Fund Balances,
Beginning of year
$550,662
Fund Balances,
Beginning of year
$552,572
-
-
`Restatement of Beginning Fund Balance
($114,383)
- 
- 
- 
-
Adjusted Fund Balance, Beginning of Year
$487,007
Adjusted Fund Balance, Beginning of Year
$550,662
- 
Fund Balances,
End of year
$547,040
Fund Balances,
End of year
$601,390
Fund Balances,
End of year
$550,662
Fund Balances,
End of year
$552,752
Fund Balances,
End of year
($9,853)

Note 7: FUND BALANCES (DEFICIT)
At June 30, 2003, the Board had a fund deficit of $9,853.  This deficit resulted from expending deferred revenues collected in advance.



REVENUES & EXPENDITURES FOR THE YEARS ENDING JUNE 30, 1994 -  1998
Data derived from NCVMB Annual Audits
REVENUES 1994-1998
1994
1995
1996
1997
1998
License and renewal fees
$133,360
License and renewal fees
$138,850
License and renewal fees
$145,195
License and renewal fees
$220,695
License and renewal fees
$229,800
Examination fees
$49,945
Examination fees
$50,855
Examination fees
$59,615
Examination fees
$69,850
Examination fees
$77,985
Hospital inspection fees
$13,800
Interest, dividend & investment income
 $13,560
Hospital inspection fees
$13,950
Hospital inspection fees
$23,950
Interest, dividend & investment income
$23,252
Interest, dividend & investment income
$7,167
Hospital inspection fees
$10,600
Interest, dividend & investment income
$13,635
Interest, dividend & investment income
$15,744
Hospital inspection fees
$18,075
Reinstatement fees & penalties
$4,010
Reinstatement fees & penalties
$1,635
Service verification
 $1,420
Consent Order Income
$2,000
Corporate application & registration fees
 $2,100
Temporary permits
$1,595
Service verification
$1,400
Corporate application & registration fees
$1,100
Service verification
$1,740
Miscellaneous income
$1,864
Service verification
 $1,555
Temporary permits
$1,075
Temporary permits
 $950
Corporate application & registration fees
 $1,550
Temporary permits
 $1,625
Corporate application & registration fees
 $1,500
Corporate application & registration fees
  $1,000
Reinstatement fees & penalties
 $735
Temporary permits
$1,350
Service verification
$1,560
Miscellaneous income
$1,262
Miscellaneous income
  $923
Miscellaneous income
$120
Reinstatement fees & penalties
$725
Reinstatement fees & penalties
 $500
Consent Order Income
$0
Consent Order Income
$0
Consent Order Income
$0
Miscellaneous income
$315
Consent Order Income
$0
 EXPENDITURES 1994-1998
1994
1995
1996
1997
1998
Salaries
$56,513
Salaries
$73,019
Salaries
$62,282
Salaries
$72,573
Salaries
 $92,395
Legal, accounting & audit fees
$41,902
Legal, accounting & audit fees
$44,799
Legal, accounting & audit fees
$46,315
Legal, accounting & audit fees
$35,887
Legal, accounting & audit fees
 $54,098
 Examination expense
 $19.991
Examination expense
$19,646
Examination expense
$32,623
Examination expense
$29,118
Examination expense
$40,290
Board members expense
$18,086
Board members & meeting expenses
$16,327
Board members expense
$20,053
Office rent
$11,990
Board members expense
 $19,221
Hospital inspections 
 $16,713
Office rent
$11,000
Office rent
$11,330
Postage 
 $11,776I
Office rent
$11,990
Fixed asset purchases
$11,285
Fixed asset purchases
$7,509
Fixed asset purchases
$7,513
Printing
$11,256
Fixed asset purchases
$8,732
Office rent
$11,000
Hospital inspections 
$6,893
Temporary services
$6,325
Hospital inspections - travel 
 $8,961
Postage 
$6,333
Office expense
 $6,654
Postage 
$6,194
Hospital inspections - travel 
$5,921
Temporary services
 $8,461
Hospital inspections - travel 
$6,700
Postage 
$6,644
Office expense
$5,090
Postage 
$5,172
Board members expense
$7,378
Payroll Taxes
$5,810
Payroll taxes 
$4,323
Payroll taxes
$4,902
Investigations
$4,993
Payroll Taxes
$6,015
Office supplies & computer costs
 $4,887
Travel - Staff
$1,972
Equipment rental & maintenance 
$1,309
Office supplies & computer costs
$4,249
Retirement
$5,688
Insurance and Bonding
$4,286
Telephone
$1,633
Telephone
$1,292
Payroll Taxes
$4,112
Telephone
$3,034
Printing
 $3,376
Equipment rental & maintenance 
$1,047
Travel - Staff
$1,285
Telephone
$2,226
Office supplies & computer costs
 $2,218
Hospital insurance
 $3,278
Miscellaneous 
 $49
Miscellaneous 
$470
Printing
$2,050
Travel - Staff
 $1,612
Telephone
$3,013
 -
- 
Equipment rental & maintenance
$761
Building maintenance
$1,200
Retirement
$2,840
 -
- 
Dues and subscriptions
$525
Fixed asset purchases
$1,108
Equipment rental & maintenance 
$1,738
-
-
Building maintenance
$400
Equipment rental & maintenance 
$1,040
Travel - Staff
$1,670
-
-
Travel - Staff
$266
Hospital insurance
$767
Building maintenance
$1,200
-
-
Insurance and Bonding
$194
Dues and subscriptions
$525
Dues and subscriptions
$525
-
-
Miscellaneous 
$13
Miscellaneous
$395
Miscellaneous 
$366
-
-
-
Insurance and Bonding
$284
Temporary services
$94
-
-
-
Investigations
$99
Investigations
 $0
TOTALS  1994-1998
1994
1995
1996
1997
1998
Total revenues
$214,194
Total revenues
$219,898
Total revenues
$236,720
Total revenues
$337,919
Total revenues
$356,741
Total expenditures
$197,812
Total expenditures
$199,737
Total expenditures
$217,353
Total expenditures
$221,358
Total expenditures
$272,842
Excess of Revenues Over (Under) Expenditures
$16,382
Excess of Revenues Over (Under) Expenditures
$20,163
Excess of Revenues Over (Under) Expenditures
$19,367
Excess of Revenues Over (Under) Expenditures
$116,561
Excess of Revenues Over (Under) Expenditures
$83,899
Fund Balances, Beginning of year
$225,761
Fund Balances,
Beginning of year
$242,143
Fund Balances,
Beginning of year
$266,879
Fund Balances,
Beginning of year
$286,246
Fund Balances,
Beginning of year
$402,807
Fund Balances,
End of year
$242,143
Fund Balances,
End of year
$262,306
Fund Balances,
End of year
$286,246
Fund Balances,
End of year
$402,807
Fund Balances,
End of year
$486,706


 

 

 

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