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Research and Education Foundation of the American Association of Endodontists
NEWS BALANCE SHEET
1988
December 31
1987
ASSETS CURRENT ASSETS Cash and cash equivalents: $ 50 Petty cash 10,463 Checking account 115,794 Investments, lower of cost or market (Note B) 82,849 Money market funds TOTAL CASH AN D CASH EQUIVALENTS 209,156
$
50 5,947 129,305 75,828 211,130
-223 598
472 125 736
209,977 551
212,463
25,719
26,907
$236,247
$239,370
Accounts receivable Accrued interest Prepaid insurance TOTAL CURRENT ASSETS Furniture, at cost OTHER ASSET--RESTRICTED CASH (Note C) Savings account
LIABILITIES AND FUND BALANCE CURRENT LIABILITIES Accounts payable FUND BALANCE
$
173 236,074 $236,247
$
209 239,161 $239,370
See notes to financial statements.
STATEMENT OF CASH FLOW
December 31
1988
CASH FLOWS FROM OPERATING ACTIVITIES: Cash received from members and other sources $ 46,855 Cash paid to suppliers and others (62,132) Interest received 16,523 1,246 NET CASH PROVIDED BY OPERATING ACTIVITIES
$108,617 (106,668) 19,912 21,861
(22,132) ( 271)
CASH AND CASH EQUIVALENTS, at beginning of year CASH AND CASH EQUIVALENTS, at end of year
211,130 $209,156
211,401 $211,130
$(
$ 24,372
NET CASH PROVIDED (USED) BY OPERATING ACTIVITIES $
418)
22,132)
472 98) 138 ( 36) 1,188
472) 851 ( 736) ( 784) (1,370)
1,664 1,246
(2,511) $ 21,861
(
See notes to financial statements.
330
Note D--Central Office Cost Sharing The Foundation has entered into an agreement with the American Association of Endodontists (AAE) whereby the Foundation utilizes the AAE staff and office for the maintenance and storage of its records. An administrative fee of $12,090 was paid in 1988 and $10,970 in 1987. Note E--Tax-Exempt Status The Foundation is a charitable organization incorporated under the laws of the State of Illinois and is exempt from income taxes under Internal Revenue Code Section 501(c)(3), accordingly, no provision has been made for either Federal or state income taxes in the accompanying financial statements. The annual information return filed with the Internal Revenue Service is subject to examination for the statutory oeriod.
1987
CASH FLOWS FROM INVESTING ACTIVITIES: Unrealized loss in investments (Note B) -Loss on investments (2,669) Purchases of equipment ( 551) NET CASH (USED BY)INVESTING ACTIVITIES ( 3 , 2 2 0 ) NET (DECREASE) IN CASH ( 1 , 9 7 4 )
RECONCILIATION OF NET INCOME TO NET CASH PROVIDED (USED) BY OPERATING ACTIVITIES: Net income (loss) from operations Adjustments to reconcile net income (loss) to net cash provided by operating activities: (Increase) decrease in accounts receivable (Increase) decrease in accrued interest (Increase) decrease in prepaid expenses Increase (decrease) in accounts payable (Increase) decrease in restricted cash
Note C--Restricted Cash The Foundation has entered into an agreement with National Boulevard Bank of Chicago to guarantee loans issued to qualifying graduate students of Endodontics. The agreement requires the Foundation to maintain a savings account of $25,000. There was approximately $29,000 of outstanding student loans under this program at December 31, 1988. The Board of Trustees had resolved that the Foundation will guarantee loans in an amount not to exceed 60% of the Foundation's fund balances.
(
Research and Education Foundation of the American Association of Endodontists Organized and incorporated in 1966 as the AAE Endowment & Memorial Foundation, the Research and Education Foundation is a taxexempt, non-profit organization whose primary mission is the furtherance of the science of endodontics. In keeping with the new direction of the Foundation, contributions will be used to promote the advancement of endodontics through research grants to graduate students and established researchers. Contributions may be made to the Research and Education Foundation of the AAE, 211 E. Chicago Avenue, Suite 1501, Chicago, Illinois 60611.
1988
December 31
1987
ASSETS CURRENT ASSETS Cash and cash equivalents: $ 50 Petty cash 10,463 Checking account 115,794 Investments, lower of cost or market (Note B) 82,849 Money market funds TOTAL CASH AN D CASH EQUIVALENTS 209,156
$
50 5,947 129,305 75,828 211,130
-223 598
472 125 736
209,977 551
212,463
25,719
26,907
$236,247
$239,370
Accounts receivable Accrued interest Prepaid insurance TOTAL CURRENT ASSETS Furniture, at cost OTHER ASSET--RESTRICTED CASH (Note C) Savings account
LIABILITIES AND FUND BALANCE CURRENT LIABILITIES Accounts payable FUND BALANCE
$
173 236,074 $236,247
$
209 239,161 $239,370
See notes to financial statements.
STATEMENT OF CASH FLOW
December 31
1988
CASH FLOWS FROM OPERATING ACTIVITIES: Cash received from members and other sources $ 46,855 Cash paid to suppliers and others (62,132) Interest received 16,523 1,246 NET CASH PROVIDED BY OPERATING ACTIVITIES
$108,617 (106,668) 19,912 21,861
(22,132) ( 271)
CASH AND CASH EQUIVALENTS, at beginning of year CASH AND CASH EQUIVALENTS, at end of year
211,130 $209,156
211,401 $211,130
$(
$ 24,372
NET CASH PROVIDED (USED) BY OPERATING ACTIVITIES $
418)
22,132)
472 98) 138 ( 36) 1,188
472) 851 ( 736) ( 784) (1,370)
1,664 1,246
(2,511) $ 21,861
(
See notes to financial statements.
330
Note D--Central Office Cost Sharing The Foundation has entered into an agreement with the American Association of Endodontists (AAE) whereby the Foundation utilizes the AAE staff and office for the maintenance and storage of its records. An administrative fee of $12,090 was paid in 1988 and $10,970 in 1987. Note E--Tax-Exempt Status The Foundation is a charitable organization incorporated under the laws of the State of Illinois and is exempt from income taxes under Internal Revenue Code Section 501(c)(3), accordingly, no provision has been made for either Federal or state income taxes in the accompanying financial statements. The annual information return filed with the Internal Revenue Service is subject to examination for the statutory oeriod.
1987
CASH FLOWS FROM INVESTING ACTIVITIES: Unrealized loss in investments (Note B) -Loss on investments (2,669) Purchases of equipment ( 551) NET CASH (USED BY)INVESTING ACTIVITIES ( 3 , 2 2 0 ) NET (DECREASE) IN CASH ( 1 , 9 7 4 )
RECONCILIATION OF NET INCOME TO NET CASH PROVIDED (USED) BY OPERATING ACTIVITIES: Net income (loss) from operations Adjustments to reconcile net income (loss) to net cash provided by operating activities: (Increase) decrease in accounts receivable (Increase) decrease in accrued interest (Increase) decrease in prepaid expenses Increase (decrease) in accounts payable (Increase) decrease in restricted cash
Note C--Restricted Cash The Foundation has entered into an agreement with National Boulevard Bank of Chicago to guarantee loans issued to qualifying graduate students of Endodontics. The agreement requires the Foundation to maintain a savings account of $25,000. There was approximately $29,000 of outstanding student loans under this program at December 31, 1988. The Board of Trustees had resolved that the Foundation will guarantee loans in an amount not to exceed 60% of the Foundation's fund balances.
(
Research and Education Foundation of the American Association of Endodontists Organized and incorporated in 1966 as the AAE Endowment & Memorial Foundation, the Research and Education Foundation is a taxexempt, non-profit organization whose primary mission is the furtherance of the science of endodontics. In keeping with the new direction of the Foundation, contributions will be used to promote the advancement of endodontics through research grants to graduate students and established researchers. Contributions may be made to the Research and Education Foundation of the AAE, 211 E. Chicago Avenue, Suite 1501, Chicago, Illinois 60611.