Agenda - 10-01-2002-10a - Laserfiche WebLink

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ANIMAL PROTECTION SOCIETY OF ORANGE COUNT!, INC Notes to Financial Statements June 30,2000' NOTE 3—FIXED ASSETS AND OTHER ASSETS(CONTINUED) Depreciation expense for the year was$92,152. Other assets consists of construction costs in progress on a kennel building.. NOTE,4—RE 1REMENT PUN The Organization provides a Simplified Employee Pension/Individual Retirement Annuity Contract for its employees, Employees earning at least $400 in a calendar year qualify to participate in �tMution of he rganizaton makes e CompanynThey to individual retirement accounts set up amount as defined by Internal Revenue Service Organization is permitted to contribute any $16,255. regulations. Contributions for the year totaled The Organization also provides a tax-deferred annuity plan qualified under Section 403(b) of the Internal Revenue Code, Employees may make contributions to the plan up to the maximum amount allowed by law. The Organization makes no contributions to this plan. NOTE 5—CONCENTRATIONS OF CREDIT RISK Financial instruments that potentially subject the Organization to credit risk include $115,593 invested in money market funds at two brokerage firms and corporate stocks and bonds valued at $186;920 held at two brokerage fines. At June 30, 2000, the Organization had approximately$74,000 cash in excess of federally insured limits.