- Volume 66 , Number 3
- Page: 440–3
Statement of financial condition
Tait, Weller & Baker, Certified Public Accountants, New York, New York, Auditors, INTERNATIONAL JOURNAL OF LEPROSY, on 25 February 1998, transmitted the following audited financial statements for 1997 to the Board of Directors, IJL, with the following report:
"We have audited the accompanying statements of linancial position of the International Journal of Leprosy of the International Leprosy Association as of December 31, 1997 and 1996, and the related statements of activities and changes in tret assets, and cash flows for the years then ended. These linancial statements are the responsibility of the organization's management. Our responsibility is to express an opinion on these linancial statements based on our audits.
"We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the linancial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts anil disclosures in the financial statements. An audit also includes assessing the accounting principles used anil significant estimates made by management, as well as evaluating the overall linancial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
"In our opinion, the linancial statements referred to above present fairly, in all material respects, the financial position of the International Journal of Leprosy of the International Leprosy Association as of December 31. 1997 and 1996, and the changes in its net assets and its cash flows for the years then ended, in conformity with generally accepted accounting principles."
NOTES TO FINANCIAL STATEMENTS
December 31, 1997 and 1996
(1) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
ORGANIZATION AND PURPOSE
The International Journal of Leprosy of the International Leprosy Association (" IJL ") qualities as a non-taxable organization under Section 501(c)(3) of the Internal Revenue Code.
The primary purpose of IJ I. is to publish and distribute (he "International Journal of Leprosy."
BASIS OF PREPARATION
IJL prepares its financial statements on the accrual basis and. as such, income from subscriptions to the " International Journal of Leprosy " is recognized ratably over the term of the subscriptions.
ACCOUNTING ESTIMATES
In preparing financial statements in conformity with generally accepted accounting principles, management makes estímates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements, as well as the reported amounts of revenues and expenses during the reported period. Actual results could differ from those estimates.
EQUIPMENT
Equipment is carried at cost. Depreciation is provided on a straight-line basis over the lives of the assets which is live years.
(2) DONATED SERVICES
ALM International has provided administrative and secretarial support ami occupancy space to the organization. No amounts have been reflected in the statements for these services. The estimated values for these services are approximately $10,000 for each of the years 1997 and 1996, respectively.