Shepard Meadows is a nonprofit organization, and while we hold our fees steady, the cost for caring for the horses and facility continue to rise. We must raise 75% of our budget through donated income. The related statements of revenues, expenses, and other changes in net assets – income tax basis for the years ended September 30, 2019 and 2020 are provided below. The Accountants’ Compilation Report is in accordance with Statements on Standards of Accounting and Review Services of the AICPA.
2019 & 2020 (September 30)
2019
2020
Current Assets:
Cash and cash equivalents
$ 56,584
$ 280,471
Property and Equipment:
Building
$ 683,079
$ 695,779
Leasehold improvements
$ 81,070
$ 81,070
Equipment and furnishings
$ 51,164
$ 51,164
Horses
$ 11,400
$ 11,400
$ 826,714
$ 839,414
Less accumulated deprecation and amortization
$ 246,980
$ 276,168
Net Property and Equipment
$ 579,734
$ 563,245
Total Assets
$ 636,318
$ 843,716
Current Liabilities:
Note payable – demand
$ 0
$ 19,695
Current portion of long-term debt
$ 31,537
$ 4,036
Accounts payable
$ 3,992
$ 5,707
Loan payble director
$ 11,690
$ 11,690
Total Current Liabilities
$ 72,773
$ 24,786
Long-term Liabilities:
Long-term debt, net of current portion
$ 35,417
$ 141,764
Total Liabilities
$ 108,190
$ 166,550
Net Assets:
Unrestricted
$ 519,643
$ 669,061
Temporarily restricted
$ 8,485
$ 8,105
Total Net Assets
$ 528,128
$ 677,166
Total Liabilities and Net Assets
$ 636,318
$ 843,716