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 80% 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 2018 are provided below. The Accountants’ Compilation Report is in accordance with Statements on Standards of Accounting and Review Services of the AICPA.
2019 & 2018 (September 30)
2019
2018
Current Assets:
Cash and cash equivalents
$ 56,584
$ 84,163
Property and Equipment:
Building
$ 683,079
$ 671,358
Leasehold improvements
$ 81,070
$ 74,495
Equipment and furnishings
$ 51,164
$ 48,017
Horses
$ 11,400
$ 8,600
$ 826,714
$ 802,470
Less accumulated deprecation and amortization
$ 246,980
$ 219,049
Net Property and Equipment
$ 579,734
$ 583,421
Total Assets
$ 636,318
$ 667,584
Current Liabilities:
Note payable – demand
$ 0
$ 64,442
Current portion of long-term debt
$ 31,537
$ 31,537
Accounts payable
$ 3,992
$ 1,743
Loan payble director
$ 11,690
$ 12,790
Total Current Liabilities
$ 72,773
$ 117,471
Long-term Liabilities:
Long-term debt, net of current portion
$ 35,417
$ 169,071
Total Liabilities
$ 108,190
$ 286,541
Net Assets:
Unrestricted
$ 519,643
$ 350,780
Temporarily restricted
$ 8,485
$ 30,263
Total Net Assets
$ 528,128
$ 381,042
Total Liabilities and Net Assets
$ 636,318
$ 667,584