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, 2018 and 2017 are provided below. The Accountants’ Compilation Report is in accordance with Statements on Standards of Accounting and Review Services of the AICPA.
2017 & 2018 (September 30)
2018
2017
Current Assets:
Cash and cash equivalents
$ 80,458
$ 100,069
Property and Equipment:
Building
$ 671,358
$ 671,358
Leasehold improvements
$ 74,495
$ 74,495
Equipment and furnishings
$ 48,017
$ 48,017
Horses
$ 8,600
$ 8,600
$ 802,470
$ 802,470
Less accumulated deprecation and amortization
$ 219,049
$ 191,245
Net Property and Equipment
$ 583,421
$ 611,226
Total Assets
$ 663,879
$ 711,295
Current Liabilities:
Note payable – demand
$ 64,442
$ 76,442
Current portion of long-term debt
$ 31,537
$ 31,537
Accounts payable
$ 177
$ 7,421
Loan payble director
$ 12,790
$ 14,090
Total Current Liabilities
$ 108,946
$ 129,491
Long-term Liabilities:
Long-term debt, net of current portion
$ 169,071
$ 206,608
Total Liabilities
$ 278,017
$ 336,099
Net Assets:
Unrestricted
$ 355,599
$ 334,559
Temporarily restricted
$ 30,263
$ 40,637
Total Net Assets
$ 385,862
$ 375,196
Total Liabilities and Net Assets
$ 663,879
$ 711,295