2000-2001 OPERATING BUDGET
-'
. ~Q~~Fi~!~O!~!
2000-2001 OPERATING BUDGET
We are in the fifth year of a seven year financial budget plan with our partner organizations. Our operating
revenue budget for 2000-2001 totals $1,002,273.00. Our operating expenses total the sante amount,
leaving a zero surplus.
The annual sinking fund is not part of the operating budget and is handled separately with the City of
Clearwater and the City of Safety Harbor through our written agreements. The Cities are holding the
money until the need arises for an approved expenditure. Clearwater for Youth pays a flat fee with a
monthly charge of $1,000.00 including office, programs, and sinking fund
Highlights of 2000-2001 budget:
. The budget reflects support from the City of Clearwater and the City of Safety Harbor in
accordance with the 7-year plan.
. Revenues to be earned by the Long Center for special events is at a maximmn as there are few
weekends available to host events.
. There are 13 full time positions, including six manager & supervisory staff & 10 part time
positions. Increase in salary reflects a 3% raise for eligible staff, an adjustment of actual lifegu3Td
hours needed at the pool, and the Public Relations position being filled for a full year.
. The Long Center has built into the budget an expense for employee accrued sick leave, which is
currently at approximately $16,000.00 for employees with 10 years of service or more.
. Expenses that will be paid by donor restricted funds are not included in the budget, as these items
will be designated by the donor at time of donation.
The 7 year plan was modified in the past year from the original version primarily due to the addition of
Aquatic lessons and the adjustment of volunteer hours. Volunteer revenue was adjusted to reflect the actual
hours worked at $7.00 per hour. Operating Revenues reflected the anticipated additional revenues from
Aquatic l~ns for Years 4 - 7. All other expenses were modified in Year 4 and beyond to more accurately
reflect the anticipated costs based on prior year actua1s.
longcen\word\budsum.doc
3/13/00
1501 North Belcher Road, Suite 225, Clearwater, FL 33765 (727) 726-2181, FAX (727) 797-2075
www.longcenter.org
Long Center Sources of Revenues 2000-2001
"
II City of
Clearwater (36%)
--
~ City of Safety
Harbor (6%)
II Clearwater for
Youth 0%)
11] Center
Foundation (21%)
mI Operations (30%)
-
[TI In Kind (6%)
Long Center Expenses 2000-2001
3%
6%
6%
iI Utilities & Insurance
(17%)
II Salaries & Benefits
(47%)
....
[J] G & A,
Departmental,
Marketing (6%)
II Maintenance
(6%)
.lnKind
(3%)
-
D Depreciation
Expense (21%)
7 Year Plan
Revenue Source
AGENCY PROGRAM FEES:
Ci of Cleawater/Phose III
Safe Habor/Phose III
Cleawater fOf Youth
A en Sub-Total
UPARC REIMBURSEMENT GROUNDS
CENTER FOUNDATION
LONG CENTER
Lon Center Sub-Total
Maintenance Reserve Funding
TOTAL REVENUE
Recreation--
A ics--
Maintenance--
Maintenance - UPARC
Funded Depreciation
Depreciation Expense
Funded Sick Ucbi&ty
TOTAL EXPENSES
NET SVRPlVS/(DEFICII)
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LONG CENTER
(3)
(4)
3 Actual
1998-99 1998-99
359.480 359.480
58.520 58.520
12.000 11.556
430.000 429.556
42.400 42.396
210.000 210.000
270.000 299.696
17.024 14.873
287.024 314.569
32.658
969.424 1.029.179
84.872 84.342
90.177 64.187
53.000 61.703
10.609 11.032
238.658 221.264
510.000 515.970
20.258 32.014
3.859 6.<<3
17.024 14.873
20.883 21.316
5.513 8.503
12.128 14.717
67.000 70.167
42.400 42.396
0
0 272.252
0 0
916.839 1.198.600
52,585
,
4
1999-2000
//\$./\ 6
t:~t ... . 2001-02
7
2002-03
. ................
...............'...... .
.,.:ji: i:i, '::::11':.
::/::\:\J2;oolf
:\';m;aoo:
.......................... .
...........................
............................,.........................
:::::tt::4i~:
...........................
......................................................
...........................
:;:::::t::::!UlljjQ:
. . . . . . . . .... ..
333.480
58.520 ..
12.000 :
404.000
42.400
210.000
. ..
..
977.6'13
(5)
(6)
(8)
302.260
18.963 ....
321.223
................... .
. . . . . . . . . . . . . . . . . . . .
.................... .
86.ooo,.,:::::::::::MJ?t{:
67.577::t::::::::::::t~?~~~:
39.300 :t:(::t:!i.J@~lt
12.400 :::{::::\/t~::
205,277 }:::::::::gU).4Mt
553.31 O:::rt::M:nn~:
~,195 UU)):)~t*M
......................................................
1::~i!iii:::!:j.!!j::!:j!.!i~:;II:!j
'13.823:::,::,',)::~:rif1~m
9 .8OO:::}:)\::::))t~~e
~::~:,::.:::j:i::::ii:':I.i.:.I:
42,400 m~?rmmtt~~m
20.663 ::::::::::::r.:.:.:....'.".'.'.'.'.'."":..:
o }:::::::}lijtti
o,.,::.:,:,:!:::::::.:::~_:.!
977.6'13t::::::tooz21.a:
o ::::tt:::::i:::))):::::.::
NOTE: ANTICIPA TED VISION 2000 CONSTRUCTION BEGINNING FEBRUARY 2001 NOT REFLECTED IN ABOVE
322.500
52.500
12.000
387.000
42.400
320.000
288.960
47.040
12.000
348.000
42,400
320.000
305.910
18,963
324.873
310.910
18.963
329.873
1.074.273
1.040.273
92.085 94.848
69.109 71.182
43.741 46.365
12.875 13.261
217.810 225.656
612.655 627.971
24.132 25,339
5.051 5.303
18.963 18.963
24.014 24.266
7.760 8.147
15.855 16.648
75.367 80.367
42.400 42.400
45.609 0
8.672 0
1.074.273 1.050.795
0
(I) Operating revenues reflect more reaflStic projections based on 98199 actuals
(2) Volunteers reflected at actool tvs used during 97-98 @ $7.00lhr.
(3) Water. Sewer. Trash 98-99 actool was $64, 187. Amt reflect 5" increase, less savings from separated trash for full yea
(4) Insurance reflects 5" increase from prior yea.
(5) Increase for 3% raises to eflgible employees, PR position for full yea, additional aquatic tvs needed.
(6) Acfual General & Administrative expenses for 98-99 $32,000 includes $ I 0,000 in computer upgrades.
(7) Include costs related to community awaeness position.
(8) Some budgeted maintenance items removed to be included with sinking fund renovations.
Significant savings in maintenance contracts as a resvIt of new phone system ($3 120); Danka ($2700);
Recware ($1 lOO)
..Departmental expenses exclude items purchased by restricted donofions, I.e. Aquatics excludes
$ I 000.00 for CAT team p1Xchase of flags. Recreation excludes $ I 955. I 9 purchase of lobby furniture
from Taylor Donation, and Maintenance excludes $7,292.8 I purchase with Doyle, vendor & playground
funds fOf signs, landscaping, air scoop. center light pole repair.
THE LONG CENTER
200G-2001 Walle AnaIysl8
Annual Accord
Wage Workers' Benefits 401K Total Total
@ 10/99 FICA FUTA SUI Comp Admin Match Benefits Admin Comp
EXEMPT EMPLOYEES 283,296 21,672 392 613 7,281 21,964 12.696 64,617 2,912 350,825
HOURLY EMPLOYEES
Administration 7,540 577 56 88 194 0 0 914 416 8,870
Aquatics 11 0,250 8,434 601 940 2,833 2,425 1,371 16,605 4,576 131,431
Maintenance 40,277 3,081 112 175 1,035 2,438 2,014 8,855 832 49,96__
Recreation 44,282 3,388 168 263 1,138 4,524 1,607 11,087 1,248 56,616
Total Hourly 202,349 15,480 937 1,46.5 5,200 9,386 4,992 37.460 7,072 246,881
TOTAL COMPENSATION 485,64.5 37,152 1,329 2,077 12,481 31,350 17,688 102,077 9,984 597.706
-
.
2000/2001 Eliminations from oriainal budaet
Amount Account Account Name Reason
$4,500.00 8000.05 R & M Building Window Washing-include with repainting/sinking fund item
$1,200.00 8001.06 R & M Site Tree removal from playground/sinking fund item
$2,500.00 8001.06 R & M Site Restriping of parking lot
$2,990.00 8200.06 R & M Playground Amount to be received from Foundation
$250.00 * 8000.06 R & M Grounds Pick up truck muffler to be purchased 9912000
$1,200.00 * 7990.03 Recreational Equip Tables & Chairs to be purchased 9912000
$2,500.00 6135.01 Marketing
Phillies Billboard to be paid from Vendor Restricted donations
$3,000.00 * 8000.04 R & M Pool
Annual pool heater maintenance to be done in 9912000
$365.00 * 8065.06 Small Tools-Ground Rotoziplsmall tools to be purchased 9912000
$1,500.00 * 8075.00 Uniforms
Uniforms to be purchased 9912000
$1,275.00 * 8110.06 Supplies - Grounds Fertilizer to be purchased 9912000
$100.00 7825.01 Dues & Publications Largo Chamber of Commerce
$8,141.00
6000.00 Salaries & Wages Reduction of 5% raises to 3% raises for eligible staff
* Items to be furnished in 9912000 fiscal year. $7,590.00. Projected surplus cash at end of
current fiscal year $10,000 - $15,000. After these expenditures, surplus cash
projected at $2,500- $7,500.
.
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SINKING FUND ITEMS
Approved for Fiscal Year 1998/1999
82% 17%
ComoIeted Total Cost Cbwtr Cost Sftv Hrbr Cost
Shared Technology Fairchild Norstar Telephone Syst Jul-99 $ 14,178.57 $ 11,626.43 $ 2,410.36
Rolling Oak Supply NJA improvements Jan-99 $ 2,828.50 $ 2,319.37 $ 480.85
Resource One Carpeting Oct-99 $ 10,873.00 $ 8,915.86 $ 1,848.41
Canon ImageRunner 400 Copi Feb-OO $ 13,421.22 $ 11,005.40 $ 2,281.61
Clark Hunt, Wade Trim, Permits Parking Lot Repaving Feb-OO $ 74,389.00 $ 30,499.49 $ 6,323.07
(approJC.)
$115,690.29 $ 64,366.55 $ 13,344.28
Approved/Requested for Fiscal Year 199912000
86% 13%
Total Cost Cbwtr Cost Sftv Hrbr Cost
Exterior Pool Painting $ 12,750.00 $ 10,965.00 $ 1,657.50
Lockers (private funding obtained) $ 28,705.00 $ $
Infra-Red study of Roof $4000-$600O $3440 - $5160 $520 - $780
Replace Pool Lane Unes $ 10,000.00 $ 8,600.00 $ 1,300.00
Pool Vacuum $ 4,000.00 $ 3,440.00 $ 520.00
Seal Block $ 8,600.00 $ 7,396.00 $ 1,118.00
NJA Signage for Building $ 5,000.00 $ 4,300.00 $ 650.00
Encapsulate Pipe $ 27,236.00 $ 23,422.96 $ 3,540.68
$101,291.00 $ 62,423.96 $ 9,436.18
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THE PINELLAS COMMUNITY CENTER, INC.
DIBIA THE LONG CENTER
AND
THE LONG CENTER FOUNDATION, INC.
TABLE OF CONTENTS
INDEPENDENT AUDITORS' REPORT
FINANCIAL STATEMENTS
Consolidated Statements of Assets, Liabilities and
Fund Balance - (Modified Cash Basis)
Consolidated Statements of Support, Revenue
And Expenses and Changes in Fund Balances -
(Modified Cash Basis)
Consolidated Statements of Functional Expenses -
(Modified Cash Basis)
Notes to Consolidated Financial Statements -
(Modified Cash Basis)
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10
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HARPER, VAN SCOIK & GOMP~""'Y, L.L.P.
CERTIFIED PUBLIO AOOOUNT ANTS
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REX e. HARPER. c.p A.
WILBER G. VANSCOIK. c.PA.
JOHN H. GRAHAM. JR.. C.P.A.
DAVID D. BURTON. JR.. C.P A.
CHARLES W. WHETSTONE. c.p A.
FRANK J. HANCOCX. c.PA.
CHARLES D. RIGGS, /II. c.PA.
2111 DREW STREET
P.O. BOX 4989
CLEARWATER. FLORIDA 33758-4989
MEMBERS
FLORIDA INSTITUTE OF
CERTIFIED PUBUC ACCOUNTANTS
I
FAX (8131 461-7384
AMERICAN INSTITUTE OF
CERTIFIED PUBUC ACCOUNTANTS
SEC AND
PRIVATE COMPANIES
PRACTlCE SECTIONS
TELEPHONE (813) 446-0504
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The Board of Directors and Trustees
The Pinellas Community Center, Inc.
d/b/a The Long Center and
The Long Center Foundation, Inc.
Clearwater, Florida
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INDEPENDENT AUDITORS' REPORT
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We have audited the accompanying consolidated statements of assets, liabilities and fund balance -
modified cash basis of The Pinellas Community Center, Inc. d/b/a The Long Center and The Long Center
Foundation, Inc., Florida not-for-profit corporations, as of September 30, 1997 and 1996, and the related
consolidated statements of support, revenue and expenses and changes in fund balance - modified cash
basis and consolidated statements of functional expenses - modified cash basis for the years then ended.
These statements are the responsibility of The Pinellas Community Center, Inc. and The Long Center
Foundation, Inc.'s management. Our responsibility is to express an opinion on these financial statements
based on our audits.
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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 financial
statements are free of material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
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As described in Note 2, those financial statements were prepared on the modified cash basis of accounting,
which is a comprehensive basis of accounting other than generally accepted accounting principles.
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In our opinion, the consolidated financial statements referred to above present fairly, in all material respects,
the financial position of The Pinellas Community Center, Inc. d/b/a The Long Center and The Long Center
Foundation, Inc., as of September 30, 1997 and 1996, and its revenue and expenses and changes in fund
balance for the years then ended on the basis of accounting described in Note 2.
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~ ) /It.rv --beH1. ~ Qe'f"<J i.I (J
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November 5, 1997
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A MEMBER OF HLB INTeRNATIONAL
A WORUlWlDE ORGANIZATION OF ACCOUNTING FIRMS
1
Email: hvsinfo@hvs.mhs.compuserve.CDm
Internet: http://WwW.hvs-cpas.com
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-------------------
Total assets
THE PINELLAS COMMUNITY CENTER, INC.
D/B/A THE LONG CENTER
AND
THE LONG CENTER FOUNDATION, INC.
CONSOLIDATED STATEMENT OF ASSETS, LIABILITIES
AND FUND BALANCE (MODIFIED CASH BASIS)
September 30,1997
1997
ThA long CAntAr Foundation, Inc ThA PinAlla~ Community CAntAr, Inc Eliminating Consolidated
-.Opera~ EndowmAnt Tot::!1 OpArating FhcAd A~~Ats Tot::! I Total F ntriA~ T otal~
$ 2,784 $ 335,324 $ 338,108 $ 26,939 $ 18,814 $ 45,753 $ 383,861 $ $ 383,861 -
191,332 191,332 191,332 (191,332)
1,299,138 1,299,138 1,299,138 1,299,138
163,833 163,833 163,833 163,833
9,577,055 9,577,055 9,577,055 9,577,055
312,410 312410 312410 312,410
9,889,465 9,889,465 9,889,465 9,889,465
(1 974,912) (1,974,97?) (1.974 97?) (1 974,972)
----L914493 7,914493 7914493 7,914493
$ 2.784 $ 1.989.627 $1.992.411 $ 26.939 $ 7.933.307 $ 7.960.246 $9.952.657 $ (191.332) $ 9.761.325
Assets:
Cash
Interfund accounts receivable
Investments
Mortgage notes receivable
Fixed assets:
Building and improvements
Furniture and equipment
Less accumulated depreciation
Total fixed assets
Liabilities: -
Interfund accounts payable $ 191,332 $ - $ 191 332 $ $ $ $ 191 332 $ (191,332) $
Total liabilities 191,332 191,332 191,332 (191,332)
Fund balances (deficit) (1 RR,54R) 1,9R9,027 1.R01.079 20,939 7,933,307 7,900.240 9,701,325 9,701 325
Total liabilities and fund balances $ 2.784 $ 1.989.627 $1.992.411 $ 26.939 $ 7.933.307 $ 7.960.246 $9.952.657 $ (191.332) $ 9.761.325
See Notes to Consolidated Financial Statements.
2
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THE PINELLAS COMMUNITY CENTER, INC.
DIBIA THE LONG CENTER
AND
THE LONG CENTER FOUNDATION, INC.
CONSOLIDATED STATEMENT OF ASSETS, LIABILITIES
AND FUND BALANCE (MODIFIED CASH BASIS)
September 30,1996
1996
The long r.enter FOllnci;:!tion, Inc The Pinel/;:!s r.ommllnity r.enter Inc Eliminating Consolidated
0peratinQ- Enciowment Tot;:!1 .oper;::!ting Fixeci Assets Tot;::! I Tot;:!! F ntrif!s Tot;:! Is
Assets: '....
Cash $ 28,059 $ 40,057 $ 68,116 $ 30,762 $ 54,071 $ 84,833 $ 152,949 $ $ 152,949
Interfund accounts receivable 185,317 185,317 185,317 (185,317)
Investments 1,005,964 1,005,964 1,005,964 1,005,964
Mortgage notes receivable 180,128 180,128 180,128 180,128
Fixed assets:
Building and improvements 9,538,309 9,538,309 9,538,309 9,538,309
Furniture and equipment ?74,R8? ?74 R8? -.27A.6B2 ?74 R8?
9,812,991 9,812,991 9,812,991 9,812,991
Less accumulated depreciation (1, 701,R7~) (1,701 R73) (1,101-.-613) (1,701 R7~)
Total fixed assets 8 111,~18 8 111 ~18 -Ai11~3.1.8 8 111,~18
Total assets $ 28,059 $ 1 .411 .466 $ 1.439.525 $ 30.762 $ 8.165.389 $8.196.151 $9.635.676 $ (185.317) $ 9.450.359
Liabilities: ~
Interfund accounts payable $ 185,~17 $ - $ 185 ~17 $ $ $ $ 185,~17 $ (185,~17) $
Total liabilities 185,317 185,317 185,317 (185,317)
Fund balances (deficit) (157?58) 1,411,4RR 1,?54,?08 ~0,7R? 8 1R5,~8~ 8 1~R 151 ~ 450,~59 ~.450.~5~
Tatalliabilitles and fund balances $ 28.059 $ 1 .411.466 $ 1.439.525 $ 30.762 $ 8.165.389 $8,196.151 $9,635,676 $ (185.317) $ 9.450.359
See Notes to Consolidated Financial Statements.
3
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THE PINELLAS COMMUNITY CENTER, INC.
D/B/A THE LONG CENTER
AND
THE LONG CENTER FOUNDATION, INC.
CONSOLIDATED STATEMENT OF SUPPORT, REVENUE AND EXPENSES
AND CHANGES IN FUND BALANCES. (MODIFIED CASH BASIS)
For the year ended September 30,1997
1997
ThA I nng CAntAr Fnllncf::ltinn, Jne ThA PinAII::!~ Cnmmllnity CAntAr Ine Consolidated
OpAr::!ting EncfnwmAnt Tnt::! I OpAr::!ting FixAcf A~~At~ Tnt::!1 Tnt::!l~
Support and revenue:
Contributions $ 243,860 $ 565,560 $ 809,420 $ $ $ $ 809,420
Restricted contributions - -
scholarships/playg round 21,456 21,456 21,456
Other support 365,176 18,447 383,623 383,623
Membership and user fees 133,382 133,382 133,382
Facility rentals 120,404 120,404 120,404
Investment income 14R.R11 14R,R11 14 1,735 1749 14R,3RO
Total support and revenue 243,860 733,627 977,487 618,976 20,182 639,158 1,616,645
Expenses:
Facility operating expenses 753,618 753,618 753,618
General and administrative 426 385 811 60;996 60,996 61,807
General fund-raising 195,772 8,753 204,525 204,525
Scholarships 12,430 12,430 12,430
Depreciation ?7~ ?73 ?99 ?73 ?99
Total expenses 19R 19R ?1 5RR ?17,7RR R14.R14 ?73,?99 1,OR7,913 1,305,R79
Excess (deficiency) of support
and revenue over expenses 1__
before distributions 47,662 712,059 759,721 (195,638) (253,117) (448,755) 310,966
Foundation distribution to Long Center --.(21? ,R50) -<21?,R50) ?1?,R50 ?1?,R50
Excess (deficiency) of support and
revenue over expenses (165,188) 712,059 546,871 17,212 (253,117) (235,905) 310,966
Fund balances (deficits), beginning of year (157,258) 1,411 ,466 1,254,208 30,762 8,165,389 8,196,151 9,450,359
Interfund transfer 133,R9R (133,R9R) (?1 035) ?1,035
Fund balances (deficits), end of year $ (188.548) $ 1,989,627 $1.801.079 $ 26,939 $ 7,933.307 $ 7 ,960 .246 $ 9,761,325
See Notes to Consolidated Financial Statements,
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THE PINELLAS COMMUNITY CENTER, INC.
DfBfA THE LONG CENTER
AND
THE LONG CENTER FOUNDATION, INC.
CONSOLIDATED STATEMENT OF FUNCTIONAL EXPENSES - (MODIFIED CASH BASIS)
For the year ended September 30,1997
Facilities operating expenses:
Leased employees
Utilities
Maintenance
Insurance
Other
Supplies
Printing
Facility programs
Volunteer recognition
Postage
Total facility operating expenses
General and administrative:
Leased employees
Interest and bank charges
Professional services
Travel, training and meetings
Total general and administrative
Total functional expenses
(carried forward)
ThA long r.AntAr FOllnd~tion, In~
OpAr~ting EnciowmAnt Total
$ $ $
426 385 811
426 3R5 R11
426 385 811
ThA PinAllas r.ommllnity r.AntAr Inc
OpAr~ting FixAci AssAts Total
1997
Consolidated
Totals
,--
$ 350,653 $ $ 350,653 $ 350,653
166,136 166,136 166,136
117,013 117,013 117,013
44,674 44,674 44,674
32,674 32,674 32,674
23,116 23,116 23,116
110 110 110
16,809 16,809 16,809
635 635 635
179R 179R 1,79R
753,618 753,618 753,618
43,282 43,282 43,282
1,183 1,183 1,994 ,-
11,831 11 ,831 11,831
4,700 4700 4,700
60,996 ----.6Q9.9fi 61 R07
814,614 814,614 815,425
See Notes to Consolidated Financial Statements,
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THE PINELLAS COMMUNITY CENTER, INC.
D/B/A THE LONG CENTER
AND
THE LONG CENTER FOUNDATION, INC.
CONSOLIDATED STATEMENT OF FUNCTIONAL EXPENSES - (MODIFIED CASH BASIS)
(CONTINUED)
For the year ended September 3D, 1997
1997
The long r.enter Foundation, Inr. The Pinellas r.ommunity r.enter, Inr. Consolidated
Oper::!ting Fndowment Total Oper::!ting Fixed Assets Tot::! I Totals .......,
Total functional expenses
(brought forward) 426 385 811 814,614 814,614 815,425
General fund-raising:
Leased employees 97,014 97,014 97,014
Rent 12,000 12,000 12,000
Special events 19,059 19,059 19,059
Donor recognition 11,107 6,444 17,551 17,551
Supplies 6,614 6,614 6,614
Insurance 1,071 1,071 1,071
Travel, training and meetings 4,813 4,813 4,813
Printing 3,731 3,731 3,731
Postage 2,905 2,905 2,905
Utilities 2,444 2,444 2,444
Professional services 8,021 8,021 8,021
Development materials 26,372 26,372 26,372 ......
Other R21 2309 2930 2930
Total general fund-raising 195,772 8,753 204,525 204,525
Scholarships 12,430 12,430 12,430
Depreciation and
amortization 273,299 273,299 273,299
Total functional expenses $ 196.198 $ 21.568 $ 217.766 $ 814.614 $ 273.299 $ 1.087.913 $ 1.305.679
See Notes to Consolidated Financial Statements.
7
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THE PINELLAS COMMUNITY CENTER, INC.
DIBIA THE LONG CENTER
AND
THE LONG CENTER FOUNDATION, INC.
CONSOLIDATED STATEMENT OF FUNCTIONAL EXPENSES - (MODIFIED CASH BASIS)
For the year ended September 30, 1996
ThA I nng r.AntAr Fnllnn;:!tinn, Inc
OpAr;:!ting FnnnwmAnt Tnt;:! I
ThA PinAII;:!~ r.nmmllnity r.AntAr Inc
OpAr;:!ting FixAn A~~At~ Tnt;:!1
1996
Consolidated
Tnt;:!l~
Facilities operating expenses: ...
Leased employees $ $ $ $ 320,566 $ $ 320,566 $ 320,566
Utilities 169,146 169,146 169,146
Maintenance 90,611 90,611 90,611
Insurance 41,419 41,419 41,419
Other 17,650 17,650 17,650
Supplies 19,031 19,031 19,031
Printing 1,887 1,887 1,887
Facility programs 35,349 35,349 35,349
Volunteer recognition 1,978 1,978 1,978
Postage ?,463 2,463 2,463
Total facility operating expenses 700,100 700,100 700,100
General and administrative:
Leased employees 66,922 66,922 66,922
Interest and bank charges 248 183 431 1,112 1,112 1,543
Professional services 12,578 12,578 12,578 --
Travel, training and meetings 4,463 4,463 4,463
Maintenance 189 Hill 189
Total general and administrative ?48 183 431 85,?64 85 ?64 85 695
Total functional expenses
(carried forward) 248 183 431 785,364 785,364 785,795
See Notes to Consolidated Financial Statements,
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THE PINELLAS COMMUNITY CENTER, INC.
DIBIA THE LONG CENTER
AND
THE LONG CENTER FOUNDATION, INC.
CONSOLIDATED STATEMENT OF FUNCTIONAL EXPENSES - (MODIFIED CASH BASIS)
(CONTINUED)
For the year ended September 30, 1996
1996
ThA I nng CAn tAr Fnundatinn, Inr. ThA PinAllas Cnmmunity CAntAr, Inr. Consolidated
OpArating EndnwmAnt Tntal OpArating FixArl AssAts Tntal Tnt::!ls --
Total functional expenses
(brought forward) 248 183 431 785,364 785,364 785.795
General fund-raising:
Leased employees 88,104 88,104 88,104
Rent 12,000 12,000 12,000
Special events 28,041 28,041 28,041
Donor recognition 5.992 5,992 5,992
Supplies 5,414 5,414 5,414
Insurance 1,391 1,391 1,391
Travel, training and meetings 607 607 607
Printing 5,326 5,326 5,326
Postage 1,845 1,845 1,845
Utilities 1,702 1,702 1,702
Professional services 3,536 3,536 3,536
Other 816 7492 8,308 8,308 .....
Total general fund-raising 154,774 7,492 162,266 162,266
Scholarships 15,796 15,796 15,796
Depreciation and
amortization 266 78fi ?66 78fi ?66 785
Total functional
expenses $ 155,022 $ 23.471 $ 178.493 $ 785,364 $ 266,785 $ 1 ,052.149 $ 1 ,230.642
See Notes to Consolidated Financial Statements.
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THE PINELLAS COMMUNITY CENTER, INC.
DIBIAI THE LONG CENTER
AND
THE LONG CENTER FOUNDATION, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(MODIFIED CASH BASIS)
September 30, 1997 and 1996
1. Oraanization and Purpose
The Long Center Foundation, Inc. (Foundation), a Florida not-for-profit organization, was
incorporated in 1986. The Foundation's mission is to provide funding for The Pinellas Community
Center, Inc., d/b/a The Long Center (Long Center) located in Clearwater, Florida. The Long Center was
incorporated effective July 1, 1990, as a Florida not-for-profit corporation, and is a wholly owned entity
of the Foundation. The Long Center's mission is to provide local communities with quality recreational
facilities that offer a broad range of activities for individuals and family groups of all ages and abilities.
The recreational facilities include an Olympic size swimming pool, basketball courts, and weight room.
A portion of the Long Center facility (the Facility) is dedicated solely to UPARC operations, and the
expenses are borne by UPARC.
2. Summary of Sianificant Accountina Policies
Basis of Accountina - The financial statements of the Foundation and the Long Center have been
prepared on the modified cash basis of accounting, which is a comprehensive basis of accounting other
than generally accepted accounting principles. Modifications to the cash basis of accounting include
recording depreciation on property and equipment.
The accounts of the Foundation are maintained in the following funds:
Operatina Fund
This fund is used to account for activities and assets currently available for use in the
operations of the Foundation.
Endowment Fund
This fund includes resources restricted in accordance with certain endowment agreements,
as well as resources restricted by donors. As of September 30, 1997, the endowment
agreements consist of the following:
1. Principal endowment of $1 million in cash and investments. The
income is used to fund organizational and operating expenses.
2. Financial stability fund of approximately $970,000. Income is used
to fund organizational and operating expenses.
3. Sunshine Playground assets of approximately $18,900. The
income is used to fund operations.
The donor restricted resources include scholarship assets of approximately $25,000 to fund
scholarships.
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THE PINELLAS COMMUNITY CENTER, INC.
D/BlA/ THE LONG CENTER
AND
THE LONG CENTER FOUNDATION, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(MODIFIED CASH BASIS)
September 30, 1997 and 1996
2. Summary of Significant Accounting Policies (Continued)
The accounts of the Long Center are maintained in the following funds:
Operating Fund
This fund is used to account for activities and assets, other than fixed assets, currently
available for use in the operations of the Long Center.
Fixed Asset Fund
This fund is used to account for fixed assets and related activities, and includes building,
improvements, furniture, and equipment used in the operations of the Long Center. This
fund was initially created by a transfer of fixed assets from the Foundation.
Consolidation - All loans and distributions between the Foundation and the Center and between
the funds within those entities have been eliminated in the consolidated financial statements.
Cash and Cash Eauivalents - Cash equivalents include short-tenn investments in money market
funds.
Investments - The Foundation carries investments at the lower of cost or market. The cost basis
of donated investments is the fair market value at the time of receipt. The cost basis of investments
acquired by purchase is the price paid for the investment. Investments at cost and market as of
September 30,1997 are $1,299,138 and $1,372,030, respectively and $1,009,473 and $1,005,964 for
1996.
Fixed Assets - Fixed asset expenditures in excess of $500 are capitalized at cost. The Long
Center provides for depreciation by periodic charges to income, computed using the straight-line
method, over the estimated useful lives of such assets. The estimated useful lives used in computing
depreciation are 40 years for the building and 5 to 7 years for improvements, furniture and
equipment.
Contributed Services - During the year ended September 30, 1997 and 1996, donated
promotional services of approximately $309,000 and $286,000, respectively, were received. In
addition, numerous unpaid volunteers have made significant contributions of their time to assist the
Foundation and the Long Center in their activities. These promotional and volunteer services are not
recorded in the accompanying combining financial statements.
Income Taxes - The Foundation and the Long Center are tax exempt under Section 501 (c)(3) of
the U.S. Internal Revenue code and have been classified as organizations that are not private
foundations. The Foundation has been designated as a "supporting" organization to the Long Center,
and the Long Center has been designated as a "publicly supported" organization.
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THE PINELLAS COMMUNITY CENTER, INC.
D/B/A/ THE LONG CENTER
AND
THE LONG CENTER FOUNDATION, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(MODIFIED CASH BASIS)
September 30, 1997 and 1996
2. Summary of Significant Accounting Policies (Continued)
Estimates - The preparation of financial statements requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities at the date of the financial
statements and the reported amounts of revenues and expenses during the reporting period. Actual
results could differ from those estimates.
Related Party Transactions - During the years ended September 30, 1997 and 1996, the Foundation
contributed $212,850 and $232,527, respectively, to the Long Center for operating expenses and capital
expenditures.
During the year ended September 30, 1993, 1996, and 1997, the Foundation was given a mortgage
note receivable from a related party. The balance outstanding at September 30,1997 and 1996, was
$163,833 and $143,128, respectively, and is included in mortgage notes receivable in the accompanying
balance sheet (see Note 3).
Reclassification - Certain items in the 1996 financial statements have been reclassified to conform
to the 1997 financial statement presentation.
3. Mortgage Notes Receivable
Mortgage notes receivable of the Foundation at September 30, 1997 and 1996, consist of the
following:
1997 1996
Mortgage notes, interest from 8% to 9%, principal
and interest due monthly, due 1997 through 1999,
collateralized by real estate (see Note 2)
$ 64,500 $ 143,128
Mortgage note, interest at 8.625%, principal and
interest due monthly until principal paid off,
collateralized by real estate (see Note 2)
99,333
Mortgage note, with interest at 12%, payable monthly,
with principal due January 1998, collateralized by
real estate
37 000
Total mortgage notes receivable
$ 163.833 $ 180,128
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THE PINELLAS COMMUNITY CENTER, INC.
D/BlAJ THE LONG CENTER
AND
THE LONG CENTER FOUNDATION, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(MODIFIED CASH BASIS)
September 30,1997 and 1996
4. Lease Commitments and Continaency
The Long Center leases certain land from the City of Clearwater, Florida (the City) which was
acquired expressly for use by the Facility. Annual lease payments are one dollar per year for the term
of the lease which expires in December 2006. An additional extension is available through referendum
in accordance with the City Charter. All building and land improvements constructed on the property
become the property of the City at the expiration of the lease. The building is depreciated over a forty-
year life, since management believes the lease term will be extended through at least the year 2030.
The lease also provides for the establishment of a sinking fund for replacement and depreciation
which began October 1, 1992. . Amounts contributed by the City and other sponsoring agencies to the
sinking fund during the years ended September 30, 1997 and 1996, were $18,447 and $60,768,
respectively, and are included in "Other support" in the accompanying consolidated statement of support,
revenue and expenses and changes in fund balances - modified cash basis. The cumulative amount of
the sinking fund is presented on the balance sheet as cash and investments of $18,814 and $54,071 in
1997 and 1996, respectively. One sponsor agency had allocated, for sinking fund purposes $14,726 in
additional funds. These funds are maintained by that agency and are, therefore, not included in the
accompanying financial statements.
The sinking fund payments are divided between the sponsoring agencies based on the percentage
of historical usage of the recreational portion of the Facility for the most recent twelve-month period from
March 1 through February 28, as defined in the lease agreement. This historical usage of the
recreational portion of the facility (exclusive of membership and usage fees, UPARC and other facility
rental income) for the period March 1, 1995 through February 28, 1996, as applied to the residual
obligation, is as follows:
City of Clearwater
City of Safety Harbor
Clearwater for Youth
Percent
85%
14%
1%
100%
Additionally, the lease provides that the City, along with other sponsoring agencies, will support the
operating expenses of the Facility, defined in the lease agreement as "residual obligation." These
payments are made to the Long Center in lieu of compensation for classes held by the sponsoring
agencies at the Facility and are included in "Other support" in the accompanying consolidated statement
of support, revenue and expenses and changes in fund balances - modified cash basis. These payments
totaled $330,990 and $239,355 for all agencies in the years ended September 30, 1997 and 1996,
respectively.
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THE PINELLAS COMMUNITY CENTER, INC.
D/BlAI THE LONG. CENTER
AND
THE LONG CENTER FOUNDATION, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(MODIFIED CASH BASIS)
September 30,1997 and 1996
5. Commitments
In consideration of contributions made in 1990 to the capital campaign for the building, the Long
Center committed to the Upper Pinellas Association of Retarded Citizens, the City of Clearwater, the City
of Safety Harbor, and Clearwater for Youth the use of approximately 76,300 square feet of office,
classroom and workshop space within the Facility. The term of these commitments coincides with the
Long Center's lease with the City of Clearwater.
6. Subseauent Events
During November 1996, the Long Center obtained an unsecured line of credit in the amount of
$50,000. The line carries interest at 9.50% due monthly with the principal due November 1998. As of
the date of this report, no draws had been taken on this line.
7. Remainder Interest and Pledae Contributions Receivable
The Foundation has been named beneficiary in several Remainder Trusts. The net present value
of the funds to be received is estimated to be (discounted at 8%) $208,318 and $185,853 at September
30,1997 and 1996, respectively. The Foundation also had approximately $540,000 and $550,000 of
pledge contributions receivable, at September 30, 1997 and 1996, respectively. Neither of these two
items are recorded in the accompanying financial statements.
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