Andrew F. Hall & Associates
391 Totten Pond Road
Waltham, Massachusetts 02451
Tel: (781) 890-2488
Fax: (781) 890-6581
Policy Council
System Dynamics Society, Inc.
Albany, New York
We have reviewed the accompanying statements of assets, liabilities, and net assets - cash basis of the System Dynamics Society, Inc., as of December 31, 1998 and 1997, and the related statements of revenues, expenses, and changes in net assets - cash basis for the years then ended, in accordance with Statements on Standards for Accounting and Review Services issued by the American Institute of Certified Public Accountants. All information included in these financial statements is the representation of the management of the System Dynamics Society, Inc.
A review consists principally of inquiries of Society personnel and analytical procedures applied to financial data. It is substantially less in scope than an audit in accordance with generally accepted auditing standards, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion.
Our review was made for the purpose of expressing limited assurance. Based on our review, we are not aware of any material modifications that should be made to the accompanying financial statements in order for them to be in conformity with the cash basis of accounting, as described in the Notes to Financial Statements.
Andrew F. Hall & Associates
May 19, 1999
THE SYSTEM DYNAMICS SOCIETY, INC. | ||
STATEMENT OF ASSETS, LIABILITIES AND NET ASSETS - CASH BASIS | ||
12/31/1998 AND 1997 | ||
1998 | 1997 | |
ASSETS | ||
Cash | $ 122,303.00 | $ 76,200.00 |
Money Market Mutual Funds | $ 52,927.00 | $ 48,805.00 |
U.S. Treasury Notes | $ 79,162.00 | $ 76,829.00 |
Total | $ 254,392.00 | $ 201,834.00 |
Furniture and Equipment | $ 2,411.00 | $ 2,411.00 |
Less: Accumulated Depreciation | $ (1,254.00) | $ (482.00) |
$ 1,157.00 | $ 1,929.00 | |
Total Assets | $ 255,549.00 | $ 203,763.00 |
LIABILITIES AND NET ASSETS | ||
Due to Creative Learning Exchange | $ - | $ 533.00 |
Total Liabilities | $ - | $ 533.00 |
Net Assets | ||
Unrestricted - General Fund | $ 255,549.00 | $ 203,230.00 |
Total Net Assets | $ 255,549.00 | $ 203,230.00 |
Total Liabilities and Net Assets | $ 255,549.00 | $ 203,763.00 |
THE SYSTEM DYNAMICS SOCIETY, INC. | ||
STATEMENTS OF REVENUES, EXPENSES, AND | ||
CHANGES IN NET ASSETS - CASH BASIS | ||
12/31/1998 AND 1997 | ||
1998 | 1997 | |
Changes in unrestricted net assets | ||
Revenues and gains | ||
Membership dues and subscriptions | $ 25,058.00 | $ 17,515.00 |
Conference | $ 70,509.00 | $ 35,883.00 |
Publications | $ 14,613.00 | $ 7,912.00 |
Bibliographies and teaching games | $ 73,520.00 | $ 41,716.00 |
Interest and dividends | $ 6,745.00 | $ 8,467.00 |
Donations | $ 738.00 | $ 568.00 |
Miscellaneous | $ - | $ 468.00 |
Gain on redemption | $ 272.00 | $ 108.00 |
Total unrestricted revenues and gains | $ 191,455.00 | $ 112,637.00 |
Expenses and losses | ||
Administration | $ 92,542.00 | $ 4,274.00 |
Bank fees | $ 4,911.00 | $ 425.00 |
Conference | $ - | $ 1,941.00 |
Depreciation | $ 772.00 | $ 482.00 |
Grant | $ - | $ 2,057.00 |
Membership mailings | $ 4,824.00 | $ 5,071.00 |
Office expenses | $ - | $ 870.00 |
Professional fees | $ 4,132.00 | $ 1,865.00 |
Publications | $ 14,842.00 | $ 16,877.00 |
Bibliographies and games | $ 14,413.00 | $ - |
Travel | $ 2,700.00 | $ 3,412.00 |
Total expenses and losses | $ 139,136.00 | $ 37,274.00 |
INCREASE IN UNRESTRICTED NET ASSETS | $ 52,319.00 | $ 75,363.00 |
Changes in permanently restricted assets | ||
Interest and dividends | $ - | $ 21,482.00 |
Loss on redemption | $ - | $ (2,440.00) |
Net assets released from restrictions | $ - | $ (304,690.00) |
DECREASE IN PERMANENTLY RESTRICTED ASSETS | $ - | $ (285,648.00) |
NET ASSETS - beginning of year | $ 203,230.00 | $ 413,515.00 |
NET ASSETS - end of year | $ 255,549.00 | $ 203,230.00 |
The System Dynamics Society, Inc., incorporated on November 7, 1985, as an international non-profit corporation, was organized to encourage the development and use of system dynamics in solving problems in such areas as environmental change, economic development, social unrest, urban decay, psychology, and physiology.
The cash basis differs from generally accepted accounting principles primarily due to the effects of accounts receivable and accounts payable not being reflected in the accompanying financial statements.
In 1997, the Policy Council voted to transfer the assets of the Gordon Brown Fund to the Creative Learning Exchange (CLE). Historically, CLE had been distributing system dynamics materials written by System Dynamics Society members. Transferring the Gordon Brown Fund to CLE means more of the Fund will be used toward this end.