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ACCOUNTANT'S EPORT
AND
S. S. SCHWARTZ Co..
P~
Accountant's Audit Re 1
Balaf'1C8 Sheet
"
,
,.
Statement of eha es in Fund Balance December 21 2009 and 2008
Statement of Expenses
For th'- vears ended December 31 2009 and 2008
elatsmHPI HI OOl'lallel'l6
~
Notes te the Financi.1 Statements
- 7-8 mAlTED
9·12
To he Board of Directors
Dag Hammarskjold 8ch ola.rsh ip Fu nd for J 0 urna'lfsts
132 East 43r~ Street o. 457
New York, NY 10017
We have audited he accompanying statement of assets, liabilities and fund balances - cash basis,
o the Dag Hammarskjold Scho!larship Fund for Journalists (a on-profit organization) as o·
December 3 ,2009and: 2008. The mandai statements are the ~sponsibili y of the Organization's
management. Our responsibility is 0 express an opinion on the Inanciall :sta emen s based on our
audit.
We condu,cted our auai in accordance with generally accepted audi ing standa.rds. Those
s andards reqUire that we plan and perform the audi to obtain reaso able assurance at the
fina cia! statements are free of marterial misstatements. An audit includes examining. on a est
basis evjdence supporting the amounts a d disclosures in ,he financial statements. An audit also
inoludesassesslng the accounting principles used a d significan estimates made by management,
as well as ,evaluating the Qverall financial sta ement presentation. We elieve tJat our audit
prOVides a r,eas,onable basis for ,our opinion.
As described in Note 2. the organization prepares its' financial statemen s on a basis of cash
receip 50 and disbursements. This basis is a comp ehensive basis of accounti go her ha
generally accepted accountingl principles.
In our opinion, the financial statements referred to ab,ove prese t fairly ;n all aterial res pee s, the
assets. liabiHties and und bala ces of the Dag Hamm.arskjold Scholarship Fund or Jo'ur aUsts.as
j
This statement Is prepared specificany for the board 0 directors and contains greater detail and
notes that are nOr required for s atements .at are for outside distribu ion. We have prepared a
inane!al s a emen! for pUblic d'istribution, if requested.
J¥jj~A
S. S. Schwartz Co.
New York, NY
June 2,2010
DAG HAMMARSKJOLD SCHOLARSHIP FUND FOR JOURNALISTS
BALANCE SHEET
DECEMBER _3, ,2009' AND 2008
2009 2008
ASSETS
Current Assets
Cash - Chase San S 3 ,233 $ 38,229
Investmell Funds
Merril Lynch on ey Ma rket F,u nd 51,536 12,521
Merrill' Lynch Cd's & Equivalent Fund 222,843 252,004
Merri'll Lunc Mutual Fund CEFlUIT 38,642 30,360
Accrued interest - Memorial Scholarship Fund 2,037 3,578
otal Investmen Funds 315,058 298, 63
Other Assets
Rent deposit receivable 4,000
Fund Balances
General Fund
t 349,291 340,692
See accountan 's letter and accompanying notes to the financial statements.
2
sss wa Co.
Certifier:J Public Accountan
DAG HAMMARSKJOLD SCHOLARSHIP FUND FOR JOURNALISTS
....
Ravanua
COfIIribullons S 108,5e7 S '41,727
US Oepatlmef1t of Stale -Grant
Interest and dividends 9,165 7,814
Luncheons 4,820 5,280
MiKelianeous
E_pensu
Prooram sel'V;ces· FellOW$lllp & Per Diem 80.816 83.1l&e
AdmlniSlriltive e~pen ses
Luncheon
Fund raising
14,343
19,340
6,683
16.860
" ...
6.338
Other Rlvenue.
Increase (decrease) in value olln~stment IUnds (13.827) (27,466)
YEARS ENDING
"" '00'
OPERATING ACTMTIES
Nel Revenue over Expenses S I 170 S 22691
AdJUSlmenl!l 10 recorw;iIe Net Income
10 nel cash provided tty operations
(Iocrease) Decrease in money market account (390151 100,506
(Iocrease) & decrease 111 Cd's & equIValenl 29160 (98,853)
(Increase) decrease mutual fund CEF/U'T
Accl\Jed interest
Net cash provided by OpelOlting Activities
".,
{82821
(15 ~251
19851
1,832
~6,O27
INVESTING ACTIVITIES
Pl'l'!paol Renl depo$<!
Net cuh provided by Invesling Activities
.'"
.660
(4,000)
(4 000)
FINANCING ACTIVITIES
Merrillynch l'l'!vilolued adjustment 7429 127,486)
7429
STATEMENT OF EXPENSES
FOR THE YEARS ENDED DECEMBER 31, 2009 AND DECEMBER 31 t 2008
2009 2008
Program Services
Accommodations $ 34,415 $ 31,778
Accounting 750 700
Administration 8,250 7,500
Courier 253 495
Development consultan 1,450 6,000
Insurance 831 871
Gifts and gratLllties 109,
Mentor 3,200 5,000
Per diem cos s (see notes) 9,408 19,225
Phone system 317 400
Supplies 386 281
Travel (see note) 5, 97 6.389
Video 375
WebSi e 4,391 4,230
Welcome reception 1,184 1,097
ADMINiStRATIVE EXPENSES
Accoun ing and ax preparation S 550 $ 500
Administration 7,425 6. 50
Ban Charges 287 ~O7
Commission 1,500
Computer support 1,163
Courier 354
Dev eI0pmell co nsu Itan 435 1,800
axes ami Iloenses 110 10
Postage, Fed Ex, DHL 432 8.28
Printing 684 1,745
SuppUesJadmlnistra ion support 1,355 1,616
elephone 1,300 1,398
Various other expenses 248 506
STATEMENT OF EXPENSES
FOR THE YEARS ENDED DECEMel!1'l 31, 200' AND DECEMBER 31, 200'
1. ORGANIZATION
n. Dag H.mma~ Scl"dars,ip Fund for Joumallsts lormeJly known IS The Memori<ol
Sdlolarship Fund of !hi United N3lion!o Corrnpotlder.ts A!o!oOClatKlnS, Inc. is an independent_
exempt pmate volunliHY organization
The purpose for which this organiution has been organized is to appl~, IXper'ld. dis~rse.
g••nl or eontnbute its incoml and, If it deems advisable. the prin(:lPilJ of Its Pfoperty 1o. the
perpetuallOn of Ihe mlmOfY and SPlot cJ Dag Ha1'lmarskjdd b~ the encouragemenl and
promotion of education !t1rougl1 voluntary granls by scholarship to be known as 'Oag
Hammarskpld Memorial Sc;hdarshlps' 0( olhe .....'so, to indivicluili. instJlutlOns and
organizations engaged m the study or leaching of journalism, and determmed to further
dissemination throllghout the world and especialy in underdeveloped areas. of information
CIlncemlng the United Nations,
FellQws,hlp g.ants for Joumah5ts f.om ~velopedcountoes 10 atlend the United Nations
General Assembly,
The finandal stalen-ents of the Da!il Hammarskjold Scholarship Fund for Journalists have
bofln propared on th", cash basis of accountll1O The Significant accounting poliCies loUOwed
are described belOW' 10 enhance thl usefUlness of the financial statements to the reader
Fund Accounting
To ensure observance 01 lim tations alld reslricttons placed on the use 01 resources
available to the Sc~olar$hip Fund, lhe accounts olth'" Fund are maintilined in accordance
willi the prinClpl",s of fund accounting Thi. is the procedure by w'lich resources for various
purposes are cJassfied for accounllng and reponing purposes into funds establiShed
aceording to their nature and purposes. There is no reslrict"'d fund balance.
The Oag Hllmmarsk;old Scholarship FUn:! 104" JournaliSts is a non-jlfolit organizatIOn and is extmpl
tom income taxes, as per Secuon 509 (a) (1) and 17 - (l) (a){Vl) of the Inlernal Revlnue Code
and lIS su<:n no pro'($IOfIl h,""" ~n mal<': rot F_.a! I _ e Taxes
s. r, S,liI'WI" c•.
C«tiJ8<1 Pub4c ,cCOOl.O"lla~
DAG HAMMARSKJOLD SCHOLARSHIP FUND FOR JOURNALISTS
NOTES TO THE FINANCIAL STATEMENTS
DECEMBER 31, 2009 AND 200B
PREPARED FOR THE BOARD OF DIRECTORS
Mellill Lynch Money Markel, CO's and Irwestment funds at Oecem~r 31, 2009 and 2008
was valued at 5318,135 and $214,181 respectively, Balances afe as follows
Years 2009 & 2008 analySIS of increase (decrease) in the Merrill Lynth Fund:
The Memorial Scholarship fund of the United Nations correspondents ASSOCIations, Inc has
restricted lunds and therefore all funds are available for general U$e
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S. ~,J,hMW1" "
Co,
c.rti!iN1 p.JIJ/c; Aa;ountaolS
DAG HAMMARSKJOLD SCHOLARSHIP FUND FOR JOURNALISTS
NOTES TO THE FINANCIAL STATEMENTS
DECEMBER 31, 2009 AND 2008
PREPARED FOR THE DISTRIBUTION
Th<! administrator, Mary Krause~s, contract lor the 2009 year roceived 52.S00 per month Actual
Compensation reported lor lIle year were payments lor 11 months totaling 527,SOO This
disbursement is allocated as Iollows.
%
Allocation Amount
Program services
Luncheon expenses ,,,
00'
,,,
S 8,250
5,500
Administrative <!xpenses
Fund RaiSing ,,, 7,425
6,325
lynda Gould, the Development COl"lsultant was paid $1,000 per month in 2008 totally $12,000 Only
one payment was made in 2009 and before the position was terminated. Allocation for the years
2009 and 2008 is as follows"
Year 2009
Program services
Luncheon expenses
'.,,,00' ,
AUoution Amount
1,450
,725
Administrative expenses
Fund Raising '" ,290
<3,
'" ,
Totals '0" 2.900
%
Year 2008
Program services
Luncheon expenses
Allocation
,,,
'"
, Amount
S,OW
3,OW
Administrative expenses
Fund Raising
'0' 1.200
'" 1.800
Totals
'0'" S 12.000
"
.I, J. Jrh"''''1::: Co.
Cerlifle(l Public ACCOUfllants
DAG HAMMARSKJOLD SCHOLARSHIP FUND FOR JOURNAliSTS
NOTES TO THE FINANCIAL STATEMENTS
DECEMBER 31, 2009 AND 2008
PREPARED FOR THE DISTRIBUTION
Fellows' per diem expenses for the years 2009 and 2008 respective were S19 408 and
$19,225, Expenses for the four fellows in 2009 and 2008 were as follows.
Ytilr 2009
, 19,406
Year 2008
, 19,225
7. Travel Expenses:
Travel expenses for 2009 and 2008 were SO and $6,389, respectively
The resull. of the luncheon financial receipts and expenses are as follows
2009 2008
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J. S. Sf},"-::' Gl.
Cenified Put#; AcctI<A'IlMlS