2014-07-15T15:15:06-05:00 2013-12-31 420714325 MCGLADREY LLP 1861 INTERNATIONAL DRIVE SUITE 400 MCLEAN VA 22102 990 2013-01-01 530204661 AMERICAN STATISTICAL ASSOCIATION AMER 7036841221 732 NORTH WASHINGTON STREET ALEXANDRIA VA 223141943 STEPHEN PORZIO ASSOCIATE EXECUTIVE DIRECTOR 7036841221 2014-07-09 1 YONG ZHANG CPA P01249785 7033366400 2013 2015-11-30 17:44:51Z STEPHEN PORZIO 732 NORTH WASHINGTON STREET ALEXANDRIA VA 223141943 12440472 0 X WWW.AMSTAT.ORG X 1841 MA TO PROMOTE EXCELLENCE IN THE APPLICATION OF STATISTICAL SCIENCE ACROSS THE WEALTH OF HUMAN ENDEAVOR. 14 14 36 850 922954 300876 688481 430780 7040073 7311765 453806 421193 1462443 1563865 9644803 9727603 97655 179818 0 0 3621136 4047160 0 0 0 4620201 4168532 8338992 8395510 1305811 1332093 22816700 24726173 9801894 8937463 13014806 15788710 X THE ASA MISSION IS TO PROMOTE EXCELLENCE IN THE APPLICATION OF STATISTICAL SCIENCE ACROSS THE WEALTH OF HUMAN ENDEAVOR. 0 0 1930868 66607 REPRESENT VARIOUS PROJECTS UNDERTAKEN TO FURTHER STATISTICS AMONG THE PUBLIC. THIS INCLUDES EXPENSES FOR VARIOUS AWARDS PRESENTED, WHICH INCREASE THE VISIBILITY OF STATISTICS AND ITS METHODS WITH THE GENERAL PUBLIC. 1874859 3216690 MEETINGS PROGRAM CONSIST OF VARIOUS WORKSHOPS AND MEETINGS THAT SERVE AS A FORUM FOR THE LATEST DEVELOPMENTS IN STATISTICAL THEORY AND APLLICATION. 1238087 1729 970093 PUBLICATIONS: PRODUCES VARIOUS PUBLICATIONS AND MAGAZINES. THESE PUBLICATIONS REPRESENT THE ASSOCIATION'S COMMITMENT TO THE ONGOING ENHANCEMENT OF STATISTICAL EDUCATION AND THE PUBLIC'S UNDERSTANDING OF STATISTICS. 796821 2495363 MEMBERSHIP SERVICES: PROGRAMS RELATED TO MEMBER SERVICE MAINTENANCE. 649657 91907 605460 SECTION PROGRAM: REPRESENTS THE ASSOCIATION'S ORGANIZATION IN GROUPS BY PROFESSIONAL SUBJECT MATTER. THESE SECTIONS FACILITATE PROFESSIONAL INTERCHANGES AND RESEARCH OPPORTUNITIES IN STATISTICS. 391080 18793 23159 EDUCATION PROGRAM CONSISTS OF A WIDE RANGE OF CONTINUING EDUCATIONAL OPPORTUNITIES WHICH REPRESENT A FORUM FOR EMERGING STATISTICS RESEARCH. THESE PROGRAMS INCLUDE WORKSHOPS, LECTURES, AND EXPENSES RELATED TO THE PRODUCTION AND SALE OF EDUCATIONAL MATERIALS. 120022 782 GRANTS AND AWARDS: REPRESENT EXPENSES RELATED TO PROVIDING ADVICE AND TECHNICAL ASSISTANCE, WHICH ENHANCE STATISTICAL EDUCATION, THROUGH THE SUPPORT OF FEDERAL, STATE, AND LOCAL GOVERNMENT AGENCIES. 1957580 111482 3123982 7001394 1 1 0 1 0 0 0 0 0 1 1 1 0 0 1 1 1 0 0 0 1 0 1 0 0 0 0 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 109 0 1 36 1 1 1 0 0 0 0 0 0 0 0 0 X 14 14 0 0 0 0 1 1 1 1 1 0 1 1 1 1 1 1 1 1 1 1 0 VA X STEPHEN PORZIO 7036841221 732 N WASHINGTON ST ALEXANDRIA VA 22314 MARIE DAVIDIAN PRESIDENT 5.00 X X 0 0 0 NATHANIEL SCHENKER PRESIDENT-ELECT 5.00 X X 0 0 0 ROBERT N RODRIGUEZ PAST PRESIDENT 5.00 X X 0 0 0 DAVID R MORGANSTEIN VICE PRESIDENT 5.00 X X 0 0 0 MARY H MULRY VICE PRESIDENT 5.00 X X 0 0 0 JAMES L ROSENBERGE VICE PRESIDENT 5.00 X X 0 0 0 J KEITH ORD TREASURER 5.00 X X 0 0 0 A JOHN BAILER REPRESENTATIVE FROM COUNCI 5.00 X 0 0 0 JANET P BUCKINGHAM REPRESENTATIVE FROM COUNCI 5.00 X 0 0 0 RICHARD D DE VEAUX REPRESENTATIVE FROM COUNCI 5.00 X 0 0 0 DAVID L BANKS PUBLICATION REP TO THE BOARD 5.00 X 0 0 0 RAYMOND L CHAMBERS INTERNATIONAL REP TO THE B 5.00 X 0 0 0 NICHOLAS J HORTON REPRESENTATIVE FROM COUNCI 5.00 X 0 0 0 MARY J KWASNY REPRESENTATIVE FROM COUNCI 5.00 X 0 0 0 BONNIE LAFLEUR REPRESENTATIVE FROM COUNCI 5.00 X 0 0 0 RONALD L WASSERSTEIN SECRETARY 40.00 X X 294583 0 58716 STEPHEN PORZIO ASSOC ED & DOO 40.00 X 219768 0 51535 J LYNN PALMER DIRECTOR OF PROGRAMS 40.00 X 172380 0 27982 STEPHEN PIERSON DIRECTOR OF SCIENCE POLICY 40.00 X 152665 0 41438 TIMOTHY GILL DIRECTOR OF IT 40.00 X 129497 0 40198 ADRIANO SARMIENTO ACCOUNTING MANAGER 40.00 X 104806 0 34785 1073699 0 254654 6 0 1 0 TAYLOR AND FRANCIS GROUP LLC PO BOX 416566 BOSTON MA 022416566 PUBLICATION SERVICE 335825 PRODUCTION RESOURCE GRP CANADA 137 HORNER AVENUE UNIT 4 TORONTO ONTARIO CA M8Z 4 CONVENTION SERVICE 261830 JOHN WILEY & SONS LIMITED THE ATRIUM SOUTHERN GATE CHICHEST WEST SUSSEX UK PO19 8SQ PUBLICATION SERVICE 154395 LANE PRESS PO BOX 130 BURLINGTON VT 05402 PUBLICATION SERVICE 139538 MARRIOTT 310 BEARCAT DRIVE SALT LAKE CITY UT 84115 CONVENTION SERVICE 100391 5 68890 361890 430780 MEETINGS & CONFERENCE 611430 3216690 2936472 280218 MEMBERSHIP DUES 900099 2495363 2495363 PUBLICATIONS 541800 970093 47139 922954 SECTION INCOME 900099 606460 606460 EDUCATION 900099 23159 23159 7311765 239711 239711 1497487 1497487 11802 0 11802 11802 11802 2894351 2712869 181482 181482 181482 OTHER REVENUE 900099 46448 46448 MAILING LIST RENTAL 900099 8128 8128 54576 9727603 6108593 922954 2265276 65269 65269 93038 93038 21511 21511 624602 488083 136519 2474593 1940182 534411 349180 268608 80572 391788 301384 90404 206997 161890 45107 24286 16786 7500 36000 4000 32000 165709 145008 20701 72310 72310 673743 666091 7652 94553 62615 31938 401011 348093 52918 1371634 1351362 20272 177239 136097 41142 308927 237343 71584 44859 12470 32389 OVERHEAD ALLOCATION 277103 208512 68591 PRINTING & PUBLICATIONS 212652 212652 LOSS ON DEBT EXPENSE 117602 117602 UBIT TAXES 80533 80533 110371 107557 2814 8395510 7001394 1394116 0 700 700 1324746 498153 20473 22705 318196 522806 189992 179007 10476855 2799526 7967861 7677329 12868070 15729789 126662 95684 22816700 24726173 706091 922911 2853806 2313552 5300000 5249648 941997 451352 9801894 8937463 X 12021963 14587877 445587 588937 547256 611896 13014806 15788710 22816700 24726173 1332093 1441811 0 X X 0 1 X 1 0 X 480415 693776 750724 688481 430780 3044176 6453873 6477821 6478771 6053191 6388811 31852467 6934288 7171597 7229495 6741672 6819591 34896643 0 0 0 34896643 485929 319986 385217 1724335 1757128 4672595 485929 319986 385217 1724335 1757128 4672595 340999 350999 378344 987632 300876 2358850 28923 36759 71098 18056 46448 201284 7790139 7879341 8064154 9471695 8924043 42129372 0.82830 0.85160 0.11090 0.08180 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 1 1 0 1 50 0 0 1 5521 0 0 5571 0 PART II-B, LINE 1: THE ORGANIZATION INCURRED LOBBYING EXPENSES FOR MEETINGS ON CAPITAL HILL IN SUPPORT OF THE BUDGETS FOR THE FEDERAL STATISTICAL AGENCIES, NSF AND NIH; LOBBYING FOR FORENSIC SCIENCE REFORM; AND FOR PRESERVATION OF THE AMERICAN COMMUNITY SURVEY. 667442 64640 102530 22130 812482 653676 25000 24160 35394 667442 619676 34000 1737 1737 653676 618188 17137 15649 619676 573836 57069 21073 33790 618188 0.75310 0.24690 0 0 1286000 1286000 8514420 2146742 6367678 152086 141105 10981 524349 511679 12670 7677329 EQUITY MUTUAL FUNDS 9470528 F FIXED INCOME MUTUAL FUNDS 5633572 F MONEY MARKET 349638 C EQUITY IN JOINT VENTURES 276051 F 15729789 DUE TO JOINT VENTURES 451352 451352 X 11169414 1441811 1441811 9727603 0 9727603 8395510 0 8395510 0 8395510 PART V, LINE 4: THE ASSOCIATION HAS ADOPTED INVESTMENT AND SPENDING POLICIES FOR ENDOWMENT ASSETS THAT ATTEMPT TO PROVIDE A PREDICTABLE STREAM OF FUNDING TO PROGRAMS SUPPORTED BY ITS ENDOWMENT WHILE SEEKING TO MAINTAIN PURCHASING POWER OF THE ENDOWMENT ASSETS. ALL EARNINGS OF THE ENDOWMENT ARE REFLECTED AS TEMPORARILY RESTRICTED NET ASSETS UNTIL APPROPRIATED FOR EXPENDITURE BASED ON DONOR RESTRICTIONS BY THE VARIOUS COMMITTEES OF THE ASSOCIATION. THE BOARD OF DIRECTORS HAS ASSIGNED A COMMITTEE TO EACH PROGRAM FOR THE PURPOSES OF SELECTING AND RECOMMENDING INDIVIDUALS FOR AWARDS OR GRANTS. PART X, LINE 2: THE ASSOCIATION IS EXEMPT FROM FEDERAL INCOME TAXES UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE. IN ADDITION, THE ASSOCIATION QUALIFIES FOR THE CHARITABLE CONTRIBUTION DEDUCTIONS AND HAS BEEN CLASSIFIED AS AN ORGANIZATION THAT IS NOT A PRIVATE FOUNDATION. HOWEVER, THE ASSOCIATION IS REQUIRED TO REPORT UNRELATED BUSINESS INCOME TO THE INTERNAL REVENUE SERVICE AND THE STATE OF VIRGINIA, AS WELL AS PAY CERTAIN OTHER TAXES TO LOCAL JURISDICTIONS. THE ASSOCIATION INCURRED APPROXIMATELY $80,533 IN INCOME TAX EXPENSE ON UNRELATED BUSINESS INCOME RELATED TO THE NET INCOME EARNED ON ADVERTISING SALES FOR THE YEAR ENDED DECEMBER 31, 2013. THE ACCOUNTING STANDARD ON ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES ADDRESSES THE DETERMINATION OF WHETHER TAX BENEFITS CLAIMED OR EXPECTED TO BE CLAIMED ON A TAX RETURN SHOULD BE RECORDED IN THE FINANCIAL STATEMENTS. UNDER THIS GUIDANCE, THE ASSOCIATION MAY RECOGNIZE THE TAX BENEFIT FROM AN UNCERTAIN TAX POSITION ONLY IF IT IS MORE LIKELY THAN NOT THAT THE TAX POSITION WILL BE SUSTAINED ON EXAMINATION BY TAXING AUTHORITIES, BASED ON THE TECHNICAL MERITS OF THE POSITION. THE TAX BENEFITS RECOGNIZED IN THE FINANCIAL STATEMENTS FROM SUCH A POSITION ARE MEASURED BASED ON THE LARGEST BENEFIT THAT HAS A GREATER THAN 50% LIKELIHOOD OF BEING REALIZED UPON ULTIMATE SETTLEMENT. THE GUIDANCE ON ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES ALSO ADDRESSES DE-RECOGNITION, CLASSIFICATION, INTEREST AND PENALTIES ON INCOME TAXES, AND ACCOUNTING IN INTERIM PERIODS. MANAGEMENT EVALUATED THE ASSOCIATION'S TAX POSITIONS AND CONCLUDED THAT THE ASSOCIATION HAS TAKEN NO UNCERTAIN TAX POSITIONS THAT WOULD REQUIRE ADJUSTMENTS TO THE FINANCIAL STATEMENTS TO COMPLY WITH THE PROVISIONS OF THIS GUIDANCE. THE ASSOCIATION FILES INCOME TAX RETURNS IN THE U.S. FEDERAL JURISDICTION. GENERALLY, THE ASSOCIATION IS NO LONGER SUBJECT TO U.S. FEDERAL, STATE, OR LOCAL INCOME TAX EXAMINATIONS BY TAX AUTHORITIES FOR YEARS BEFORE 2010. 1 EAST ASIA AND THE PACIFIC GRANTS TO RECIPIENTS 7237 EUROPE (INCLUDING ICELAND & GREENLAND) GRANTS TO RECIPIENTS 5909 MIDDLE EAST AND NORTH AFRICA GRANTS TO RECIPIENTS 3375 NORTH AMERICA PROGRAM SERVICES CONFERENCE 583920 NORTH AMERICA GRANTS TO RECIPIENTS 4250 RUSSIA & THE NEWLY INDEPENDENT STATES GRANTS TO RECIPIENTS 250 SOUTH ASIA GRANTS TO RECIPIENTS 150 0 0 0 0 0 0 605091 0 605091 AWARDS EAST ASIA AND THE PACIFIC 7 2222 AWARDS EUROPE (INCLUDING ICELAND & GREENLAND) 9 5159 AWARDS MIDDLE EAST AND NORTH AFRICA 2 3715 AWARDS NORTH AMERICA 2 1250 AWARDS RUSSIA & THE NEWLY INDEPENDENT STATES 1 250 AWARDS SOUTH ASIA 1 150 0 0 0 0 0 0 PART I, LINE 2: EACH INVOICE IS APPROVED AND SIGNED BY A GRANTS MANAGER BEFORE IT IS PAID TO BE SURE THAT ALL EXPENSES ARE LEGITIMATE. 1 MATHEMATICAL ASSOCIATION OF AMERICA 1529 18TH ST NW WASHINGTON DC 20036 237155840 501(C)(3) 10000 GENERAL SUPPORT WASHINGTON STATISTICAL SOCIETY 1650 RESEARCH BLVD ROCKVILLE MD 20850 521665991 501(C)(3) 8861 GENERAL SUPPORT 2 0 AWARD 156 93038 PART I, LINE 2: EACH INVOICE IS APPROVED AND SIGNED BY A GRANTS MANAGER BEFORE IT IS PAID TO BE SURE THAT ALL EXPENSES ARE LEGITIMATE. X X X 0 0 0 0 0 0 0 0 0 RONALD L WASSERSTEIN SECRETARY 279846 0 14015 0 722 0 34699 0 24017 0 353299 0 0 0 STEPHEN PORZIO ASSOC ED & DOO 216140 0 3250 0 378 0 26377 0 25158 0 271303 0 0 0 J LYNN PALMER DIRECTOR OF PROGRAMS 166158 0 5500 0 722 0 10375 0 17607 0 200362 0 0 0 STEPHEN PIERSON DIRECTOR OF SCIENCE POLICY 150074 0 2250 0 341 0 18415 0 23023 0 194103 0 0 0 TIMOTHY GILL DIRECTOR OF IT 127245 0 2000 0 252 0 15889 0 24309 0 169695 0 0 0 A INDUSDEVELAUTHORITY- CITY OF ALEXANDRIA 531381432 015305AB1 2005-08-17 5396000 BUILDING CONSTRUCTION PROJECT 0 0 0 A 146352 5396000 99556 2006 0 0 1 1 A 0 0 0 0 0 0 1 A 0 0 0 1 0 0 0 0 0 A 1 FORM 990, SCHEDULE K, PART IV, LINE 2C: NO REBATE WAS DUE BECAUSE THE FINAL ALLOCATION OF PROCEEDS HAS BEEN MADE. FORM 990, PART VI, SECTION A, LINE 6 THE ORGANIZATION HAS TWO CLASSES OF MEMBERS: FULL AND ORGANIZATIONAL. A FULL MEMBER IS AN INDIVIDUAL INTERESTED IN THE OBJECTIVES OF THE ASSOCIATION OR AN INDIVIDUAL REPRESENTING AN ORGANIZATIONAL MEMBER. A FULL MEMBER ENJOYS ALL OF THE PRIVILEGES OF FULL MEMBERSHIP, AS PROVIDED IN THE CONSTITUTION AND BY-LAWS, INCLUDING VOTING FOR AND HOLDING OFFICE. AN ORGANIZATIONAL MEMBER IS AN INSTITUTION, CORPORATION, OR OTHER ORGANIZATION INTERESTED IN THE OBJECTIVES OF THE ASSOCIATION. FORM 990, PART VI, SECTION A, LINE 7A ALL FULL MEMBERS CAN VOTE FOR MEMBERS OF THE BOARD AND ON AMENDMENTS TO THE ASA CONSTITUTION AND BY-LAWS. FORM 990, PART VI, SECTION A, LINE 7B AMENDMENTS TO THE BY-LAWS AND CONSTITUTION REQUIRE A VOTE OF THE MEMBERS. FORM 990, PART VI, SECTION B, LINE 11 A COPY OF THE FINAL RETURN WILL BE DISTRIBUTED TO THE BOARD ELECTRONICALLY. STAFF ARE AVAILABLE TO ANSWER QUESTIONS SHOULD THEY ARISE. FORM 990, PART VI, SECTION B, LINE 12C THE BOARD MEMBERS SIGN A CONFLICT OF INTEREST FORM EACH YEAR. THE POLICY/FORM ASKS THEM TO DISCLOSE POTENTIAL CONFLICTS. IF ANY ARE NOTED THROUGH THIS PROCESS, OR BY OTHER MEANS, APPROPRIATE ACTION IS TAKEN. BOARD MEMBERS ARE REQUIRED TO DISCLOSE CONFLICTS ON THE BOARD. FORM 990, PART VI, SECTION B, LINE 15 THE MANAGEMENT REVIEW COMMITTEE EVALUATES AND ASSESSES BOTH THE PERFORMANCE AND THE COMPENSATION OF THE EXECUTIVE DIRECTOR ANNUALLY DURING THE JUNE MEETING OF THE BOARD OF DIRECTORS. A WRITTEN EVALUATION IS GIVEN TO THE EXECUTIVE DIRECTOR AND A SEPARATE, CONFIDENTIAL REPORT IS GIVEN TO THE BOARD OF DIRECTORS. UPON THE CONCLUSION OF THE EVALUATION, THE MANAGEMENT REVIEW COMMITTEE DETERMINES POSSIBLE CHANGES IN THE COMPENSATION, BENEFITS, AND JOB ELEMENTS OF THE EXECUTIVE DIRECTOR FOR THE NEXT CONTRACT YEAR. THE CURRENT EXECUTIVE DIRECTOR'S CONTRACT YEAR BEGINS ON AUGUST 15TH. 1. ANNUALLY THE MANAGEMENT REVIEW COMMITTEE OF THE BOARD OF DIRECTORS REVIEWS THE CONTRACT, POSITION DESCRIPTION, PERFORMANCE, AND CURRENT COMPENSATION OF THE EXECUTIVE DIRECTOR. 2. THE COMMITTEE IS COMPOSED OF THE PRESIDENT, WHO ACTS AS CHAIR, THE PRESIDENT-ELECT AND THE PAST PRESIDENT OF THE AMERICAN STATISTICAL ASSOCIATION (ASA). 3. EACH MEMBER OF THE MANAGEMENT REVIEW COMMITTEE OF THE BOARD OF DIRECTORS HAS READ AND SIGNED A CONFLICT OF INTEREST AGREEMENT WITH THE ASA. 4. PRIOR TO APPROVING THE COMPENSATION OF THE EXECUTIVE DIRECTOR FOR THE UPCOMING YEAR, SOURCES OF DATA THAT ARE AVAILABLE AT THE TIME ARE USED TO DETERMINE COMPARABLE, REASONABLE COMPENSATION. THOSE SOURCES OF DATA MAY INCLUDE: -GREATER WASHINGTON AREA ASSOCIATION COMPENSATION & BENEFITS STUDY -THE SALARY SURVEY OF DC AREA NON PROFITS -COUNCIL OF ENGINEERING AND SCIENTIFIC SOCIETY EXECUTIVES COMPENSATION SURVEY REPORT 5. UPON THE CONCLUSION OF THE EVALUATION, THE MANAGEMENT REVIEW COMMITTEE DETERMINES POSSIBLE CHANGES IN THE COMPENSATION, BENEFITS, AND JOB ELEMENTS OF THE EXECUTIVE DIRECTOR FOR THE NEXT CONTRACT YEAR. THEY APPROVE IN ADVANCE THE COMPENSATION ARRANGEMENT OF THE EXECUTIVE DIRECTOR FOR THE UPCOMING YEAR. 6. AS THE COMMITTEE MAKES EACH DETERMINATION, IT DOCUMENTS THE BASIS FOR EACH DECISION. DOCUMENTATION OF THE ANNUAL REVIEW OF THE EXECUTIVE DIRECTOR'S CONTRACT, POSITION DESCRIPTION, PERFORMANCE, AND CURRENT COMPENSATION. MEMBERS OF THE MANAGEMENT REVIEW COMMITTEE OF THE BOARD OF DIRECTORS PRESENT AND VOTING. COPIES OF THE CONFLICT OF INTEREST AGREEMENT SIGNED BY THE MEMBERS OF THE COMMITTEE. COPIES OF THE EXECUTIVE DIRECTOR'S: -CONTRACT -POSITION DESCRIPTION -PERFORMANCE EVALUATION (PRIOR YEAR AND CURRENT) COPIES OF THE COMPARABILITY DATA USED SUCH AS: -GREATER WASHINGTON AREA ASSOCIATION COMPENSATION & BENEFITS STUDY -THE SALARY SURVEY OF DC NON PROFITS -COUNCIL OF ENGINEERING AND SCIENTIFIC SOCIETY EXECUTIVES COMPENSATION SURVEY REPORT CHANGES MADE TO THE EXECUTIVE DIRECTOR'S CONTRACT, POSITION DESCRIPTION, AND COMPENSATION INCLUDING THE BASIS FOR THE CHANGES. THE DATE THESE CHANGES WERE APPROVED BY THE COMMITTEE. FORM 990, PART VI, SECTION C, LINE 19 GOVERNING DOCUMENTS: CONSTITUTION AND BYLAWS ARE POSTED ON OUR WEBSITE. THE OTHER DOCUMENTS ARE AVAILABLE UPON REQUEST. CONFLICT OF INTEREST POLICY: AVAILABLE UPON REQUEST. FINANCIAL STATEMENTS: PUBLISHED IN OUR MEMBERS NEWS LETTER AND POSTED ON OUR WEBSITE. FORM 990, PART XII, LINE 2C THE PROCESS FOR OVERSEEING THE AUDIT OF THE FINANCIAL STATEMENTS AND SELECTION OF AN INDEPENDENT ACCOUNTANT THAT AUDITED THE FINANCIAL STATEMENTS HAS BEEN CONSISTENT WITH PRIOR YEARS.