Whither APS April 24, 2008 (information from APS IRS 990 income tax forms) Assets June 30, 2001 $1,534,067 liquid assets $610,625 Assets June 30, 2002 $1,556,187 liquid assets $533,123 Assets June 30, 2003 $1,298,272 liquid assets $373,204 Assets June 30, 2004 $1,162,418 liquid assets $400,238 Assets June 30, 2005 $ 755,948 liquid assets $130,474 Assets June 30, 2006 $ 586,741 liquid assets -$174,834 Assets June 30, 2007 $ 457,742 liquid assets - 68,433 2001-2 gain $ 21,674 2002-3 loss $257,915 2003-4 loss $270,685 2004-5 loss $396,214 2005-6 loss $169,207 2006-7 loss $159,808 (includes Peterson gift $95,000 Public Support Salaries and Benefits 2001-3 $354,826 2002-3 $156,550 2003-4 $143,344 2004-5 $151,100 $339,836 (after loss of County Contract) 2005-6 $292,187 $397,580 2006-7 $240,055 $351,684 Note: The 2005-6 figure includes a revocable trust Comments APS claims to have received an increase of $140,000 in public support in 2005-6 over the three previous years. If not for this their 2006-7 loss would have been in line with the three previous years. It seems remarkable that such an increase (which could only have come from a bequest) did not lead to a press release. Probably the APS financial situation is even worse than indicated. In 2001 APS was given 14.43 acres on Austin Quarter Rd in Alamance County by Antonio Illiano. It's assessed value is $84,569.00. Professor Illiano renegotiated a contract which stipulated that the property could not be sold. Elfrieda Illiano was later made a board member but has since resigned. I have been told by Mrs. Illiano that they were forced to buy the property back from APS a year ago when Kendall Page told her that the second contract was void and that APS was planning to sell the property. They had to pay APS over $22,000 to get their property back. APS has filed its IRS 990 income tax return late every year since 2003. It has solicited from the public without a State license for as long as twelve months. This is all the more surprising since its treasurer Lida Coleman, responsible for these filings, is a CPA. Late filings of Forms IRS 990 2002-3 due Nov 15, 2003 filed May 14, 2004 Six months late 2003-4 due Nov 15, 2004 filed Sept 25 2005 ten months late 2004-5 due Nov 15, 2005 filed Feb 8, 2006 three months late 2005-6 due Nov 15, 2006 filed May 14, 2007 six months late 2006-7 due Nov 15, 2007 filed April 12, 2008 five months late On four occasions APS has operated without a license from the NC Charitable Department. They have paid a late fee every year since 2003. See http://www.secretary.state.nc.us/csl/filings.aspx?Pitemid=5698093 2003-4 due Nov 15, 2003 filed Nov 4, 2004 $250 late fee 2004-5 due Nov 15, 2004 filed July 25, 2005 $200 late fee 2005-6 due Nov 15, 2005 filed Jan 15, 2006 $50 late fee 2006-7 due Nov 15, 2006 filed Aug 22, 2007 $225 late fee 2007-8 due Nov 15, 2007 filed April 12, 2008 $75 late fee "Independent Charities of America (ICA) is an IRS-recognized 501(c)(3) nonprofit association of America's best charities. Our purpose is to represent charities that meet the highest standards of public accountability and program effectiveness and to facilitate gifts to those charities from contributors in fund drives conducted at work and on the web. Applicant cannot be late or in arrears with its IRS Form 990 filing" Obviously APS is NOT one of these charities. ________________________________________________________________ Information from latest APS 990 tax returns 2004-5 direct public support $151,100 Program revenue $254,696 includes $144,962 Veterinary clinic income!!! Expenses $768,937 depreciation $ 88,278 included above Mortgage $608,680 liquid Assets cash $ 12,814 Accts receivable 7,557 inventory 6,735 investments 251,384 accts payable -44,610 loans from officers -97,300 other - 6,106 Net liquid Assets 130,474 as of June 30, 2005 ________________________________________________________________ 2005-6 direct public support $292,187 ???? Program revenue $223,826 includes $110,173 Veterinary clinic income!!! Expenses $728,302 depreciation $ 77,227 included above Mortgage $512,342 liquid Assets cash $ 19,859 Accts receivable 2,190 inventory 6,735 investments 94,838 Accts payable -92,454 loans from officers -151,800 other -58,202 Net liquid Assets $-178,834 as of June 30, 2006 ________________________________________________________________ 2006-7 Income Page 1 Line $240,055 Direct public support 1b $242,976 Program service revenue 2 ________________________________________________________________ Analysis of Program Service Reveune Page 8 Line Dog Training $45,274 93a Veterinary clinic $124,204 93c Animal Adoption center $65,732 93d Other $7,766 93e Note: Adoption center accounts for 27% of revenue Veterinary clinic accounts for 49% of income ________________________________________________________________ Major Expenses page 2 Line $351,684 salaries, taxes and benefits 25-29 $56,562 interest 41 $67,085 depreciation 42 $634,853 Total 44 ________________________________________________________________ Balance Sheet page 4 liquid Assets Line cash $ 19,406 45 Accts receivable 2,773 47b inventory 13,470 52 investments 49,166 56 accts payable -68,373 60 loans from officers -100,000 63 other 15,125 65 Net liquid Assets - 68,433 as of June 30, 2007 Mortgage 64b $512,342 June 30, 2006 $507,912 June 30, 2007 evidently the Mortgage has been refinanced