THE BAY INSTITUTE OF SAN FRANCISCO AND ITS AFFILIATE, THE BAY INSTITUTE AQUARIUM FOUNDATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS YEAR ENDED DECEMBER 31, 2012 (See independent accountants' review report) 2.
CASH The cash balances as of December 31, 2012 were comprised of the following:
Interest bearing accounts Non-interest bearing accounts Cash on hand
Institute
Foundation
$252,203 68,320
$1,481,560 1,049,246
Total
$1,733,763 1,117,566
145
32,660
32,805
320,668
2,563,466
2,884,134 910,000
Less restricted cash
910,000 $320,668
$1,653,466
$1,974,134
Under the terms of its bank loan, the Foundation is required to maintain segregated cash balances from which it may not draw funds until the loan is fully repaid. This restricted cash is classified as a longterm asset based on the repayment terms of the loan. 3.
PROPERTY AND EQUIPMENT The property and equipment, on December 31, 2012, all of which was owned by the Foundation, were comprised of the following:
Building situated on leased premises Leasehold improvements Exhibits Furniture and office equipment Operating equipment Boats Less accumulated depreciation
$7,999,174 520,661 785,442 299,096 165,095 26,162
9,795,630 2,215,703 $7,579,927
The building and all improvements will revert to the lessor upon the conclusion of the lease as described in Note 4. Depreciation and amortization expenses for the year were $668,920 and $27,442 respectively.
Barlow & Hughan CERTIFIED PUBLIC ACCOUNTANT'S