The Association maintains a line of credit with BB&T of Virginia in the amount of $400,000. Maturities of long-term debt are as follows: Interest paid on this note was $16,385 for the year ended Jand $15,803 for the year ending June 30, 2004. The balance of this mortgage at Jis $254,161 and at Jwas $324,500. This note is repayable in 60 payments of $7,167 per month commencing Decemwith one final payment of all remaining principal and accrued interest on November 5, 2008. The note secured by the Association's office facilities with BB&T of Virginia is dated Octoand bears interest at a fixed rate of 5.25% per annum. Interest paid on the First Virginia Bank note for the year ending Jwas $8,964. The Association's note to the First Virginia Bank secured by the Association's office facilities has been refinanced with BB&T of Virginia during the year ended June 30, 2004. The data referred to in the above report are presented in Tables Tables1 1- -5 5 and discussed in the following notes. as of Jand 2004, and the results of its activities and cash flows for the years then ended in conformity with accounting principles generally accepted in the United States of America. In my opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the American Association of Colleges of Pharmacy, Inc. I believe that my audits provide a reasonable basis for my opinion. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Those standards require that I plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. I conducted my audits in accordance with auditing standards generally accepted in the United States of America. My responsibility is to express an opinion on these financial statements based on my audits. These financial statements are the responsibility of the Association's management. as of Jand 2004, and the related statements of unrestricted revenues, expenses and other changes in unrestricted net assets, changes in net assets and cash flows for the years then ended. I have audited the accompanying statements of financial position of the American Association of Colleges of Pharmacy, Inc. The following report was submitted on November 15, 2005, to the American Association of Colleges of Pharmacy by Edward F.
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