Page 58 - PC Tax RFP

NOTE 7:
THE PERRYCOMPANY OF 7TH AVENUE, INC. NOTES TO REVIEWED FINANCIAL STATEMENTS DECEMBER 31, 2014
OPERATING LEASES (Continued) Future Minimum Lease Payments
Aggregate future minimum lease payments on the operating lease are as follows:
THE PERRY COMPANY
Years ending December 31,
2015
2016 2017
RETIREMENT PLANS
Employee Benefit Plan
54,624 56,263 52,999
$216,909
NOTE 8:
NOTE 9:
NOTE 10:
The Company sponsors a 401(K) plan (the plan) that covers substantially all employees of the Company. Matching contributions to the plan by the Company totaled $34,396 for the year ended December 31, 2014.
COMMITMENTS & CONTINGENCIES
The Company, as conditions for entering into certain construction contracts, purchased surety bonds. The bonds are guaranteed by contracts receivable of the Company.
The Company is contingently liable to a surety company under a general indemnity agreement. The Company agrees to indemnify the surety for any payments made on contracts of surety ship, guarantee, or indemnity. The Company believes that all contingent liabilities will be satisfied by their performance on the specific bonded contracts.
CONTRACT BACKLOG
The following schedule shows a reconciliation of backlog representing the amount of revenue the Company expects to realize from work to be performed on uncompleted contracts in progress at December 31, 2014, and from contractual agreements on which work has not yet begun.
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