Page 31 - CALEA 2015 Annual Report

USE OF ESTIMATES
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
DEFINITION OF OPERATIONS
Operating revenue and expenses generally reflect those revenues and expenses that management can influence and exclude earnings (losses) on investments and unusual transactions unrelated to CALEA’s ordinary activities.
2. INVESTMENTS
CALEA’s investments consisted of the following as of December 31, 2015:
Mutual funds: Equity Fixed-income
Mutual Funds Subtotal Money market deposit accounts
Total Investments
Net investment income (loss) consisted of the following for the year ended December 31, 2015:
Interest and dividends Unrealized losses Realized gains
Net Investment Income (Loss)
$2,223,056 512,409 2,735,465 1,245,690 $3,981,155
$113,497 (177,534) 9,123 $ (54,914)
Investment expenses totaled $17,745 for the year ended December 31, 2015. Interest earned on cash accounts totaling $464 is included in net investment income (loss) in the accompanying statement of activities.
3. PROPERTY AND EQUIPMENT
CALEA held the following property and equipment as of December 31, 2015:
Computer database Furniture and equipment Computers
Leasehold improvements
Total Property and Equipment
Less: Accumulated Depreciation and Amortization Property and Equipment, Net
Depreciation and amortization expense totaled $29,603 for the year ended December 31, 2015.
$619,953 238,878 46,968 4,805 910,604 (771,254) $139,350
ANNUAL REPORT 2015 31