NewYorkStatePublicEmployeesFederationandSubsidiaries
FinancialStatementsand
OtherFinancialInformation
March31,2008
11BritishAmericanBlvd.,Latham,NY12110
INDEPENDENT AUDITOR’S REPORT
Wehaveauditedtheaccompanying appropriateinthecircumstances,butnot conformitywithU.S.generallyaccepted
consolidatedstatementsoffinancial forthepurposeofexpressinganopinion accountingprinciples.
positionoftheNewYorkStatePublic ontheeffectivenessoftheFederation’s
EmployeesFederationandSubsidiary(the internalcontroloverfinancialreporting. Ourauditswereconductedforthe
Federation)asofMarch31,2008and Accordingly,weexpressnosuchopinion. purposeofforminganopiniononthe
2007,andtherelatedconsolidated Anauditalsoincludesexamining,ona consolidatedfinancialstatementstakenas
statementsofactivitiesandcashflowsfor testbasis,evidencesupportingthe awhole. Theconsolidatingstatementof
theyearsthenended. Theseconsolidated amountsanddisclosuresinthe financialposition,theconsolidating
financialstatementsaretheresponsibility consolidatedfinancialstatements, statementofactivities,andtheschedules
oftheFederation’smanagement. Our assessingtheaccountingprinciplesused ofconsolidateddetailofexpensesare
responsibilityistoexpressanopinionon andsignificantestimatesmadeby presentedforpurposesofadditional
theseconsolidatedfinancialstatements management,aswellasevaluatingthe analysisandarenotarequiredpartofthe
basedonouraudits. overallconsolidatedfinancialstatement consolidatedfinancialstatements. Such
presentation. Webelievethatouraudits informationhasbeensubjectedtothe
Weconductedourauditsinaccordance provideareasonablebasisforouropinion. auditingproceduresappliedinouraudit
withU.S.generallyacceptedauditing oftheconsolidatedfinancialstatements
standards.Thosestandardsrequirethat Inouropinion,theconsolidatedfinancial and,inouropinion,isfairlystatedinall
weplanandperformtheaudittoobtain statementsreferredtoabovepresentfairly, materialrespectsinrelationtothe
reasonableassuranceaboutwhetherthe inallmaterialrespects,thefinancial consolidatedfinancialstatementstakenas
consolidatedfinancialstatementsarefree positionoftheNewYorkStatePublic a
ofmaterialmisstatement. Anaudit EmployeesFederationandSubsidiaryas
includesconsiderationofinternalcontrol ofMarch31,2008and2007,andthe
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December23,2008
NEWYORKSTATEPUBLICEMPLOYEES
FEDERATIONANDSUBSIDIARY
NEWYORKSTATEPUBLICEMPLOYEES
CONSOLIDATEDSTATEMENTSOFFINANCIALPOSITION
FEDERATIONANDSUBSIDIARY
March31,2008and2007
CONSOLIDATEDSTATEMENTSOFFINANCIALPOSITION
MARCH31,2008AND2007
ASSETS
2008 2007
LIABILITIESANDNETASSETS
CurrentAssets
Cash and cash equivalents
2008 2007
Undesignated $1,694,555 $1,836,401
CurrentLiabilities
Board designated – 3,170,949
Due to affiliates $ 2,444,050 $ 3,257,951
Investment securities
Capital lease obligation, current portion 189,853 144,066
Undesignated 2,653,528 2,081,348
Accounts payable 1,361,868 1,164,148
Board designated 3,685,543 –
Earned organizational leave 557,322 261,648
Membership dues and agency shop fees receivable 811,155 668,808
Other accrued liabilities 1,044,917 948,405
Other receivables 655,288 601,612
Accrued vacation 904,342 798,340
Prepaid expenses 158,796 212,261
Accrued post-retirement benefits 141,697 316,862
Total Current Assets 9,658,865 8,571,379
Divisional distributions payable 326,063 135,146
Deferred revenue 1,940 1,190
Property,PlantandEquipment
Total Current Liabilities 6,972,052 7,027,756
Land 165,905 165,905
Long-TermLiabilities
Building 1,846,198 1,844,512
Capital lease obligation, net of current maturities – 190,275
Building improvements 1,191,562 1,177,342
Accrued post-retirement benefits 3,398,228 2,359,884
Furniture, fixtures and equipment 1,479,792 1,478,627
Total Long-Term Liabilities 3,398,228 2,550,159
Automobiles 35,802 29,997
Computer equipment 927,800 652,390
Total Liabilities 10,370,280 9,577,915
Total 5,647,059 5,348,773
Less accumulated depreciation 4,249,628 3,838,673
NetAssets
Net Property, Plant and Equipment 1,397,431 1,510,100
Unrestricted (3,192,880) (2,909,812)
Unrestricted - board designated 3,685,543 3,170,949
OtherAssets 81,245 50,087 Temporarily restricted 274,598 292,514
Total Net Assets 767,261 553,651
TOTAL ASSETS $
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TOTAL LIABILITIES AND NET ASSETS $
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See accompanying notes to consolidated financial statements.
See accompanying notes to consolidated financial statements.
www.pef.org TheCommunicatorFebruary2009—Page17
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