NEWYOR
N
K
o
S
t
T
e
A
s
TE
to
PU
C
B
o
L
n
IC
s
E
M
o
M
ar
l
c
i
P
h
d
L
3
a
OYEESFEDERATIONANDSUBSIDIARIES
1
t
,
e
2
d
009
F
A
in
N
a
D
n
20
c
0
i
8
alStatements
1. DESCRIPTIONOFORGANIZATIONANDSUMMARYOF technicalemployeesoftheStateofNewYork.Themajorityof
SIGNIFICANTACCOUNTINGPOLICIES revenuesarefrommembershipduesandagencyshopfees.
TheNewYorkStatePublicEmployeesFederation(PEF)isaffiliated TheconsolidatedfinancialstatementsincludetheaccountsofPEF
withtheAmericanFederationofTeachers(AFT)andtheService anditssubsidiary,PEFLandHoldingCorporation.Theaccountsof
EmployeesInternationalUnion(SEIU). Itisaself-governingunit PEFincludeageneralfund,apoliticalactionfund,aCommitteeon
representingpredominantlytheprofessional,scientificand PoliticalEducation(COPE)fundandaplantfund.PEFLand
HoldingCorporationisanot-for-profitcorporationformedtohold
titletothelandandofficebuildingusedtohousePEF’s
headquarters.Allmaterialinterfundaccountsandtransactions
betweentheentitieshavebeeneliminatedinarrivingatthe
consolidatedtotals.
PEFanditsSubsidiaryadheretoU.S.generallyacceptedaccounting
principlesasdescribedintheAmericanInstituteofCertifiedPublic
Accountants(AICPA)IndustryAuditandAccountingGuide,Not-for-
ProfitOrganizations. Netassets,revenue,expenses,gainsand
lossesareclassifiedbasedontheexistenceorabsenceofdonor-
imposedrestrictions.Changesinunrestrictednetassetsinclude
certaincontributionswhosedonorimposedrestrictionsaremet
duringthefiscalyear.Whenadonorrestrictionexpires,thatis,
whenastipulatedtimerestrictionendsorpurposerestrictionis
accomplished,temporarilyrestrictednetassetsarereclassifiedto
unrestrictednetassetsandarereportedintheconsolidated
statementofactivitiesasnetassetsreleasedfromrestrictions.
Income Taxes
PEFisalaborunionexemptfromfederalincometaxunderSection
501(c)(5)oftheInternalRevenueCode(theCode).However,under
Section527oftheCode,PEF'sinvestmentincomefromthePolitical
ActionFundissubjecttotax.PEFLandHoldingCorporationisa
titleholdingcorporationandisexemptfromfederalincometax
underSection501(c)(2)oftheCode.
Cash Equivalents
Forpurposesofthestatementofcashflows,PEFconsidersall
highlyliquidinvestmentswithaninitialmaturityofthreemonthsor
lesstobecashequivalents.
Investment Securities
PEFfollowstheprovisionsofStatementofFinancialAccounting
Standards(SFAS)No.124,AccountingforCertainInvestmentsHeld
byNot-for-ProfitOrganizations. UndertheprovisionsofSFASNo.
124,investmentsinequitysecuritiesanddebtsecurities(seeNote3)
arevaluedattheirfairvaluebasedonreadilydeterminablequoted
marketprices.Realizedgainsandlossesfromthesaleofsecurities
arerecognizedonthetradedateandarecalculatedbasedon
carryingvalue(market)atthebeginningoftheyearorcostif
purchasedduringtheyear.
Thenetchangeinunrealizedappreciation(depreciation)fromthe
beginningoftheyeartotheendoftheyearisincludedinnet
unrealizedandrealizedgains(losses)intheconsolidatedstatements
ofactivities.Interestincomeisrecognizedasearned.
Property, Plant and Equipment and Depreciation
Property,plantandequipmentarestatedatcostlessaccumulated
depreciation.Depreciationisprovidedforinamountssufficientto
relatethecostofdepreciableassetstooperationsusingthestraight-
linemethodoverthefollowingestimatedusefullives:
Years
Buildingandimprovements..................................................31.5
Furniture,fixturesandequipment.......................................3-10
Automobiles.........................................................................3-10
Page16—TheCommunicatorNovember2009
Computerequipment..................
P
..
E
..
F
...
I
.
n
..
f
.
o
..
r
.
m
...
a
..
t
.
i
.
o
..
n
...
L
..
in
..
e
..
:
..
1
..
-
.
8
..
0
.
0
..
-5
3
5
-1
3-
0
2445
Page 1  |  Page 2  |  Page 3  |  Page 4  |  Page 5  |  Page 6  |  Page 7  |  Page 8  |  Page 9  |  Page 10  |  Page 11  |  Page 12  |  Page 13  |  Page 14  |  Page 15  |  Page 16  |  Page 17  |  Page 18  |  Page 19  |  Page 20  |  Page 21  |  Page 22  |  Page 23  |  Page 24  |  Page 25  |  Page 26  |  Page 27  |  Page 28  |  Page 29  |  Page 30  |  Page 31  |  Page 32