Subject: IFCSS FINANCIAL REPORT (2)

From: dong (D.C.)
Date: Tue, 10 May 94 12:58:02 CDT

From: hq (IFCSS Headquarter)
Subject: IFCSS FINANCIAL REPORT (2)

FINANCIAL STATEMENTS

OF IFCSS FOUNDATION, INC.

For the Period Ended March 31, 1994

==================================================================

IFCSS FOUNDATION, INC.

BALANCE SHEET

As of March 31, 1994

ASSETS

CURRENT ASSETS
  CASH-CKING (IFCSS FOUNDATION)    $   50,828.26
  CASH-CKING (INSURANCE PROGRAM)       15,560.27
  CASH-CHECKING (NED)                   7,458.81
  CASH-AM SECUR. BK (INSUR.-NEW)       96,519.02
  CASH-SAVING (6.4 FOUNDATION)         94,713.57
  ADVANCE TO EMPLOYEES                    142.76
  GRANT RECEIVABLE-NED (NOTE 3)         1,800.00

      TOTAL CURRENT ASSETS                        $  267,022.69

FIXED ASSETS
  FURNITURE & EQUIPMENT (NOTE 2)       32,454.02
  ACCUMULATE DEPRECIATION             (18,990.05)
      TOTAL FIXED ASSETS                          $   13,463.97

OTHER ASSETS  

          TOTAL ASSETS                            $  280,486.66

===================================================================

IFCSS FOUNDATION, INC.

BALANCE SHEET

As of March 31, 1994

LIABILITIES AND FUND BALANCE

CURRENT LIABILITIES
  ACCOUNTS PAYABLE                     $    7,699.94
  FEDERAL WITHHOLDING PAYABLE               1,754.37
  STATE UNEMPLOYEMENT TAX PAYABLE             925.16
  STATE WITHHOLDING PAYABLE - VA              150.65
  FEDERAL INCOME TAX PAYABLE                18,614.71
  STATE INCOME TAX PAYABLE                  10,199.52
  DUE FROM EMPLOYEE                            170.36

      TOTAL CURRENT LIABILITIES                      $   39,514.71

FUND BALANCE
  FUND BALANCE                             279,339.51
  CURRENT EXCESS (DEFICIT)                 (38,367.56)

      TOTAL FUND BALANCE                                240,971.95
  
          TOTAL LIABILITIES & FUND BALANCE              280,486.66

==================================================================

IFCSS FOUNDATION, INC.
STATEMENT OF REVENUE & EXPENSES - COMBINED
For the Period Ended March 31, 1994
                                        3 Months Ended
                                         March 31, 1994    Pct
REVENUE
  DONATION - GENERAL                    $     4,689.55    10.53
  INS. COMMISSION DUES (NOTE 2)              39,248.52    88.16
  CONFERENCE REGISTRATION                       580.00     1.30  

      TOTAL REVENUE                          44,518.07   100.00

PROGRAM SERVICE EXPENSES
  CONFERENCE & CONVENTION                     3,686.10     8.28
  RELIEF SUBSIDIES                            4,200.00     9.43
  PROFESSIONAL SERVICES                       2,035.00     4.57
  ACTIVITY COSTS                             22,856.17    51.34 
  NWSLETTER EXPENSES (NOTE 3)                 5,310.66    11.93
  INTERNSHIP EXPENSES (NOTE 3)                  900.00     2.02
  SPORTS PROGRAM                                770.76     1.73
  HUMAN RIGHTS ACTIVITY                         201.00     0.45

      TOTAL PROGRAM SERVICE EXPENSES         39,959.69    89.76
          GROSS PROFIT                        4,558.38    10.24

OPERATING EXPENSES
  ADVERTISING                                 3,926.30     8.82
  ACCOUNTING                                  3,750.00     8.42
  AUDITING                                      760.40     1.71
  BANK CHARGES                                  247.29     0.56
  DEPRECIATION                                1,447.71     3.25
  DUES & SUBSCRIPTIONS                           88.19     0.20
  HEALTH INSURANCE                              792.00     1.78
  LICENSES AND FEES                             110.00     0.25
  MISCELLANEOUS                               1,759.65     3.95
  OFFICE SUPPLY                                 409,16     0.92
  OTHER ACTIVITY-4TH TERM                     3,221.31     7.24
  PAYROLL TAXES                               2,878.60     6.47
  POSTAGE & FREIGHT                             448.00     1.01
  PUBLIC RELATIONS                               80.20     0.18   
  PENALTIES                                     130.20     0.29
  RENT                                        2,748.64     6.17   
  SALARIES & HOUSING ALLOWANCE               20,500.00    46.05  
  TELEPHONE                                   4,874.07    10.95
  TRAVEL                                      9,939.30    22.33
    TOTAL EXPSENSES                          58,111.02   130.53

    OPERATING INCOME                        (53,552.64) (120.29)

OTHER INCOME/EXPENSES
  INTEREST INCOME                             1,620.01     3.64
  OTHER INCOME                                   55.10     0.12
      TOTAL OTHER INCOME                      1,675.11     3.76
        EXCESS OF REVENUE OVER EXPENSES  $  (51,877.53) (116.53)

=================================================================

IFCSS FOUNDATION, INC.

STATEMENT OF REVENUE & EXPENSES - HEADQUARTER

For the Period Ended March 31, 1994

                                        3 Months Ended
                                         Mar. 31, 1994   Pct
REVENUE
  DONATION - GENERAL                    $     4,689.55  100.00
  
      TOTAL REVENUE                           4,689.55  100.00

PROGRAM SERVICE EXPENSES

        GROSS PROFIT                          4,689.55  100.00

OPERATING EXPENSES
  ACCOUNTING                                  3,750.00   79.97
  BANK CHARGES                                  169.39    3.61
  DEPRECIATION                                1,447.71   30.87
  DUES & SUBSCRIPTIONS                           88.19    1.88
  HEALTH INSURANCE                              792.00   16.89
  LICENSES AND FEES                             110.00    2.35  
  MISCELLANEONS                                 879.89   18.76
  OFFICES SUPPLY                                176.47    3.76
  PAYROLL TAXES                               2,878.60   61.38
  PUBLIC RELATIONS                               80.20    1.71
  PENALTIES                                     130.20    2.78
  RENT                                        2,748.64   58.61
  SALARIES & HOUSING ALLOWANCE               20,500.00  437.14
  TELEPHONE                                   1,199.97   25.59
  TRAVEL                                      1,094.72   23.34
  ALLOCATED G & EXP. (NOTE 2)                30,695.42)(654.55)

  TOTAL EXPENSES                              5,350.56   114.10

        OPERATING INCOME                        (661.01) (14.10)

OTHER INCOME/EXPENSES       
  INTEREST INCOME                               841.12    17.94
  OTHER INCOME                                   55.10     1.17
      TOTAL OTHER INCOME                        896.22    19.11

        EXCESS OF REVENUE OVER EXPENSES       $ 235.21     5.02

===============================================================

IFCSS FOUNDATION, INC.

STATEMENT OF REVENUE & EXPENSES - COUNCIL

For the Period Ended March 31, 1994

                                        3 Months Ended
                                         Mar. 31, 1994   Pct
REVENUE
PROGRAM SERVICE EXPENSES
OPERATING EXPENSES                    
  AUDITING                                      760.40   0.00
  TELEPHONE REIMBURSE.                        2,734.92   0.00
  ALLOCATED G & A EXP. (NOTE 2)               4,224.14   0.00

  TOTAL EXPENSES                              7,719.46   0.00

      OPERATING INCOME                       (7,719.46)   0.00

OTHER INCOME/EXPENSES      

        EXCESS OF REVENUE OVER EXPENSES       (7,719.46) 0.00

==================================================================

IFCSS FOUNDATION, INC.

STATEMENT OF REVENUE & EXPENSES - JUNE 4TH FUND

For the Period Ended March 31, 1994

                                        3 Months Ended
                                         Mar. 31, 1994   Pct
REVENUE
PROGRAM SERVICE EXPENSES
  RELIEF SUBSIDIES                            4,200.00    0.00
  HUMAN RIGHTS ACTIVITY                         201.00    0.00

      TOTAL REVENUE                           4,401.00    0.00

        GROSS PROFIT                         (4,401.00)   0.00

OPREATING EXPENSES
  ALLOCATED G & A EXP. (NOTE 2)                1,689.66   0.00

    TOTAL EXPENSES                             1,689.66   0.00

    OPERATING INCOME                          (6,090.66)  0.00

OTHER INCOME/EXPENSES
  INTEREST INCOME                                580.20   0.00

      TOTAL OTHER INCOME                         580.20   0.00

          EXCESS OF REVENUE OVER EXPENSES    $(5,510.46)  0.00

=================================================================
  
IFCSS FOUNDATION, INC.

STATEMENT OF REVENUE & EXP. - INSURANCE PROGRAM

For the Period Ended March 31, 1994

                                        3 Months Ended
                                         Mar.31, 1994   Pct
REVENUE
  INS. COMMISS. & DUES (NOTE 2)         $   39,248.52  100.00
  
      TOTAL REVENUE                         39,248.52  100.00

PROGRAM SERVISE EXPENSES
PROFESSIONAL SERVICES                        2,035.00    5,18
ACTIVITY COSTS                              22,856.17   58.23

      TOTAL PROGRAM SERVICE EXPENSES        24,891.17    63.42 

          GROSS PROFIT                      14,357.35    36.58

OPERATING EXPENSES
  ADVERTISING                                3,926.30    10.00
  BANK CHARGES                                  44.17     0.11
  OFFICE SUPPLY                                232.69     0.59
  POSTAGE & FREIGHT                            448.00     1.14
  TELEPHONE                                    496.92     1.27
  ALLOCATED G & A EXP. (NOTE 2)              4,787.36    12.20

  TOTAL EXPENSES                             9,935.44    25.31

          OPERATING INCOME                   4,421.91    11.27

OTHER INCOME/EXPENSES
  INTEREST INCOME                              161.38     0.41

      TOTAL OTHER INCOME                       161.38     0.41

         EXCESS OF REVENUE OVER EXPENSES  $  4,583.29    11.68 

=================================================================

IFCSS FOUNDATION, INC.

STATEMENT OF REV. & EXP. - CSPA/CSS - PROTECTION

For the Period Ended March 31, 1994

                                        3 Months Ended
                                         Mar. 31, 1994   Pct
REVENUE
PROGRAM SERVICE EXPENSES
  ALLOCATED G & A EXP. (NOTE 2)               3,660.92    0.00

  TOTAL EXPENSES                              3,660.92    0.00

      OPERATING INCOME                       (3,660.92)   0.00
OTHER INCOME/EXPENSES

        EXCESS OF REVENUE OVER EXPENSES   $  (3,660.92)   0.00

================================================================== 

IFCSS FOUNDATION, INC.

STATEMENT OF REVENUE & EXPENSES - 5TH CONGRESS

For the Period Ended March 31, 1994

                                        3 Months Ended
                                         Mar. 31, 1994  Pct
REVENUE
PROGRAM SERVICE EXPENSES
OPERATING EXPENSES
  MISCELLANEOUS                                 289.00    0.00

     TOTAL  EXPENSES                            289.00    0.00

      OPERATING INCOME                         (289.00)  (0.00)
  
OTHER INOCME/EXPENSES

      EXCESS OF REVENUE OVER EXPENSES  $       (289.00)  (0.00)

==================================================================

IFCSS FOUNDATION, INC.

STATEMENT OF REV. & EXP. - SUPERVISORY COMMITTEE

For the Period Ended March 31, 1994

                                        3 Months Ended
                                         Mar. 31, 1994   Pct
REVENUE
PROGRAM SERVICE EXPENSES
OPERATING EXPENSES
  ALLOCATED G & A EXP. (NOTE 2)               1,126.44   0.00

  TOTAL EXPENSES                              1,126.44   0.00

          OPERATING INCOME                   (1,126.44)  0.00
  
PTHER INCOME/EXPENSES

          EXCESS OF REVENUE OVER EXPENSES  $ (1,126.44)  0.00

================================================================

IFCSS FOUNDATION, INC.

STATEMENT OF REVENUE & EXP. - WORKING COMMITTEE

For the Period Ended March 31, 1994

                                        3 Months Ended
                                         Mar. 31, 1994   Pct
REVENUE 
PROGRAM SERVICE EXPENCSES
  SPORTS PROGRAM                                770.76    0.00

      TOTAL PROGRAM SERVICE EXPENSES            770.76    0.00

          GROSS PROFIT                         (770.76)  (0.00)

OPERATING EXPENSES
  MISCELLANEOUS                                 388.76    0.00
  TELEPHONE                                      97.23    0.00
  ALLOCATED G & A EXP. (NOTE 2)               2,816.09    0.00

  TOTAL EXPENSES                              3,302.08    0.00

        OPERATING INCOME                     (4,072.84)   0.00

OTHER INCOME/EXPENSES

        EXCESS OF REVENUE OVER EXPENSES  $   (4,072.84)   0.00

==================================================================

IFCSS FOUNDATION, INC.

STATEMENT OF REVENUE & EXPENSES - PROJECT

For the Period Ended March 31, 1994

                                        3 Months Ended
                                         Mar. 31, 1994   Pct
REVENUE
PROGRAM SERVICE EXPENSES
OPERATING EXPENSES
  OTHER ACTIVITIES - 4TH TERM                 3,221.31    0.00
  TELEPHONE                                     345.03    0.00
  TRAVEL                                      1,299.00    0.00
  ALLOCATED G & A EXP. (NOTE 2)               4,505.75    0.00  

  TOTAL EXPENSES                              9,371.09    0.00

        OPERATING INCOME                     (9,371.09)  (0.00)

OTHER INCOME/EXPENSES

        EXCESS OF REVENUE OVER EXPENSES  $   (9,371.09)  (0.00)

=================================================================

IFCSS FOUNDATION, INC.

STATEMENT OF REVENUE & EXPENSES - FUND RAISING

For the period Ended March 31, 1994

                                        3 Months Ended
                                         Mar. 31, 1994   Pct
REVENUE
PROGRAM SERVICE EXPENSES
OPERATING EXPENSES
  ALLOCATED G & A EXP. (NOTE 2)               3,379.31    0.00

  TOTAL EXPENSES                              3,379.31    0.00  

        OPERATING INCOME                     (3,379.31)   0.00

OTHER INCOME/EXPENSES

        EXCESS OF REVENUE OVER EXPENSES   $  (3,379.31)   0.00

=================================================================

IFCSS FOUNDATION, INC.

STATEMENT OF REVENUE & EXPENSES - NED

For the Period Ended March 31, 1994

                                        3 Months Ended
                                         Mar. 31, 1994   Pct
REVENUE
PROGRAM SERVICE EXPENSES
  NWSLETTER EXPENSES  (NOTE 3)                5,310.66    0.00
  INTERNSHIP EXPENSES                           900.00    0.00

      TOTAL PROGRAM SERVICE EXPENSES          6,210.66    0.00

          GROSS PROFIT                       (6,210.66)   0.00

OPERATING EXPENSES
  BANK CHARGES                                   33.73    0.00

  TOTALAL EXPENSES                               33.73    0.00    

      OPERATING INCOME                       (6,244.39)   0.00

OTHER INCOME/EXPENSES
  INTEREST INCOME                                37.31    0.00

      TOTAL OTHER INCOME                         37.31    0.00

        EXCESS OF REVENUE OVER EXPENSES    $ (6,207.08)   0.00

=================================================================

IFCSS FOUNDATION, INC.

STATEMENT OF REV. & EXP. - ROUNDTABLE MEETING

For the Period Ended March 31, 1994

                                        3 Months Ended
                                         Mar. 31, 1994   Pct
REVENUE
  CONFERENCE REGISTRATION               $       580.00  100.00    

    TOTAL REVENUE                               580.00  100.00

PROGRAM SERVICE EXPENSES
  CONFERENCE & CONVENTION                     3,686.10  635.53
 
      TOTAL PROGRAM SERVICE EXPENSES          3,686.10  635.53

          GROSS PROFIT                       (3,106.10)(535.53)

OPERATING EXPENSES
  MISCELLANEOUS                                 202.00   34.83
  TRAVEL                                      7,545.58  999.00
  ALLOCATED G & A EXP. (NOTE 2)               4,505.75  776.85

  TOTAL EXPENSES                             12,253.33  999.00

    OPERATING INCOME                        (15,359.43)(999.00)

OTHER INCOME/EXPENSES

          EXCESS OF REVENUE OVER EXPENSES  $(15,359.43)(999.00)

=================================================================

IFCSS FOUNDATION, INC.

STATEMENT OF CASH FLOWS

For the Period Ended March 31, 1994

INCREASE (DECREASE) IN CASH OR CASH EQUIVALENTS

CASH FLOW FROM OPERATING ACTIVITIES
  EXCESS OF REVENUE OVER EXPENSES                  $(51,877.53)
  ADJUSTMENTS TO RECONCILE CASH FLOW
  DEPRECIATION                              1,447.71    
  DECREASE (INCREASE) IN CURRENT ASSETS
  INCREASE (DECREASE) IN CURRENT LIABILITIES
    ACCOUNTS PAYABLE                       (4,136.22)
    FEDERAL WITHHOLDING PAYABLE               664.28
    STATE UNEMPLOYMENT TAX PAYABLE            523.55
    STATE WITHHOLDING PAYABLE - VA             35.65
    STATE WITHHOLDING PAYABLE - DC           (119.34)
    FEDERAL INCOME TAX PAYABLE             (6,914.00)
    STATE INCOME TAX PAYABLE               (5,551.00)
    DUE FROM EMPLOYEE                         170.36

      TOTAL ADJUSTMENTS                             (13,879.01)

      CASH PROVIDED (USED) BY OPERATIONS            (65,756.54)

CASH FLOW FROM INVESTING ACTICITIES
    SALES (PURCHASES) OF ASSETS
      SECURITY DEPOSITS                       743.50
      PREPAID EXPENSE                         942.88

        CASH PROVIDED (USED) BY INVESTING              1,686.38

CASH FLOW FROM FINANCING ACTIVITIES
  CASH (USED) OR PROVIDED BY:

        NET INCREASE (DECREASE) IN CASH              (64,070.16)  
   
        CASH AT BEGINNING OF PERIOD                  329,150.09

        CASH AT END OF PERIOD                    $   265,079.93