SOCIETY OF ST. VINCENT DE PAUL COUNCIL OF SEATTLE/KING

SOCIETY OF ST. VINCENT DE PAUL
COUNCIL OF SEATTLE/KING COUNTY
FINANCIAL STATEMENTS
September 30,2012 and 2011
INDEX
Page
INDEPENDENT AUDITORS' REPORT
FINANCIAL STATEMENTS:
Statements of Financial Position
Statements of Activities
Statements of Functional Expenses
Statements of Cash Flows
Notes to Financial Statements
1
2
3
4-5
6
7- 13
VOLDAL WARTELLE & CO.,
P:s.
Certified Public Accountants & Business Managers
INDEPENDENT AUDITORS' REPORT
To Management and the Board of Directors
Society of St. Vincent de Paul Council of Seattle/King County
We have audited the accompanying statements of financial position of Society of St.
Vincent de Paul Council of Seattle/King County (SVDP), a nonprofit organization, as of
September 30, 2012 and 2011, and the related statements of activities, functional expenses, and
cash flows for the years then ended. These financial statements are the responsibility of SVDP' s
management. Our responsibility is to express an opinion on these financial statements based on
our audits.
·
We conducted our audits in accordance with auditing standards generally accepted in the
United States of America. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material misstatement.
An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in
the financial statements. An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material
respects, the financial position of SVDP as of September 30, 2012 and 2011, and the changes in
its net assets and its cash flows for the years then ended in conformity with accounting principles
generally accepted in the United States of America.
VaUA WtV+t}le ( 6)
r~;.
February 22, 2013
10510 NORTHUP WAY, SUITE 300
I
KIRKLAND, WA 98033
I
PHONE: 425-250-0051
I
WWW.VWC-CPA.COM
SOCIETY OF ST. VINCENT DE PAUL COUNCIL OF SEATTLE/KING COUNTY
STATEMENTS OF FINANCIAL POSITION
September 30, 2012 and 2011
2012
2011
ASSETS
Current assets:
Cash and cash equivalents
Accounts receivable
Inventories
Prepaid expenses and other
$
1,483,253
86,877
477,585
195,041
$
1,914,567
75,539
474,759
275,362
2,242,756
2,740,227
13,673,164
164,357
1,181,447
151,560
12,184,292
184,829
1,069,143
136,456
$ 17,413,284
$ 16,314,947
Total current assets
Property and equipment, net
Bond acquisition costs, net
Deferred rental income
Other assets
LIABILITIES AND NET ASSETS
Current liabilities:
Accounts payable
Accrued expenses
Federal income tax payable
Current portion of long-term debt
$
79,647
277,566
422
289,044
$
53,725
200,734
3,919
253,124
646,679
511,502
Long-term debt, net of current portion
8,861,141
8,051,296
Total liabilities
Net assets:
Unrestricted:
Operating
Board designated
9,507,820
8,562,798
7,731,148
120,000
7,596,049
120,000
7,851,148
54,316
7,716,049
36,100
7,905,464
7,752,149
$ 17,413,284
$ 16,314,947
Total current liabilities
Total unrestricted net assets
Temporarily restricted
Total net assets
The accompanying notes are an integral part of these financial statements.
- 2-
SOCIETY OF ST. VINCENT DE PAUL COUNCIL OF SEATTLE/KING COUNTY
STATEMENTS OF ACTIVITIES
Years Ended September 30,2012 and 2011
2012
Unrestricted support and revenues:
Contributions
Thrift store sales
Lease income
Recycling
Grants
Other
Net assets released from restrictions
$
Expenses:
Program services
Management and general
Fundraising
$
7,195,113
4,374,778
978,046
202,597
175,867
77,248
54,183
.12,686,059
13,057,832
11,477,302
731,022
278,961
11,740,785
692,376
189,003
12,487,285
12,622,164
198,774
435,668
5,309
Loss on sale of property and equipment
Increase in unrestricted net assets,
before federal income taxes
Provision for federal income taxes
Increase in unrestricted net assets
Temporarily restricted net assets:
Contributions and grants
Net assets released from restrictions
Increase (decrease) in temporarily restricted net assets
193,465
435,668
58,366
46,344
135,099
389,324
29,014
(10,798)
12,007
(54,183)
18,216
(42,176)
153,315
7,752,149
Increase in net assets
Net assets, beginning of year
Net assets, end of year
6,693,297
4,481 '157
988,673
204,856
202,885
104,393
10,798
2011
$
7,905,464
The accompanying notes are an integral part of these financial statements.
-3-
347,148
7,405,001
$
7,752,149
SOCIETY OF ST. VINCENT DE PAUL COUNCIL OF SEATTLE/KING COUNTY
STATEMENT OF FUNCTIONAL EXPENSES
Year Ended September 30, 2012
Management and General
Program Services
General and
Property
Total
Administrative
Management
4,388,581
$
Charitable
Thrift Stores
Cost of merchandise sold
$
Activities
4,376,247
$
12,334
$
-
1,763,494
606,126
2,369,620
341,547
7,733
2,530,642
2,538,375
3,651
Payroll taxes and benefits
434,043
111,487
545,530
Interest and bank fees
435,005
538
Depreciation and amortization
320,949
Rent and property taxes
Utilities
Salaries and wages
$
-
Total
$
18,617
Fundraising
-
$
-
Total
$
4,388,581
360,164
145,133
2,874,917
-
3,651
984
2,543,010
73,819
3,185
77,004
18,942
641,476
435,543
15,516
19,070
34,586
1,539
471,668
34,938
355,887
17,171
7,768
24,939
-
380,826
223,561
838
224,399
3,150
-
3,150
-
165,039
18,733
183,772
8,097
209
8,306
89
192,167
1,422
2,725
4,147
62,528
27,070
89,598
24,905
118,650
Insurance
67,438
27,501
94,939
11,329
-
11,329
1,634
107,902
Vehicles
80,281
11,711
91,992
6,665
5,411
12,076
1,248
105,316
17,510
357
Direct assistance
Professional fees
227,549
Supplies
52,388
18,907
71,295
17,867
5,880
95,042
Maintenance and repairs
41,955
15,370
57,325
34,482
3,161
37,643
74
95,042
3,815
3,299
7,114
4,789
-
4,789
52,668
64,571
Business taxes, licenses and dues
22,447
20,494
42,941
2,349
132
2,481
2,508
47,930
Telephone
17,965
10,874
28,839
7,550
-
7,550
1,483
37,872
Bond services
17,385
-
Postage, printing and mailing
17,385
4,709
14,126
18,835
-
36,220
Advertising
5,965
487
6,452
1,395
-
1,395
20,610
28,457
Travel and conferences
1,664
2,214
3,878
13,948
-
13,948
1,071
18,897
Professional development
2,075
7,213
9,288
1,711
-
1,711
193
11,192
$
8,040,871
$
3,436,431
$
11,477,302
$
631,916
$
99,106
$
The accompanying notes are an integral part of these financial statements.
- 4-
731,022
$
278,961
$
12,487,285
SOCIETY OF ST. VINCENT DE PAUL COUNCIL OF SEATTLE/KING COUNTY
STATEMENT OF FUNCTIONAL EXPENSES
Year Ended September 30,2011
Program Services
Management and General
General and
Property
Total
Administrative
Management
4,275,814
$
Charitable
Activities
Thrift Stores
Cost of merchandise sold
$
4,266,069
$
9,745
$
-
$
-
Total
$
-
Fundraising
-
$
-
Total
$
4,275,814
4,571
3,029,739
3,034,310
75
3,034,553
1,726,277
564,899
2,291,176
346,996
153
347,149
89,252
2,727,577
Payroll taxes and benefits
459,377
104,583
563,960
68,814
24
68,838
15,377
648,175
Interest and bank fees
368,579
34
368,613
17,839
20,796
38,635
1,526
408,774
Depreciation and amortization
326,496
39,627
366,123
12,727
10,184
22,911
-
389,034
Rent and property taxes
229,189
798
229,987
3,885
-
3,885
-
159,734
19,740
179,474
7,596
-
7,596
79
187,149
1,446
5,862
'7,308
71,064
14,960
86,024
30,922
124,254
Vehicles
87,047
13,847
100,894
7,482
12
7,494
362
108,750
Insurance
52,034
33,594
85,628
10,510
10,510
1,067
97,205
Direct assistance
Salaries and wages
Utilities
Professional fees
168
-
168
233,872
Supplies
51,562
19,419
70,981
13,074
31
13,105
2,191
86,277
Maintenance and repairs
31,053
14,543
45,596
19,493
502
19,995
11
65,602
Advertising
23,335
4,404
27,739
5,982
5,982
15,424
49,145
2,631
8,616
11,247
25,878
25,934
642
37,823
Business taxes, licenses and dues
21,264
12,924
34,188
1,395
-
1,395
2,188
37,771
Bond services
17,628
-
17,628
4,774
14,322
19,096
-
36,724
4,535
-
4,535
28,869
35,932
6,964
-
6,964
851
27,239
2,160
-
2,160
167
10,494
Travel and conferences
Postage, printing and mailing
1,911
617
2,528
Telephone
8,769
10,655
19,424
719
7,448
8,167
Professional development
$
7,839,691
$
3,901,094
$
11,740,785
$
631,336
56
$
61,040
The accompanying notes are an integral part of these financial statements.
-5-
$
692,376
$
189,003
$
12,622,164
SOCIETY OF ST. VINCENT DE PAUL COUNCIL OF SEATTLE/KING COUNTY
STATEMENTS OF CASH FLOWS
Years Ended September 30,2012 and 2011
2012
Cash flows from operating activities:
Increase in net assets
Adjustments to reconcile the increase in net assets to net cash
and cash equivalents provided by operating activities:
Depreciation and amortization
Amortization of bond acquisition costs
Deferred rental income
Loss on sale of property and equipment
Changes in operating assets and liabilities:
Accounts receivable
Inventories
Prepaid expenses and other assets
Accounts payable
Accrued expenses
Federal income tax payable
$
Net cash and cash equivalents provided by
operating activities
Cash flows used in investing activities:
Purchase of property and equipmen~
153,315
2011
$
347,148
380,826
18,636
(112,304)
5,309
389,034
18,636
(117,267)
(11,338)
(2,826)
65,217
25,922
76,832
(3,497)
40,137
(22,778)
(40,281)
(16,037)
16,068
(5, 156)
596,092
609,504
(758,507)
(535, 71 0)
Cash flows from financing activities:
Repayments on long-term debt
Other
Net cash and cash equivalents used in
financing activities
(270,735)
1,836
(224,885)
1,836
(268,899)
(223,049)
Net decrease in cash and cash equivalents
(431,314)
(149,255)
Cash and cash equivalents, beginning of year
1,914,567
2,063,822
Cash and cash equivalents, end of year
$
1,483,253
$
1,914,567
Supplemental disclosure:
Cash paid for interest
Cash paid for federal income tax
$
$
345,494
65,865
$
$
275,169
51,500
Noncash investing and financing activities:
Purchase of property financed by note payable
$
1,116,500
$
1,917,600
The accompanying notes are an integral part of these financial statements.
- 6-
SOCIETY OF ST. VINCENT DE PAUL COUNCIL OF SEATTLE/KING COUNTY
NOTES TO FINANCIAL STATEMENTS
September 30,2012 and 2011
1.
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES
Organization - The Society of St. Vincent de Paul Council of Seattle/King County
(SVDP) is a nonprofit organization formed in 1921 to provide charitable and social services to
the needy and suffering. SVDP maintains and operates retail thrift stores selling donated goods,
as well as a food bank serving the needy and homeless, and provides assistance and guidance to
53 parish-based volunteer groups (Conferences) which provide direct one-on-one assistance to
the needy in their neighborhoods. All operations take place in Seattle and King County in
Washington State.
SVDP leases certain property to outside parties to supplement operations.
SVDP is managed by a Board of Directors that is comprised of representatives elected by
the 53 Conferences.
Basis of presentation - Contributions and net assets are classified based on the
existence or absence of donor-imposed restrictions. Accordingly, SVDP reports gifts of cash and
other assets as restricted support if they are received with donor stipulations that limit the use of
the donated assets. When a donor restriction expires, that is, when a stipulated time restriction
ends or the purpose is accomplished, temporarily restricted net assets are reclassified to
unrestricted net assets and reported in the statement of activities as net assets released from
restrictions. Donor imposed restrictions that are met within the reporting period are classified as
increases in unrestricted net assets.
Cash and cash equivalents - SVDP considers all highly liquid investments with a
maturity of three months or less when purchased to be cash equivalents. Certificates of deposit
totaling $203,381 at September 30, 2011 are considered to be a cash equivalent since there are no
interest penalties for early withdrawal. There are no certificates of deposit at
September 30, 2012.
SVDP maintains cash in bank accounts which, at times, may exceed federally insured
limits. SVDP has not experienced any losses on such accounts.
Inventories - Inventories are stated at the estimated fair value at the date of donation.
Property and equipment - SVDP generally capitalizes long-lived assets with a cost in
excess of $1,000 and an estimated useful life greater than one year. Property and equipment are
stated at cost if purchased or estimated fair value if donated. Property and equipment are
depreciated using the straight-line method over their estimated useful lives of three to 40 years.
Leasehold improvements are amortized using the straight-line method over the life of the asset or
applicable lease, whichever is shorter.
- 7-
SOCIETY OF ST. VINCENT DE PAUL COUNCIL OF SEATTLE/KING COUNTY
NOTES TO FINANCIAL STATEMENTS, continued
September 30,2012 and 2011
1.
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES, continued
Impairment of long-lived assets - Long-lived assets are reviewed for potential
impairment at such time when events or changes in circumstances indicate that the carrying
amount of the asset may not be recoverable. An impairment loss would be recognized when the
sum of the expected, undiscounted future net cash flows is less than the carrying amount of the
asset. There have been no impairment charges related to the write-down of long-lived assets.
Federal income tax - SVDP is a nonprofit organization that is generally exempt from
federal income tax under Section 501(c)(3) of the Internal Revenue Code. However, SVDP has
taxable income from the rental of certain debt-financed property. A provision for federal tax
related to this income is included in the accompanying financial statements.
Generally accepted accounting principles (GAAP) include guidance that requires the
measurement and disclosure of tax benefits arising from uncertain tax positions. As of and for
the years ended September 30, 2012 and 2011, this guidance had no material effect on SVDP's
financial statements.
SVDP's federal income tax returns for tax years 2009 and beyond remain subject to
examination by the Internal Revenue Service.
Board designated net assets - Board designated net assets consist of amounts set aside
by the Board of Directors to assist Conferences affiliated with SVDP.
Temporarily restricted net assets - Temporarily restricted net assets consist of various
contributions received to assist Conferences and for various charitable works performed by
SVDP in carrying out its mission.
Contributions and donated services - Contributions of food and thrift store
merchandise are recorded at their estimated fair value at the time of donation. Substantially all
contributed food was donated by three organizations during the year ended September 30, 2012
and two organizations during the year ended September 30, 2011.
At times, SVDP receives contributions that are specifically designated for an individual
Conference; such donations are excluded from SVDP's financial statements.
SVDP receives a significant amount of donated services from unpaid volunteers who
assist with fundraising and special projects. Approximately 58,000 volunteer hours were
contributed during each of the years ended September 30, 2012 and 2011. No amounts have
been recognized in the statements of activities because the criteria for recognition under
accounting principles generally accepted in the United States of America have not been satisfied.
Retirement plan - SVDP provides retirement benefits to eligible employees through a
plan (the Plan) established under section 403(b) of the Internal Revenue Code. The Plan
includes provisions for employee deferrals only and accordingly no contributions to the Plan
were made by SVDP for the years ended September 30, 2012 or 2011.
-8-
SOCIETY OF ST. VINCENT DE PAUL COUNCIL OF SEATTLE/KING COUNTY
NOTES TO FINANCIAL STATEMENTS, continued
September 30, 2012 and 2011
1.
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES, continued
Advertising costs - Advertising costs are expensed as incurred.
Use of estimates - The preparation of financial statements in conformity with
accounting principles generally accepted in the United States of America (GAAP) requires
management to make estimates and assumptions that affect reported amounts and related
disclosures. Actual results could differ from those estimates.
Subsequent events - Management has evaluated subsequent events
February 22, 2013, the date the financial statements were available to be issued.
2.
through
BOND ACQUISITION COSTS, NET
Bond acquisition costs consist of fees incurred in connection with SVDP's Washington
State Housing Finance Commission Variable Rate Demand Nonprofit Revenue Bonds, Series
2000A (Series 2000A) credit facility described in Note 5. The bond acquisition costs are
amortized over the term of the related credit facility. Amortization expense approximated
$19,000 annually, for the years ended September 30, 2012 and 2011 and is included in bond
services in the accompanying statements of functional expenses.
September 30,
2012
Bond acquisition costs
Less accumulated amortization
3.
2011
$
301,866
137,509
$
303,702
118,873
$
164,357
$
184,829
INVENTORIES
Inventories consist of the following:
September 30,
2012
Donated goods:
Thrift merchandise
Food bank
Other
Purchased goods
- 9-
2011
$
398,642
48,148
7,350
23,445
$
390,245
42,405
15,832
26,277
$
477,585
$
474,759
SOCIETY OF ST. VINCENT DE PAUL COUNCIL OF SEATTLE/KING COUNTY
NOTES TO FINANCIAL STATEMENTS, continued
September 30,2012 and 2011
4.
PROPERTY AND EQUIPMENT, NET
Property and equipment, net consist of the following:
September 30,
2012
$
Buildings and improvements
Leasehold improvements
Office furniture and equipment
Trucks and other operating equipment
5.
6,947,540
1,039,636
895,354
514,530
2011
$
5,826,414
801,885
871,705
514,530
Less accumulated depreciation and amortization
9,397,060
3,325,091
8,014,534
2,952,563
Land
Construction in progress
6,071,969
7,596,195
5,000
5,061,971
7,122,321
$ 13,673,164
$ 12,184,292
LONG-TERM DEBT
In October 2011, SVDP acquired a building and property in Renton, Washington. The
acquisition was financed by a bank note payable and down payment of approximately
$1,116,500 and $478,500, respectively. The bank note bears interest at 5.19% with monthly
principal and interest payments of approximately $6,701 for ten years, and the remaining balance
due in full on November 1, 2021. The note is collateralized by the related property with a
carrying value of approximately $1,607,000 at September 30, 2012.
During 2010, SVDP acquired a building and property in Seattle, Washington (Aurora)
which had previously been leased. The purchase price of $2,256,000 consisted of a seller note
and cash of $1,917,600 and $338,400, respectively. The note bears interest at 6% with monthly
principal and interest payments of approximately $12,355, and the remaining balance due and
payable in December 2020. The note is collateralized by the related property with a carrying
value of approximately $2,341,000 and $2,350,000 at September 30, 2012 and 2011,
respectively.
During 2008, SVDP financed the purchase of a building and property in Kent,
Washington with a $2,250,000 note payable to the former owner. The note bears interest at 6%
with monthly principal and interest payments of approximately $13,500. In October 2018, the
debt will be refinanced with the seller for the then-outstanding balance at an interest rate equal to
the greater of 6% or the then current LIB OR plus 1%. The note is collateralized by the related
property with a carrying value of approximately $2,861,000 and $2,865,000 at September 30,
2012 and 2011, respectively.
- 10-
SOCIETY OF ST. VINCENT DE PAUL COUNCIL OF SEATTLE/KING COUNTY
NOTES TO FINANCIAL STATEMENTS, continued
September 30, 2012 and 2011
5.
LONG-TERM DEBT, continued
During 2007, SVDP financed the purchase of a building and property in Burien,
Washington with a $1,000,000 note payable to the former owner. The note bears interest at a
fixed rate of 6.3% and requires monthly principal and interest payments of $8,603 through April
2017. Beginning in May 2017, the note will continue to require monthly payments of $8,603,
however, interest will be charged at the greater of 6.3% or LIBOR plus 1%, until the principal is
paid in full. Using the 6.3% current rate of interest, the note will be paid in full in April 2022.
The note is collateralized by the related property with a carrying value of approximately
$1,312,000 and $1,325,000 at September 30,2012 and 2011, respectively.
In 2000, SVDP issued Series 2000A bonds in the principal amount of $4,750,000. The
proceeds were used to purchase land and buildings in Kenmore, Washington and to refinance
existing debt. The bonds are collateralized by substantially all of SVDP's tangible assets with
the exception of property collateralized under the note agreements described in the preceding
paragraphs and the land and building located at SVDP's headquarters in Seattle with a carrying
value of approximately $1,501,000 and $1,456,000 at September 30, 2012 and 2011,
respectively.
The bonds are payable over thirty years and mature on February 1, 2030. Principal
payments are due annually and interest is paid monthly. The interest rate is determined by the
remarketing agent as the rate necessary to sell the bonds in the secondary market for the principal
amount plus accrued interest. Series 2000A interest was .18% and .16% at September 30, 2012
and 2011, respectively. SVDP has a letter of credit with a commercial bank to secure
performance under the financing agreement. The letter of credit expires in February 2015 and is
renewable at the discretion of the commercial bank. The bond agreement includes financial
covenants that require the maintenance of certain tangible net worth and a specified debt service
coverage ratio.
Long-term debt consists of the following:
September 30,
Series 2000A
Kent property note
Aurora property note
Renton property note
Burien property note
$
2012
3,320,000
2,130,534
1,859,548
1,098,889
741,214
$
795,849
9,150,185
289,044
Less current portion
$
- 11 -
8,861,141
2011
3,450,000
2,163,499
1,895,072
8,304,420
253,124
$
8,051,296
SOCIETY OF ST. VINCENT DE PAUL COUNCIL OF SEATTLE/KING COUNTY
NOTES TO FINANCIAL STATEMENTS, continued
September 30, 2012 and 2011
5.
LONG-TERM DEBT, continued
Scheduled maturities of long-term debt are as follows:
Year ending
SeEtember 30,
2013
2014
2015
2016
2017
Thereafter
Series 2000A
bonds
$
135,000
145,000
150,000
160,000
165,000
2,565,000
$
6.
3,320,000
$
$
Kent
34,999
37,157
39,449
41,882
44,465
1,932,582
2,130,534
$
Aurora
37,714
40,041
42,510
45,132
47,916
1,646,235
$
1,859,548
Renton
23,149
24,397
25,712
26,948
28,550
970,133
$
$
1,098,889
$
$
Burien
58,182
61,956
65,976
70,256
74,815
410,029
741,214
$
Total
289,044
308,551
323,647
344,218
360,746
7,523,979
$ 9,150,185
LEASES
Operating leases - SVDP leases one of its thrift stores and certain equipment under
various non-cancelable operating leases, which expire through August 2014. Total lease expense
of$164,160 and $190,719 is included in rent and property taxes in the accompanying statements
of functional expenses for the years ended September 30, 2012 and 2011, respectively.
Minimum future lease payments under non-cancelable leases are as follows:
Year ending
September 30,
2013
2014
$
168,780
153,945
$
322,725
Lease income - SVDP leases property to tenants under operating leases expiring at
various dates through 2089. Certain leases include rent escalation clauses and one lease includes
an option to extend the lease for two additional ten year terms. Total lease income to be received
over the terms of these leases has been recognized in the accompanying financial statements on a
straight-line basis in accordance with GAAP. The difference between lease income recognized
and cash amounts due under these leases has been recorded as deferred rental income in the
accompanying statements of financial position. The cost and carrying value of the related leased
land approximated $3,410,000 and $1,974,000 at September 30, 2012 and 2011.
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SOCIETY OF ST. VINCENT DE PAUL COUNCIL OF SEATTLE/KING COUNTY
NOTES TO FINANCIAL STATEMENTS, continued
September 30,2012 and 2011
6.
LEASES, continued
Future minimum lease rentals to be received under these agreements are as follows:
Year ending
September 30,
2013
2014
2015
2016
2017
Thereafter
$
926,897
896,060
883,326
885,697
885,176
51,164,200
$ 55,641,356
7.
RELATED PARTY TRANSACTIONS
SVDP periodically provides non-interest bearing advances to employees. The advances
are unsecured and are repaid through periodic payroll deductions. Employee advances totaled
$44,082 and $31,296 at September 30,2012 and 2011, respectively. Advances expected to be
collected within one year are classified in accounts receivable and amounted to $32,124 and
$26,533 at September 30, 2012 and 2011, respectively. Advances expected to be collected
beyond one year are classified in other assets and amounted to $11,958 and $4,763, at September
30, 2012 and 2011, respectively.
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