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<br />E ~ DEVELOPMENT COUNSELLORS INTERNATIONAL, LTD.
<br />· 1:: (AN S CORPORATION)
<br />
<br />t t~- d' STATEMENTS OF OPERATIONS AND RETAINED EARNINGS
<br />accoun an s 0< a visors
<br />
<br />FOR THE YEARS ENDED DECEMBER 31,
<br />
<br />2009
<br />
<br />2008
<br />
<br />Revenues:
<br />Fees
<br />
<br />$
<br />
<br />$
<br />
<br />4,961,942
<br />4,961,942
<br />
<br />6,155,243
<br />6,155,243
<br />
<br />Direct expenses:
<br />Salaries
<br />Consultants
<br />Payroll taxes
<br />Employee benefits
<br />
<br />1,764,723 2,054,913
<br />325,458 351,266
<br />150,518 211,789
<br />106,243 116,059
<br />2,346,942 2,734,027
<br />2,615,000 3,421,216
<br />1,773,387 2,121,562
<br />841,614 1,299,654
<br />
<br />Gross profit
<br />
<br />General and administrative
<br />
<br />I ncome before other expenses
<br />
<br />Other expenses:
<br />Officers' salaries
<br />Pension contribution
<br />Administrative services
<br />
<br />814,129
<br />o
<br />26,553
<br />840,682
<br />
<br />972,712
<br />41,881
<br />44,770
<br />1,059,363
<br />
<br />Net operating income before interest income
<br />and income tax expense 932
<br />Interest income (5,032)
<br />Interest expense 54,963
<br />Income tax (recovery) expense (13,744)
<br />Net (loss) income (35,255)
<br />Retained earnings - beginning of year 1,619,820
<br />Less: Distributions 0
<br />Retained earnings - end of year $ 1,584,565 $
<br />
<br />240,291
<br />
<br />(13,307)
<br />35,677
<br />22,087
<br />
<br />195,834
<br />
<br />1,609,469
<br />
<br />185,483
<br />
<br />1,619,820
<br />
<br />See accountant's report and notes to financial statements.
<br />
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