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<br />I <br />r. .~ <br />I <br />l , <br /> <br />E:c <br /> <br />accountanb lit advisors <br /> <br />DEVELOPMENT COUNSELLORS INTERNATIONAL, LTD. <br />(AN S CORPORATION) <br /> <br />NOTES TO FINANCIAL STATEMENTS <br /> <br />DECEMBER 31, 2008 AND 2007 <br /> <br />r ": <br />I <br />i <br /> <br />! <br />:.11 <br /> <br />:1: <br /> <br />I <br /> <br />:1, <br /> <br />I I <br />t : <br />:I <br />r ", <br />l j <br /> <br />r\ <br />I <br />l, <br /> <br />Note 1 - Oraanization and Sianificant Accountlna Policies: <br /> <br />,. <br /> <br />OrQanization and Business: <br /> <br />Development Counsellors International was incorporated under the laws of the State of <br />New York and commenced business on January 1. 1967. Effective January 1, 2002, <br />ownership is Ted 'Levine (3%), Andrew Levine (82%). Robert DeRocker (10%), Julie <br />Curtin (2.5%) and Carolyn Nepa (2.5%). <br /> <br />Nature of Business: <br /> <br />r " <br />li <br />. !'; <br /> <br />li <br /> <br />Development Counsellors International, Ltd. is a Public Relations firm offering a wide <br />range of services to a vast array of clients. The company is headquartered in New York, <br /> <br />Method of Accountina: <br /> <br />The aCcompanying financial statements are prepared on the accrual basis of accounting. <br />For income tax purposes, the company utilizes the cash method of accounting, A <br />deferred tax provision has been provided based upon the difference between the <br />financial statement and the tax basis of assets and liabilities using provisions of the <br />enacted tax law in accordance with SFAS No, 109, "Accounting for Income Taxes". <br /> <br />I lJ <br />I r~l <br />I ~J <br />l r; <br />l) <br />:1 <br />~ <br />U <br />~ <br />[' 1 <br />:jl <br />[) <br />l~: <br />'1 <br />'.~ <br /> <br />Recoonition of Commissions and Fees: <br /> <br />In general, fee income, as well as income earned on expenditurl;ls billable to clients, Is <br />recognized when earned, <br /> <br />Cash and Cash Eauivalents: <br /> <br />Cash and cash equivalents represent money markets and other highly liquid investments <br />maturing in 90 days or less. <br /> <br />Income Taxes.: <br /> <br />The Company has elected .5. corporation status under the applicable provisions of the <br />Internal Revenue Code and New York State income tax law, The net income of the <br />company flows through to the shareholders' income tax return. Accordingly, no <br />provision for Federal and New York state income taxes has been made. The Company <br />remainsl1able for New York City General Corporation Tax. <br /> <br />r' <br />~ <br /> <br />[ ': <br /> <br /> <br /> <br />r '.. . __,' <br />L.J' . <br /> <br />'. .' .,.-.': :-., ...... ,', <br /> <br />... ... .. <br />.. . ", .. ,- . <br /> <br />i <br />1 <br />i <br />i <br />I <br />II <br />I I <br />! I <br />I <br /> <br />(?l:" <br />'.... f I ~ <br />U . ...., <br />