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<br />1,----- ..--. ,H' <br /> <br />j '; <br />i <br />i <br />! ; <br /> <br />E:c <br /> <br />accountants & advisors <br /> <br />DEVELOPMENT COUNSELLORS INTERNATIONAL, LTD. <br />(AN S CORPORATION) <br /> <br />NOTES TO FINANCIAL STATEMENTS <br /> <br />,i <br />r\ <br /> <br />I <br /> <br />:{ <br /> <br />I <br /> <br />DECEMBER 31,2008 AND 2007 <br /> <br />If <br /> <br />r"l <br />I <br />i <br />l ; <br /> <br />.1 <br />1'1 <br />I <br />I <br />( -r <br />\' <br />I <br /> <br />Note 4 - Pension and Profit Sharino: <br /> <br />The Company has a 401(k) Profit Sharing Plan which allows eligible employees to defer <br />up to 15% of their annual compensation, up 10 the maximum allowed per IRS <br />regulations. Employer contributions are 3% of employee's gross salaries <br /> <br />l, <br />, <br /> <br />Note 5 -Income Taxes: <br /> <br />r " <br />i <br />l J <br />" <br /> <br />Components - Current and deferred <br /> <br />f " <br />i , <br />L.. <br /> <br />~ <br />r I <br />I ' <br />l ' <br />f <br />r ~ <br />l, <br />l1 <br />l' <br />ij <br />[ : <br /> <br />~' <br />j <br /> <br /> <br />(; <br />] <br />[' <br />r <br />r' <br />l,; <br />:, <br />,i <br /> <br />December 31 , <br /> <br />2008 <br />$ 13,371 <br />8.716 <br />$ 22 087 <br /> <br />2007 <br /> <br />$ 37,198 <br />(7.258) <br />$ 29 940 <br /> <br />Current <br />Deferred <br /> <br />Temporary Differences <br /> <br />The tax effects of temporary differences that give rise to significant portions of <br />current deferred tax a5se1s and liabilities consist of the following: <br /> <br />December 31, 2008 2007 <br />Deferred tax assets: <br />Accounts payable and <br />accrued expenses $ 168,779 $ 197,191 <br />Other 1,500 1,500 <br />Total $ 170.279 $ 198,691 <br />Deferred tax liabili1ies: <br />Accrued accounts receivable $ 185,730 $ 226,818 <br />Other 51.811 30.419 <br />Total $ 237.541 $ 257,237 <br />Net deferred tax liability $( 67.262) $ (58,546) <br /> <br />l,) <br />f.:: <br /> <br /> <br /> <br /> <br /> <br />l.J' ::." .";::',.,....,,, ::::' " '"'. , : :. ':,'::' , '. <br /> <br />:.......- .. ,. .':' ,.' . <br /> <br />. -----. -_.~._--_._._._. - <br />. ...."... .:.'. ;".' . '~.. . ~ . . . <br /> <br />........ <br />. .'..... <br /> <br />~r~ <br />'<." 1 . '\ <br />V . l..'" <br />