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<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 />" <br />r'i <br />I : <br />I I <br />I <br />111 <br />i ' <br />I 1 <br /> <br />[11 <br />I : <br />1 <br />rl <br />l j <br /> <br />111 <br />I ' <br />l I <br />1\ <br />[i <br /> <br />DECEMBER 31, 2009 AND 2008 <br /> <br />Note 1 - Oraanization and Sianificant Accounting Policies: <br />Omanization and Business: <br /> <br />Development Counsellors Intemational 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 (3.75%), Andrew Levine (91,25%), Julie Curtin (2.5%) and <br />Carolyn Napo (2.5%). <br /> <br />Nature of Business: <br /> <br />r ! <br />l; <br /> <br />r '1 <br />L J <br /> <br />r( <br />I L; <br />[ ,], <br />J <br />U <br />~~ <br />[ : <br />l~ <br />I '~ <br />~ <br />I[ <br />;{ <br />~ <br />''1 <br />.[ <br />[ J <br />l if <br /> <br />.J <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 />1 <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 />Recoanition of Commissions and Fees: <br /> <br />In general, fee Income, as weH as income earned on expenditures 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 "S. 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 Yo~ State income taxes has been made. The Company <br />remains liable for New Yo~ City General Corporation Tax. <br /> <br />f ': <br />I <br />L.. .. ",:,'" ", :0;-' ,': <br /> <br />"' \ ...... <br />" '\ ' <br />~~J <br /> <br />. ~ -. ,':. ~:. -.:.: .:.' ~ :. :-:. :':".:,~ ; - .;,".' - <br /> <br />. . ,_..... . - ~ .. ,-, <br />. . . . .... . ... - . . . .. . <br />", .... ........ ........,.,...-....', . <br /> <br />: :.;.:...;.,.:.:.... ::: :-:.-.:.:;::.' :.?;.~.:..: :;; -=-"::'~ ,-',:::"7-- i'-' <br />