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CATHOLIC CHARITIES OF THE DIOCESE OF PALM BEACH, INC. NOTES TO FINANCIAL STATEMENTS , June 30, 2002 and 2001 r NOTE H - COMMITMENTS AND CONTINGENCIES (Continued) Year Ending l Tune 30, Amount 2003 $ 35,591 I 2004 4556 $ 40 .147 {{ Litigation, Claims and Assessments : The Organization may become party to various legal proceedings which may arise in the ordinary course of business. While results of such matters cannot be predicted with certainty, the Organization believes that losses, if any, resulting from the ultimate resolution of such matters will not have a material adverse effect on the Organization's financial position, changes in net assets or cash flows . i._ NOTE I - RELATED PARTY TRANSACTIONS r 6 During fiscal years 2002 and 2001, the Organization incurred certain charges from the Diocese of Palm Beach totaling $126,014 and $72,741, respectively. These charges consisted of various administration charges as well as the reimbursement of insurance payments. Effective July 29, 1994, Villa Assumpta, Inc., Villa Maddona, Inc., and Villa Franciscan, Inc., (collectively the "HUD Projects") entered into a management agreement with the Organization where the Organization provides management services to the HUD Projects. During each of fiscal years 2002 and 2001, the Organization loaned $6,100 and $6,606, respectively to Villa Fransiscan and Villa Assumpta, two of the Housing and Urban Development projects managed by the Organization. These amounts are _ included in accounts receivable - other in the accompanying statement of financial position as of June 30, 2002 and 2001 . The loans are non-interest bearing and are repayable in the next fiscal year. The management fee received from the HUD Projects was $114,045 and $112,272 for the years ending June 30, 2002 and 2001, respectively. �._ I During the year ended June 30, 2001, program brochures for the Organization were donated by one of its board members. The estimated cost of this contribution has been determined by .the board member to be f $8,349. This amount is included public support and revenue - fundraising events and fundraising f expenses in the accompanying statement of activities and statement of functional expenses, respectively. During fiscal year 2001, fees totaling $39,639 were paid to a .law firm in which a board member is a partner. These fees were charged based on standard hourly rates. i , i 4 16