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WSPS 2013 Annual Report

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Workplace Safety & Prevention Services Notes to Financial Statements December 31, 2013 10. ExIt BENEfItS Effective January 1, 1991, the former IAPA implemented an exit benefits plan under which all employees hired prior to July 1, 2006, were eligible to receive payment on retirement or separation equal to one week's salary for each year of service. This plan was discontinued effective January 1, 2009 and employees were given the option of being paid out or deferring payment until their termination. Payouts are based on the current salary at time of payment. 11. DEfErrED MoL rEVENUE Deferred revenue consists of the following: 2013 2012 Prepaid rent $ 146,469 $ 146,469 Operating 417,000 1,895,294 $ 563,469 $ 2,041,763 Changes in the deferred revenue balance are as follows: 2013 2012 Deferred revenue, beginning of the year $ 2,041,763 $ 562,808 Funding for first quarter 2013 expenditures received in 2012 — 1,534,955 Funding for first quarter 2014 expenditures received in 2013 417,000 — Current year's expenditures from prior year's restricted excess  funding incurred for special projects (Note 19) (1,895,294) (56,000) Deferred revenue, end of the year $ 563,469 $ 2,041,763 31 2013 annual report  |  Workplace Safety & Prevention Services

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