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
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Workplace
Safety
&
Prevention
Services
