National Association of Bond Lawyers

National Association of Bond Lawyers Consolidated Financial Report December 31, 2010

Contents

Independent Auditor’s Report 1

Financial Statements Consolidated statements of financial position 2 Consolidated statements of activities 3 Consolidated statements of cash flows 4 Notes to consolidated financial statements 5 – 11

Supplementary Information Consolidating statements of financial position 12 Consolidating statements of activities 13 Schedules of registration revenue and book sales 14 Schedules of National and Washington D.C. office expense 15 Schedules of seminars and teleconferences expense 16 Schedules of committees and projects and publications expense 17 Schedules of general and administrative expense 18 Schedules of professional and charitable expense 19

1

Independent Auditor’s Report To the Board of Directors National Association of Bond Lawyers Chicago, Illinois We have audited the accompanying consolidated statements of financial position of the National Association of Bond Lawyers (the Association) as of December 31, 2010 and 2009, and the related consolidated statements of activities and cash flows for the year then ended. These consolidated financial statements are the responsibility of the Association's management. Our responsibility is to express an opinion on these consolidated financial statements based on our audits. We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the consolidated financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall consolidated financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the National Association of Bond Lawyers as of December 31, 2010 and 2009, and the changes in its net assets and its cash flows for the years then ended in conformity with accounting principles generally accepted in the United States of America. Our audits were made for the purpose of forming an opinion on the basic consolidated financial statements of the Association taken as a whole. The supplementary information listed in the table of contents is presented for purposes of additional analysis and is not a required part of the basic consolidated financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic consolidated financial statements and, in our opinion, is stated fairly in all material respects in relation to the basic consolidated financial statements taken as a whole.

Chicago, Illinois March 25, 2011

2

National Association of Bond Lawyers

Consolidated Statements of Financial Position

December 31, 2010 and 2009

2010 2009

Assets

Cash and cash equivalents 427,054 $ 630,535 $

Certificates of deposit 63,166 134,842

Investments 4,115,900 3,788,474

Accounts receivable 114,809 85,048

Inventory 10,725 15,006

Prepaid expenses 70,164 39,496

Deposits and other assets 29,533 6,694

Property and equipment, net 243,246 228,037

5,074,597 $ 4,928,132 $

Liabilities and Net Assets

Liabilities

Accounts payable 45,080 $ 39,385 $

Accrued expenses 221,722 66,131

Deferred revenue

Dues 746,854 797,530

Registration fees 15,900 51,675

Deferred rent 124,645 142,589

1,154,201 1,097,310

Net Assets

Unrestricted 3,920,396 3,830,822

5,074,597 $ 4,928,132 $

The accompanying notes are an integral part of these consolidated financial statements.

3


Consolidated Statements of Activities

Years Ended December 31, 2010 and 2009

2010 2009

Revenue:

Membership dues 1,051,396 $ 1,099,668 $

Registration 997,686 1,068,693

Book sales 42,615 34,449

Royalties 252,037 246,350

Interest 273 2,722

Dividends 128,361 101,604

Contributions 300 275

Other income 70,937 63,445

2,543,605 2,617,206

Expenses:

National office 911,719 764,064

Washington D.C. office 559,284 517,900

Seminars and teleconferences 501,513 573,274

Technology 107,058 100,118

Committees and projects 127,297 97,864

Board of directors 144,196 134,568

Publications 20,689 27,609

Professional and charitable 65,655 123,609

Cost of book sales 25,042 25,205

General and administrative 175,121 146,266

2,637,574 2,510,477

Revenue in excess of (less than)

expenses before other revenue (93,969) 106,729

Other revenue:

Realized gain (loss) on investments 41,411 (3,007)

Unrealized gain on investments 142,132 373,447

183,543 370,440

Increase in net assets 89,574 477,169

Unrestricted net assets:

Beginning of year 3,830,822 3,353,653

End of year 3,920,396 $ 3,830,822 $


4


Consolidated Statements of Cash Flows


2010 2009

Cash Flows from Operating Activities

Increase in net assets 89,574 $ 477,169 $

Adjustments to reconcile increase in net assets to net cash (used in)

provided by operating activities:

Depreciation and amortization 100,043 65,157

Net realized and unrealized gain on investments (183,543) (370,440)

Changes in assets and liabilities:

Accounts receivable (29,761) 52,394

Inventory 4,281 (8,254)

Prepaid expenses (30,668) 12,568

Deposits and other assets (22,839) 27,091

Accounts payable 5,695 11,221

Accrued expenses 155,591 (10,428)

Deferred revenue (86,451) 58,159

Deferred rent (17,944) (16,219)

Net cash (used in) provided by operating activities (16,022) 298,418

Cash Flows from Investing Activities

Certificates of deposit 71,676 (64,372)

Purchase of property and equipment (115,252) (80,326)

Purchase of investments (1,495,015) (294,862)

Proceeds from sale of investments 1,351,132 205,657

Net cash used in investing activities (187,459) (233,903)

Net (decrease) increase in cash and cash equivalents (203,481) 64,515

Cash and cash equivalents:

Beginning of year 630,535 566,020

End of year 427,054 $ 630,535 $


National Association of Bond Lawyers Notes to Consolidated Financial Statements

5

Note 1. Nature of Activities and Significant Accounting Policies

The National Association of Bond Lawyers (NABL) was established on February 5, 1979 for the purpose of educating its members and others in the law relating to state and municipal obligations and has approximately 3,000 members in the United States. Activities are conducted from the Association’s office headquarters in Chicago, Illinois with a secondary office in Washington, D.C. During 2010, the Association decided to consolidate its two offices into one office in Washington, D.C. Many Chicago office employees were given retention bonuses and severance agreements and a $129,000 liability was accrued as of December 31, 2010 (included in accrued expenses). The number of employees working in the Chicago office is expected to gradually decrease during 2011. The Robert H. Hilderbrand, Jr. Fund (Fund), an affiliated nonprofit organization, was established on May 23, 1986. Certain NABL board members comprise the Fund’s board of directors, and the purpose of the Fund is to support the educational activities of NABL. As a result, NABL’s financial statements consolidate the financial statements of the Fund. NABL and Fund are exempt from income taxes under the provisions of Sections 501(c)(6) and 501(c)(3), respectively, of the Internal Revenue Code and applicable state law. NABL, however, may generate revenue from advertising, which is considered unrelated to exempt purposes. These revenues less related costs are subject to income taxes. Management estimates that there are no significant income tax effects for the years ended December 31, 2010 and 2009. In addition, NABL pays taxes on membership dues revenue to the extent of its lobbying activities. NABL paid proxy taxes from these activities of $1,569 and $2,642 during 2010 and 2009, respectively. Basis of accounting: The consolidated financial statements include the accounts of NABL and the Fund (collectively, the Association), after eliminating significant intercompany balances and transactions. These financial statements have been prepared on an accrual basis of accounting applicable to nonprofit organizations. Accordingly, revenue and assets are recognized when earned, and expenses and liabilities are recognized when incurred. Cash and cash equivalents: For the purposes of the statements of cash flows, the Association considers money market accounts, other than amounts waiting to be reinvested, and certificates of deposit with an original maturity date of three months or less to be cash equivalents. The Association’s bank deposit accounts, at times, may exceed federally insured limits. The Association has not experienced any losses in such accounts. Management believes that the Association is not exposed to significant credit risk on cash and cash equivalents. Accounts receivable: Accounts receivables primarily are based on a royalty agreement the Association has with a third party that sells books and publications on its behalf. Uncollectible amounts are written off to bad debt expense at the time the individual receivable is determined to be uncollectible. Management would determine any needed allowances for doubtful accounts by reviewing and identifying any troubled collectible amounts as needed. The Association has not experienced any collection difficulties with its receivables and therefore has not provided for an allowance for doubtful accounts. Recoveries of any written-off amounts would be recorded when received. Inventory: Inventory primarily of educational materials is recorded at the lower of cost or market, with cost calculated using the first-in, first-out (FIFO) method. Management has determined that no allowance is necessary for excess quantities on hand or obsolescence.


6

Note 1. Nature of Activities and Significant Accounting Policies (Continued)

Property and equipment: Property and equipment are recorded at cost. Additions and improvements to existing property and equipment over $1,000 during the year are capitalized, while general maintenance and repairs are charged to expense. The cost and accumulated depreciation of items sold or retired are removed from the property and equipment account and any gain or loss upon disposition is recognized at that time. Depreciation and amortization are computed using the straight-line method based on estimated useful lives of the assets as shown below:

Years

Computer equipment and software 3 - 5

Office furniture and equipment 5

Leasehold improvements (or lease term if less) 10 Investments: Investments are presented in the financial statements at fair value in accordance with accounting principles generally accepted in the United States of America. The Association's investment portfolio consists of marketable equity mutual funds and debt securities. Investment income, realized gains (losses), and changes in unrealized gains (losses) are reflected in the consolidated statements of activities. The Association’s investment portfolio is subject to various risks, such as interest rate, credit and overall market volatility. Because of these risks, it is possible that the changes in the fair value of investments may occur and that such changes could materially affect the Association’s consolidated financial statements. Estimates: In preparing financial statements in conformity with accounting principles generally accepted in the United States of America, management makes estimates and assumptions affecting the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Rentals and expenses: Base rentals due under the leases for the Association's headquarters, net of rental incentives received, are recognized as rental expense on a ratable or straight-line basis over the lease term. The deferred rent liability, which includes rental incentives received, is being amortized over the term of the lease as a reduction of rental expense. Revenue recognition: The Association derives its revenue primarily from membership dues, registration fees, and royalties from publications. Revenue is recorded in the period earned. Membership dues received in advance are recorded as deferred revenue and recognized as unrestricted revenue throughout the applicable membership period. Funds received for future seminars are recorded as deferred revenue and are recognized as unrestricted revenue in the month the seminar commences. Royalties represent amounts earned from the publisher for rights to reproduce, sell, and distribute publications and materials. Expenses: The costs of providing various programs and other activities have been summarized on a functional basis in the consolidated statements of activities. Accordingly, certain costs have been allocated among the functional categories. Advertising: The Association expenses advertising costs as they are incurred.


7

Note 1. Nature of Activities and Significant Accounting Policies (Continued)

Uncertainty in income taxes: The Association follows the accounting standard on Accounting for Uncertainty in Income Taxes, which addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements. Under this guidance, the Association may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by taxing authorities, based on the technical merits of the position. Examples of tax positions include the tax-exempt status of the Association and various positions related to the potential sources of unrelated business taxable income (UBIT). The tax benefits recognized in the financial statements from such a position are measured based on the largest benefit that has a greater than 50 percent likelihood of being realized upon ultimate settlement. At December 31, 2010 and December 31, 2009, there were no unrecognized tax benefits identified or recorded as liabilities. The Association files forms 990 in the U.S. federal jurisdiction and the state of Illinois. The Association is generally no longer subject to examination by the Internal Revenue Service for years before 2007. Subsequent events: The Association has evaluated subsequent events for potential recognition and/or disclosure through March 25, 2011, the date the financial statements were available for issuance.

Note 2. Fair Value of Financial Instruments and Investments

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. In determining fair value, the Association uses various methods including market, income, and cost approaches. Based on these approaches, the Association often utilizes certain assumptions that market participants would use in pricing the asset or liability, including assumptions about risk and/or the risks inherent in the inputs to the valuation technique. These inputs can be readily observable, market corroborated, or generally unobservable inputs. The Association utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. Based on the observability of the inputs used on the valuation techniques, the Association is required to provide the following information according to the fair value hierarchy. The fair value hierarchy ranks the quality and reliability of the information used to determine fair values. Financial assets and liabilities carried at fair value will be classified and disclosed in one of the following three categories: Level 1. Valuations for assets and liabilities traded in active exchange markets, such as the New York Stock Exchange. Level 1 assets primarily include equities and money market funds. Valuations are obtained from readily available pricing sources for market transactions involving identical assets or liabilities.

Level 2. Valuations for assets and liabilities traded in less active dealer or broker markets. Valuations are obtained from third-party pricing services for identical or similar assets or liabilities. Level 2 investments include certain fixed income securities.

Level 3. Valuations for assets and liabilities that are derived from other valuation methodologies, including option pricing models, discounted cash flow models and similar techniques, and not based on market exchange, dealer, or broker traded transactions. Level 3 valuations incorporate certain assumptions and projections in determining the fair value assigned to such assets or liabilities.


8

Note 2. Fair Value of Financial Instruments and Investments (Continued)

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The Association’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the investment. For the year ended December 31, 2010, the application of valuation techniques applied to similar assets and liabilities has been consistent with techniques used in previous years. The following is a description of the valuation methodologies used for instruments at fair value: Investment securities: Common and preferred stock, money market funds, mutual funds, and fixed income holdings are recorded at fair value based on quoted market prices in an active market, if available, or from third-party pricing services. Changes in the fair value of securities are recorded as unrealized gains and losses. Certificates of deposit: Estimated fair values for the Association's certificates of deposit were based on similar investments that are traded on the secondary market.

Quoted Prices in Significant Significant

Active Markets for Other Observable Unobservable

Identical Assets Inputs Inputs

Description Total (Level 1) (Level 2) (Level 3)

Investments 4,115,900 $ 4,115,900 $ -$ -$

Certificates of deposit 63,166 - 63,166 -

4,179,066 $ 4,115,900 $ 63,166 $ -$

Fair Value Measurements Using

2010

Quoted Prices in Significant Significant

Active Markets for Other Observable Unobservable

Identical Assets Inputs Inputs

Description Total (Level 1) (Level 2) (Level 3)

Investments 3,788,474 $ 3,788,474 $ -$ -$

Certificates of deposit 134,842 - 134,842 -

3,923,316 $ 3,788,474 $ 134,842 $ -$

Fair Value Measurements Using

2009


9

Note 2. Fair Value of Financial Instruments and Investments (Continued)

Investments are recorded at fair value and comprised the following at December 31, 2010 and 2009:

2010 2009

Cash 683,282 $ 305,981 $

Money market accounts

Prudential Liquidity Money Market - 689,258

Other 342,679 -

Government securities 500 547

Fixed income mutual funds

Blackrock Global Allocation 77,337 -

Pimco Real Return Fund Class A 334,233 452,745

Pimco Low Duration Fund 564,497 495,430

Pimco Total Return Fund 345,807 -

Loomis Sayles Investment Trust 171,430 387,412

Loomis Sayles Investment Grade Bond 169,903 -

Western Asset Core Bond Fund 336,883 425,016

Vanguard Bond Index Fund 358,786 350,622

Equity securities

Ishares S&P 500 Index (mutual fund) 289,540 275,475

Ishares other 441,023 405,988

4,115,900 $ 3,788,474 $

Investment return (loss) consists of the following:

2010 2009

Interest 273 $ 2,722 $

Dividends 128,361 101,604

Realized gain (loss) 41,411 (3,007)

Increase in unrealized gain 142,132 373,447

312,177 $ 474,766 $

Included in professional and charitable expenses in the statement of activities are $14,484 and $12,402 of investment consultant fees for the years ended December 31, 2010 and 2009, respectively.


10

Note 3. Property and Equipment

Property and equipment at December 31, 2010 and 2009 were comprised as follows:

2010 2009

Computer equipment and software 695,308 $ 506,507 $

Office furniture and equipment 164,864 164,864

Leasehold improvements 171,265 171,265

Website - not yet placed into service - 73,549

1,031,437 916,185

Less accumulated depreciation and amortization (788,191) (688,148)

243,246 $ 228,037 $

Assets not yet placed into service represent costs incurred through December 31, 2009 in connection with the Association’s new website. The website was placed in service in January 2010, at which time the costs were transferred to a depreciable asset category and depreciation began in accordance with ASC Topic, Intangibles-Goodwill and Other (Website Development Costs). Depreciation and amortization expense for the years ended December 31, 2010 and 2009 was $100,043 and $65,157 respectively.

Note 4. Leases and Other Commitments

The Association leases office space under a ten-year agreement that expires in April 2016. Under the provisions of the lease, the Association pays a base rent plus a proportionate share of basic operating costs. The agreement provided the Association with a twelve month rent abatement and a construction allowance. The Association is obligated under two leases for equipment that specify monthly payments of $390 until September 2011, and monthly payments of $554 until March 2011, respectively. The following is a schedule by year of future minimum rental payments required under these leases as of December 31, 2010:

2011 52,000 $

2012 53,800

2013 55,500

2014 57,200

2015 58,900

Thereafter 19,800

297,200 $

In addition, the Association also leases office space in Washington, D.C. on a month-to-month basis, for $2,750 per month. The office space is leased from a law firm, a partner of which is one of the Association’s board members.


11

Note 4. Leases and Other Commitments (Continued)

During 2010, a decision was made to consolidate the two offices into one office in Washington, D.C. The Association is currently seeking opportunities to sublease the office space. Employees continue to work from the Chicago office but the number of employees is expected to decrease in 2011. Total rent expense for all operating leases was $113,549 and $109,634 for the years ended December 31, 2010 and 2009, respectively. A liability of $129,229 has been recorded for certain retention bonus and severance amounts. There is a potential additional retention bonus for certain employees who stay with the Chicago Association through June 30, 2011.

Note 5. Retirement Plan

The Association established a retirement plan under Section 401(k) of the Internal Revenue Code. The plan allows for all employees who reach the age of 21 and have completed six months of service to contribute a portion of their pre-tax earnings in accordance with specified limitations as defined by the Internal Revenue Code. The Association may provide a matching contribution of 25 percent for every employee dollar deferral on the first 10 percent of compensation. The Association may also, at its discretion, make additional contributions, following a formula as defined in the plan. Total contributions to the plan were $64,723 and $62,529 in 2010 and 2009, respectively.

Note 6. Letter of Credit

The Association maintains a letter of credit in the amount of $63,000, for the benefit of the lessor of the Association’s Chicago office space, as a security deposit required under the office lease. A certificate of deposit serves as collateral for the letter of credit.

Supplementary Information

12


Consolidating Statements of Financial Position

December 31, 2010 and 2009

Hilderbrand HilderbrandNABL Fund Eliminations Total NABL Fund Eliminations Total

Assets

Cash and cash equivalents 415,551 $ 11,503 $ -$ 427,054 $ 605,681 $ 24,854 $ -$ 630,535 $ Certificates of deposit 63,166 - - 63,166 134,842 - - 134,842 Investments 4,115,900 - - 4,115,900 3,788,474 - - 3,788,474 Accounts receivable 120,131 20,875 (26,197) 114,809 90,370 20,575 (25,897) 85,048 Inventory 10,725 - - 10,725 15,006 - - 15,006 Prepaid expenses 70,164 - - 70,164 39,496 - - 39,496 Deposits and other assets 29,533 - - 29,533 6,694 - - 6,694 Property and equipment, net 243,246 - - 243,246 228,037 - - 228,037

5,068,416 $ 32,378 $ (26,197) $ 5,074,597 4,908,600 $ 45,429 $ (25,897) $ 4,928,132

Liabilities and Net Assets

LiabilitiesAccounts payable 65,955 $ 5,322 $ (26,197) $ 45,080 $ 59,960 $ 5,322 $ (25,897) $ 39,385 $ Accrued expenses 221,722 - - 221,722 66,131 - - 66,131 Deferred revenueDues 746,854 - - 746,854 797,530 - - 797,530 Registration fees 15,900 - - 15,900 51,675 - - 51,675

Deferred rent 124,645 - - 124,645 142,589 - - 142,589 1,175,076 5,322 (26,197) 1,154,201 1,117,885 5,322 (25,897) 1,097,310

Net AssetsUnrestricted 3,893,340 27,056 - 3,920,396 3,790,715 40,107 - 3,830,822

5,068,416 $ 32,378 $ (26,197) $ 5,074,597 $ 4,908,600 $ 45,429 $ (25,897) $ 4,928,132 $

2010 2009

13


Consolidating Statements of Activities


Hilderbrand HilderbrandNABL Fund Eliminations Total NABL Fund Eliminations Total

Revenue:Membership dues 1,051,396 $ -$ -$ 1,051,396 $ 1,099,668 $ -$ -$ 1,099,668 $

Registration 997,686 - - 997,686 1,068,693 - - 1,068,693

Book sales 42,615 - - 42,615 34,449 - - 34,449

Royalties 252,037 - - 252,037 246,350 - - 246,350

Interest 269 4 - 273 2,696 26 - 2,722 Dividends 128,361 - - 128,361 101,604 - - 101,604 Contributions - 300 - 300 - 275 - 275 Other income 70,937 - - 70,937 63,445 - - 63,445

2,543,301 304 - 2,543,605 2,616,905 301 - 2,617,206

Expenses:National office 911,719 - - 911,719 764,064 - - 764,064

Washington D.C. office 559,284 - - 559,284 517,900 - - 517,900

Seminars and teleconferences 488,158 13,355 - 501,513 550,676 22,598 - 573,274

Technology 107,058 - - 107,058 100,118 - - 100,118

Committees and projects 127,297 - - 127,297 97,864 - - 97,864 Board of directors 144,196 - - 144,196 134,568 - - 134,568 Publications 20,689 - - 20,689 27,609 - - 27,609 Professional and charitable 65,655 - - 65,655 123,609 - - 123,609 Cost of book sales 25,042 - - 25,042 25,205 - - 25,205 General and administrative 175,121 - - 175,121 146,266 - - 146,266

2,624,219 13,355 - 2,637,574 2,487,879 22,598 - 2,510,477

Revenue in excess of (less than)

expenses before

other revenue (80,918) (13,051) - (93,969) 129,026 (22,297) - 106,729

Other revenue:Realized gain (loss) on investments 41,411 - - 41,411 (3,007) - - (3,007)

Unrealized gain on investments 142,132 - - 142,132 373,447 - - 373,447

183,543 - - 183,543 370,440 - - 370,440

Changes in net assets 102,625 (13,051) - 89,574 499,466 (22,297) - 477,169

Unrestricted net assets:

Beginning of year 3,790,715 40,107 - 3,830,822 3,291,249 62,404 - 3,353,653

End of year 3,893,340 $ 27,056 $ -$ 3,920,396 $ 3,790,715 $ 40,107 $ -$ 3,830,822 $

2010 2009

14


Schedules of Registration Revenue and Book Sales


2010 2009

Registration revenue:

Fundamentals seminar 144,723 $ 162,690 $

Tax seminar 216,240 247,245

Bond attorneys' workshop 636,173 642,613

Teleconference 550 16,145

Total registration 997,686 $ 1,068,693 $

Book sales revenue:

Gross book sales 42,615 $ 34,449 $

Cost of book sales expense:

Fundamentals seminar 7,798 7,325

Tax seminar - 5

Bond attorneys' workshop 10,320 14,325

Other publications 2,644 3,550

Inventory variation 4,280 -

25,042 25,205

Book sales revenue in excess of cost 17,573 $ 9,244 $

15


Schedules of National and Washington D.C. Office Expense


2010 2009

National office expense:

Salaries 636,008 $ 500,328 $

Payroll taxes 40,813 33,696

Benefits 127,797 121,413

Rent 76,849 75,140

Subscriptions and publications 2,188 784

Staff development 2,491 3,233

Office expense 17,266 17,752

Travel, hotel, and meals 1,373 6,420

Utilities 6,851 5,298

Miscellaneous 83 -

911,719 $ 764,064 $

Washington D.C. office expense:

Salaries 385,663 $ 347,159 $

Payroll taxes 22,723 20,095

Benefits 67,631 61,054

Rent 36,700 34,494

Subscriptions and publications 11,354 20,590

Staff development 3,104 643

Office expense 7,778 8,338

Travel, hotel, and meals 6,995 4,941

Executive search 8,400 13,512

Utilities 8,874 6,978

Miscellaneous 62 96

559,284 $ 517,900 $

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Schedules of Seminars and Teleconferences Expense


2010 2009

Bond

Fundamentals Tax Attorneys'

Seminar Seminar Workshop Total Total

Shipping 2,669 $ 2,178 $ 5,603 $ 10,450 $ 13,325 $

Office expense 3,000 3,139 11,896 18,035 4,668

Printing-general 15,606 14,171 34,757 64,534 69,926

Travel 9,142 15,942 3,932 29,016 45,503

Lodging 10,272 29,091 9,318 48,681 58,804

Catering 50,113 93,246 154,105 297,464 290,886

Honorarium - - 188 188 1,592

Audio visual 14,823 10,962 23,037 48,822 73,697

CLE fees 2,266 2,938 3,654 8,858 7,161

Lexis Nexis book 8,341 - - 8,341 5,250

Hotel commissions rebate (7,980) (16,684) (32,875) (57,539) (44,033)

Total seminars 108,252 $ 154,983 $ 213,615 $ 476,850 526,779

Teleconferences 11,308 23,897

Other - Hilderbrand, Jr. Fund Activity 13,355 22,598

Total seminars and teleconferences expense 501,513 $ 573,274 $

17


Schedules of Committees and Projects and Publications Expense


2010 2009

Committees and projects:

Steering committee 31,482 $ 40,258 $

Diversity initiative 12,865 24,619

Office consolidation initiative 67,485 -

Other 15,465 32,987

127,297 $ 97,864 $

Publications:

Newsletter -$ 3,356 $

NABL directory 20,689 24,253

20,689 $ 27,609 $

18


Schedules of General and Administrative Expense


2010 2009

General and administrative:

Insurance 26,483 $ 27,479 $

Bank charges 4,039 5,568

Depreciation and amortization 100,043 65,157

Sales and use taxes 991 184

Tax expense (proxy tax) 1,569 2,642

License and fees 164 509

Printing 353 1,948

Postage 3,877 5,109

Equipment leasing and repair 12,284 13,189

Merchant bank fees 25,318 24,481

175,121 $ 146,266 $

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Schedules of Professional and Charitable Expense


2010 2009

Professional and charitable:

Accounting and audit 43,568 $ 27,733 $

Legal 4,675 13,381

Consulting 16,484 76,645

Marketing 928 5,800

Other - 50

65,655 $ 123,609 $

National Association of Bond Lawyers

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