N.Y. Comp. Codes R. & Regs. tit. 13 § 51.5
Current through Register Vol. 46, No. 45, November 2, 2024
Section 51.5 - Contents of financial reportsAll financial reports are to be prepared in the manner set forth below except that areas not specifically covered by this section shall be governed by generally accepted accounting principles consistently applied.
(a) Balance sheet (or similar financial statement or analysis) prepared as part of the pre-opening report and the annual report shall contain the following information: (1) Capital section. (i) The total original capitalization should be stated, with a separate schedule, if necessary, indicating any amounts yet unpaid and the persons from whom such amounts are due.(ii) Capital contributions in the form of service or property should be so designated, with a supplemental schedule indicating the service or property that has or will be contributed if the information is not contained on the statement.(iii) The total overcall, if any, should be stated, with a separate schedule, if the information is not contained on the statement, indicating any amounts yet unpaid and the persons from whom such amounts are due.(iv) Capital contributions in excess of the original capitalization and overcall should be set forth and the source thereof stated. If necessary, a separate schedule should be used.(v) Distributions constituting return of capital should be set forth. If preferential distributions were made, identify the person to whom made.(vi) Distributions of profit should be set forth. If preferential distributions were made, identify the person to whom made.(vii) Both current and accumulated charges to capital, including production cost, running losses, closing costs and similar items of cost (properly classified).(viii) Both current and accumulated credits to capital, including profits from run or other income (properly classified).(ix) Capital reserves and other capital items (specify); supply appropriate descriptive detail.(2) Assets section.(i) Cash on hand and in banks (segregate amount for sinking fund reserve).(ii) Loans and accounts receivable, including identification of persons or entities from whom amounts are due (attach schedule, if necessary).(iii) Amounts due from any of the principals or producers, and/or his spouse, relatives and/or entities owned or controlled by them or in which they have any financial interests should be separately shown, apart from loans and accounts receivable.(iv) Prepaid items, with explanations where appropriate concerning advances which may have no recoverable value under certain circumstances. (For example, author's advances to be applied against author's royalties, but not returnable if insufficient royalties are earned.)(v) Bonds and deposit guarantees; each such bond and deposit should be shown separately. If conditional in any way, appropriate footnotes should be supplied.(vi) Any amounts currently due to the theatrical production company for payments made in excess of or in advance of contractual requirements. Unless set forth in the statement, state in a separate schedule the person or entity to whom payment was made, the nature of the transactions and the amount of such excess payment.(vii) Any other assets; specify and supply appropriate descriptive detail.(3) Liabilities section. (i) Loans and accounts payable are to include a list of each creditor and the amounts payable thereto.(ii) Liabilities and reserves for taxes (e.g., New York City commercial rent tax, N.Y.S. unincorporated business tax).(iii) Accruals, as appropriate.(iv) Any amounts payable to principals and producer or persons related to them or entities owned or controlled by them or in which they have any financial interest. Such payments should be set forth separately from other loans and accounts payable and the nature of the transaction giving rise to such amount payable should be set forth.(v) Liabilities for royalties.(vi) Any other liabilities; specify and supply appropriate descriptive detail. The difference between total assets and total liabilities must agree with the balance in the capital account section of the balance sheet.
(b) The balance sheet prepared for purposes of the monthly report shall be prepared as set forth under subdivision (a) of this section except that separate or supplemental schedules required in subdivision (a) of this section need not be used; names of individual investors from whom original capital contributions or overcall is due need not be stated; the names of individual debtors and creditors need not be given; prepaid items may be set forth without further explanation; bonds and deposits may be shown as a total sum without further breakdown. However, all transactions with producers or other principals or related parties or entities in which they have a financial interest must be specifically noted by footnote or parenthetical remark.(c) Schedule and cumulative schedule of production costs. (1) The pre-opening report and annual report covering each period ending prior to the opening, or in which the opening occurred, shall include a production cost schedule. These schedules may be shown on one statement in columnar form and shall encompass the following categories:(i) Sets and scenery Designing
Construction
Other materials and cost
(ii) Properties, purchases and rentals(iii) Costumes and wardrobe Designing
Costs to make and acquire
(iv) Sound, lighting and electrical equipment Purchases and rentals
(v) Fees to directors (specify)(vi) Music copying and arranging, if any(vii) Rehearsal costs Salaries by categories (e.g., cast, crew, stage managers, stagehands, assistants, etc.)
Scripts and parts
(viii) Publicity Press agent--salaries
Press agent--expenses
Photos, signs, printing
Advertising
(ix) Personnel transportation(x) Personnel subsistence and expense(xi) Transportation and handling of property Hauling and carting; take in; set up and hang
(xii) Net loss (or gain) on tryout or preview performances (annex a statement covering income and expenses regarding these performances prepared in the same manner as the profit and loss statement used in monthly reports. See subdivision [d] of this section.)(xiii) Other production costs (specify)(xiv) General and administrative expenses Office expense or charge
Insurance
Legal
Accounting
Payroll taxes (if not included in cost of salaries above)
Welfare and pension fund contributions (if not included in cost of salaries above)
Salaries (if not included above--such as general and company manager)
Other (specify).
(2) In general, for classifications not specifically mentioned above provide as much detail as possible. As a minimum, create a separate category for any individual item or homogeneous class of expenses not specifically mentioned above which amounts to one percent or more of the total production costs. The categories listed are a minimum. As long as there is no loss in detail, the categories do not necessarily have to be grouped in the manner set forth above.(3) The production cost schedule and cumulative production cost schedule must expressly state the amount involved and the name of the recipient for any item of cost whatsoever, where such item or part thereof was paid to, or liability was incurred on behalf of, the producer or other principal, parties related to them or any entity in which they have a financial interest. This may be accomplished by appropriate footnote or parenthetical remark. This requirement shall include disclosure of any reimbursement for expenses previously advanced by such person or entity.(d) Profit and loss statement.(1) During the run of the theatrical production. The profit and loss statement required in the monthly report and the portion of the annual report covering the period after the initial paid performance, shall be prepared in the following manner: (i) The statement of income shall include, by separate classification, all income received by the theatrical production company whether from box office receipts; proceeds from the sale of tickets in excess of box office prices, advertising rebates, subsidiary rights and other income of any nature whatever.(ii) As a minimum, the following categories of expense should be presented insofar as any such expense was actually incurred:(a) Salaries Cast
Stage managers
Musicians, if any
Company crew and department heads
Stagehands
Wardrobe and dressers
Press agent
Company and general manager
Other (specify)
(b) Royalties Producer
Director (specify whether general, lighting, etc.)
Choreographer
Designers (specify--scenery, costumes, etc.)
Arranger
Composer
Other payments (specify purpose) based on a percentage of gross admissions or profits
(c) Publicity and advertising Newspapers
Signs, printing
Press agent's expenses
Subscription, circularizing, displays and photos
Others (specify)
(d) Departmental and rentals Electrical
Carpentry
Properties
Costume and wardrobe
Rental (specify)
Other (specify)
(e) General and administrative expenses Office charge or allowance
Insurance
Accounting
Legal
Dues
Payroll taxes
Pension and welfare fund contributions
Gross business tax (N.Y.C. excise tax)
Commercial rent tax (N.Y.C. occupancy tax)
Other (specify)
(f) Transportation expenses Personnel transportation
Personnel subsistence (hotel and living)
Transportation and handling of property
Other (specify)
(2) In preparation of these reports, income and expenses for the monthly reports are to be set forth on the basis of each weekly period or portion thereof and should include a statement as to the number of performances in each week. The profit and loss statement for the annual report may present income and expenses on an annual basis. In all profit and loss statements if any party involved in a transaction is the producer, or other principal or any party related thereto, or an entity in which they have a financial interest, the details must be stated by appropriate footnote or parenthetical remark.(e) The financial report prepared immediately after the close of the theatrical production shall contain a schedule of all closing costs.(f) Statement of earnings and expenditures. The statement of earnings and expenditures of the theatrical production company to be used in the reports following the last public performance of each theatrical production produced, developed or invested in by the theatrical production company shall contain the following: (1) An itemization of all earnings of the theatrical production company from subsidiary rights or from any other source, including an identification of each such source, as well as a cumulative statement thereof.(2) An itemization of all expenditures of the theatrical production company. If any payment was made to the issuer or other offeror, other principal, or any party related thereto, or an entity in which they have any financial interest, this must be so noted.(3) A description of any other financial transactions engaged in by the theatrical production company which are not included in the listing of earnings and expenditures, e.g., loans by the theatrical production company, settlement of accounts with creditors. Such additional description should include the nature of the transaction, the party involved, and the amount thereof. If the party involved is the issuer or other offeror, other principal or any party related thereto, or an entity in which they have a financial interest, this must be so stated.N.Y. Comp. Codes R. & Regs. Tit. 13 § 51.5