• Chairman and Chief Executive: Nicholas M. Apostol

• Board of Advisors: Mr. Nicholas M. Apostol, Dr. Matt J. Kessler, Fred Hulser Esq., Jeannette Byington Apostol, Chris Brokiewicz, Ava Ojeda, Jose Garcia Pino

• Legal Counsel : McConnell Valdes, Hato Rey, P.R.

• Audit Services: Deloitte & Touche LLP, Hato Rey, P.R.

• INDEPENDENT ACCOUNTANT'S COMPILATION REPORT

To the Board of Directors of 
The Caribbean Recycling Foundation, Inc.

We have compiled the accompanying balance sheet 
of the Caribbean Recycling Foundation, Inc. as of  
February 28, 1995 and the related statement of support, 
revenue, and expenses and changes in fund balance 
for the six month period then ended, in accordance 
with Statements on Standards of Accounting and 
Review Services issued by the American Institute of  
Certified Public Accountants.

A compilation is limited to presenting, in the form of 
financial statements, information that is the representation 
of management. We have not audited or reviewed the  
accompanying financial statements and accordingly 
we do not express an opinion or any form of assurance on it.

Deloitte && Touche LLP

March 16, 1995

Stamp No. 1271478

• BALANCE SHEET

                                          Feb. 28           Dec. 31
ASSETS                                      1995              1995
Cash                                      $   148          ($ 10,128)
Accounts Receivable                       $ 4,253           $ 44,912
Contributions Receivable                  $15,000           $      0
Inventory                                 $   298           $  4,889
Prepaid Expenses                          $   100           $    100
Deferred Expenses                         $ 7,212           $  2,428

TOTAL ASSETS                              $27,011           $ 42,201

LIABILITIES and FUND BALANCE
Accounts Payable                          $14,137           $ 15,024
Due to related Parties(Note 2)            $ 8,915           $ 40,277
    Sub-Total                              $23,052           $ 55,301
Fund Balance                              $ 3,959          ($ 13,100) 
TOTAL LIABILITIES
 AND FUND BALANCE                          $27,011           $ 42,201

• STATEMENT OF SUPPORT,REVENUE,AND EXPENSES AND CHANGES IN FUND BALANCE

SUPPORT AND REVENUE

Membership and Journal Fees               $ 6,186           $ 11,174
Fund Raising                              $   990           $ 14,752
Corporate Contributions                   $15,000           $ 15,000

TOTAL                                     $22,176           $ 40,926

EXPENSES

Public Awarenes                           $17,596           $ 35,715 
Municipal Recycling Costs                 $   621           $ 18,311

TOTAL                                     $18,217           $ 54,026

EXCESS OF SUPPORT AND REVENUE 
OVER EXPENSES FOR THE PERIOD AND 
FUND BALANCE                              $ 3,959          ($ 13,100)

• NOTES TO FINANCIAL STATEMENTS

1. ORGANIZATION AND SUMMARY OF SIGNIFICANT 
ACCOUNTING POLICIES

The Caribbean Recycling Foundation Inc. is a non-profit organization
incorporated under the laws of Puerto Rico on September 26, 1994
for the purposes of increasing public awareness of environmental 
and recycling issues and to promote environmental awareness 
through  different community programs. 

To achieve these goals the Foundation has established three programs: 
Educational, Municipal Collections and Industrial Collections. The 
Educational Program will promote and educate the public on
environmental and recycling issues. Programs currently in place 
include the Caribbean Recycling Journal and a school educational 
program. The school educational program has provided tours of 
Environmental Plastics to 10 schools to date and there are plans to 
develop educational materials such as videos. The Municipal 
Collections program will work with the Municipalities and other local 
organizations to promote recycling collection programs with over 30 
municipalities which will begin in June 1995.  The Industrial Collection 
program will work with industry to promote and develop recycling 
programs.

The financial statements of the Caribbean Recycling Foundation have 
been prepared on the accrual basis. The significant policies followed 
are described below to enhance the usefulness of the financial 
statements to the reader.

DONATED SERVICES- No amounts have been reflected in the 
financial statements for donated services as no objective basis is 
available to measure the value of such services; however, volunteers 
have donated amounts of their time in the Foundation's program 
services.

INVENTORY- Inventory consisting of promotional materials is  carried at 
cost and charged to expense when distributed to the public.

DEFERRED EXPENSES- Legal costs associated with the incorporation 
of the Foundation and the preparation of  recycling contracts with the 
Municipalities were capitalized and are amortized over a period of 36 
months using the straight-line method.

MEMBERSHIP DUES- Membership dues are recognized as revenues in 
the applicable membership period.

CONTRIBUTIONS- Pledges for contributions are recorded as revenues 
when formal promise to contribute is made by the donor.

2. TRANSACTIONS WITH RELATED PARTIES

The organization receives management and other services and uses 
facilities of related parties. As of February 28, 1995 the balance due to 
related parties consists of $8,240 to Environmental Plastics of P.R.,Inc. 
and $675 to Environmental Rubber of P.R.,Inc.


Deloitte && Touche LLP

San Juan, P.R.

March 16, 1995