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Craig A. Smith & Associate, Inc. and MPS31), LLC <br />Notes to Financial Statements <br />Note 7 — Commitments and Contingencies (continued) <br />Lease Obliaation Pavable (continued) <br />The Company also leases an office located at 815 NW 57'h Avenue, Miami, Florida. The annual <br />rent is $9,000 plus 6% sales tax. The lease terminates on February 9, 2016. <br />Deferred Rent <br />In accordance with the Second Amendment of the Office Lease Agreement that was signed on <br />March 29, 2013 the Company received an abatement of the basic annual rent for the months of <br />May, June and July 2013 and May, June and July 2014. The abatements resulted in deferred rent <br />commencing on May 1, 2013. <br />Note 8 — Post Retirement Benefits <br />The Company offers a Simple IRA Plan which is administered by Fidelity Management Trust <br />Company, an affiliate of Fidelity Investments. The Company elected to match employee <br />contributions up to a maximum of 3.0% of payroll earnings for the years ended December 31, <br />2014 and 2013. The Company expensed a required matching contribution of $46,123 for the year <br />ended December 31, 2014 and of $46,097 for the year ended December 31, 2013. The IRA <br />expense is included in Fringe Benefits of $430,858 and $382,644 for the years ended December <br />31, 2014 and 2013 respectively on the accompanying financial statements. Also included in <br />Fringe Benefits are employee health insurance, employee life insurance and workers <br />compensation insurance. <br />Note 10 - Other Income <br />For the year ended December 31, 2014 Other Income includes interest income of $4,481 and <br />fees totaling $2,703 for reimbursement of cost of bid specs and plans provided to contractors. <br />For the year ended December 31, 2013 Other Income includes interest income of $6,259, gain on <br />a sale of an asset of $4,000 and reimbursement of bid and proposal expense from co -members <br />of a design -build team totaling $22,531. <br />Note 11 — Date of Management Review <br />The Company has evaluated subsequent events through March 9, 2014, which is the date the <br />financial statements were available to be issued. <br />-12- <br />77 <br />