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I I ` CATHOLIC CHARITIES OF THE DIOCESE OF PALM BEACH, INC. ! NOTES TO FINANCIAL STATEMENTS June 30, 2002 and 2001 NOTE A - SIGNIFICANT ACCOUNTING POLICIES (Continued) Contributions and Bequests: All contributions are considered to be available for unrestricted use unless specifically restricted by the donor. Amounts received that are designated for future periods or restricted by the donor for specific purposes are reported as temporarily restricted or permanently restricted support that increases those net asset classes . When a donor restriction expires, that is, when a stipulated time restriction ends or purpose restriction is accomplished, temporarily restricted net assets are reclassified to unrestricted net assets and reported in the statement of activities as net assets released from C restrictions. However, if a restriction is fulfilled in the same time period in which the contribution is received, the support is reported as unrestricted. During the June 30, 2001 year, the Organization received an unusually large temporarily restricted = contribution of $1,362,776 from the will of an Organization supporter for the Elder Affairs program. Donated Services: The Organization relies on volunteers who donate significant time in the advancement of its goals. In accordance with U.S. generally accepted accounting principles, the time of non-specialized volunteers is not recorded as in-kind contributions. However, time of those volunteers who contribute -- specialized services is recorded at fair value. There were no specialized services donated during fiscal years 2002 or 2001 . Federal Income Tax Status : The Organization is exempt from federal income taxes under Section 501 (c)(3) of the Internal Revenue Code. Contributed Facilities: Facilities . furnished to the Programs are recorded as contributed facilities in the accompanying statements of activities based on the amounts estimated by the Organization for rent that would be incurred for similar facilities in an arms length lease transaction. NOTE B - INVESTMENTS The following summarizes the fair value of investments by type as of June 30, 2002 and 2001 . 2002 2001 Short term investments $ 593,047 $ 248,879 Common stocks 247,447 265,196 Preferred securities 249,480 147,000 Corporate bonds 1,477,986 11321,139 U.S. government and agency bonds 50,778 105,908 U.S. government asset backed securities 251,428 761,586 Mortgage backed securities 292,789 0 $ 1162.955 $ 2.849.708 13