2003-253I - Laserfiche WebLink

Home Browse Search

ST. PETERS HUMAN SERVICES , INCORPORATED (A Component Unit of the Indian River County District School Board) Notes to Basic Financial Statements June 30 , 2002 (1) Organization and Summary of Significant Accounting Policies St . Peters Human Services , Incorporated (the Academy) is a not- for-profit corporation organized pursuant to Chapter 617 , Florida Statutes , the Florida Not For Profit Corporation Act, and Section 228 . 056 , Florida Statutes . The Academy operates under the fictitious name of St . Peters Academy and was incorporated on August 7 , 1996 . The Academy is governed by a Board of Directors . The general operating authority of the Academy is contained in Section 228 . 056 , Florida Statutes . The Academy operates under a charter of the sponsoring school district, the Indian River County District School Board (the District) . The current charter was amended and renewed on May 22 , 2001 and is effective until June 30 , 2006 , and may be renewed annually by mutual written agreement between the Academy and the District. At the end of the term of the charter, the District may choose not to renew the charter under grounds specified in the charter in which case the District is required to notify the Academy in writing at least 90 days prior to the charter ' s expiration . During the term of the charter, the District may also terminate the charter if good cause is shown . The Academy is considered a component unit of the District. The accounting policies of the Academy conform to generally accepted accounting principles applicable to governmental units . The Governmental Accounting Standards Board (GASB) is the standard-setting body for governmental accounting and financial reporting . Pronouncements of the .Financial Accounting Standards Board (FASB ) issued after November 30 , 1989 are not applied in the preparation of the financial statements of the proprietary fund types in accordance with GASB Statement No . 20 . The following is a summary of the more significant policies . In June 1999 , the GASB approved Statement No . 34, " Basic Financial Statements — Management ' s Discussion and Analysis — for State and Local Governments" (Statement 34) , which has established a new reporting model , as more fully discussed below. The Academy adopted the provisions of Statement No . 34 as of July 1 , 2001 in coordination with the District' s requirement to implement this statement for the year ended June 30 , 2002 . (a) Reporting Entity The reporting entity is based primarily on the notion of financial accountability . A primary government is financially accountable for the organizations that make up its legal entity . It is also financially accountable for legally separate organizations if its officials appoint a voting majority of an organization ' s governing body and either it is able to impose its will on that organization or there is a potential for the organization to provide specific financial benefits to , or to impose specific financial burdens on, the primary government. (Continued) 16