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ST. PETERS HUMAN SERVICES , INCORPORATED (A Component Unit of the Indian River County District School Board) Notes to Basic Financial Statements Proprietary Funds The focus of proprietary fund measurement is upon determination of operating income , changes in fund net assets , financial position, and cash flows , which is similar to businesses . During the year ended June 30 , 2002 , the Academy used a proprietary fund to account for its child-care program, which consists of child care for pre-school aged children and a " boot camp" for young boys . During the year ended June 30, 2002 , the Academy received $ 8 , 726 under an Indian River County Commission grant and $ 10 , 856 under a Florida Department of Juvenile Justice grant to fund the boot camp . Fiduciary Funds — Agency Fund The Academy accounts for the student activities funds in the agency fund. Non-Current Governmental Assets and Liabilities GASB Statement 34 eliminates the presentation of Account Groups , but provides for these amounts to be maintained and incorporates the information into the governmental column in the Academy- Wide statement of net assets . Previously, the General Fixed Asset Account Group was used to account for all fixed assets of the Academy . (d) Basis of Accounting Basis of accounting refers to the point at which revenues or expenditures/expenses are recognized in the accounts and reported in the financial statements . It relates to the timing of the measurements made, regardless of the measurement focus applied. The Academy- Wide financial statements are presented on an accrual basis of accounting, while the governmental funds in the fund financial statements are presented on a modified accrual basis . Under the accrual method, revenues are recognized when earned and expenses are recognized when incurred . Under the modified accrual basis of accounting , revenues , except for certain grant revenues, are recognized when they are susceptible to accrual ; when they become measurable and available to finance the Academy's operations . " Available" means collectible within the current period or soon enough thereafter to be used to pay liabilities of the current period . Expenditures are generally recorded when the liabilities are incurred. In applying the " susceptible to accrual" concept to intergovernmental revenues, the Academy may recognize receivables and revenue when the applicable eligibility requirements including time requirements have been met . Revenues for certain grants, such as the federal dissemination grant, are recognized when the expenditures are made when grant terms provide that the expenditure of resources is the prime factor for determining eligibility for federal , state , and other grant resources . Resources provided before eligibility requirements are met are reported as deferred revenues . The Academy had no deferred revenues as of June 30 , 2002 . (Continued) 19