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sow <br /> Indian River County,Florida <br /> Notes To Financial Statements <br /> Year Ended September 30, 2009 <br /> NOTE 1 —SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES—Continued <br /> D. Assets,Liabilities, and Net Assets or Equity- Continued <br /> 2. Investments <br /> Investments consist of U.S. Treasury Securities, U.S. Government Agency Securities, money market <br /> funds, Florida PRIME Fund (formerly known as the Local Government Surplus Funds Trust Fund <br /> Investment (SBA) Fund A), Fund B Surplus Funds Trust Fund, and the Florida Local Government <br /> Investment Trust Fund. Investments are reported at fair value based upon the average price obtained <br /> from three brokers/dealers. The SBA and Trust values are based upon the fair market value per share of <br /> the underlying portfolio. Refer to Note 4-C, Investments, for further information on individual <br /> investments. <br /> 3. Allowance for Doubtful Accounts <br /> The County provides an allowance for water and sewer accounts receivables that may become <br /> uncollectible. At September 30, 2009, this allowance was $424,493. No other allowances for doubtful <br /> accounts are maintained since other accounts receivable are considered collectible as reported at <br /> September 30, 2009. <br /> 4. Receivables and Payables <br /> Activities between funds that are representative of lending/borrowing arrangements outstanding at the <br /> end of the fiscal year are referred to as "due to/from other funds". Any residual balances outstanding <br /> between the governmental activities and business-type activities are reported in the government-wide <br /> financial statements as "internal balances". All receivables are shown net of allowance for doubtful <br /> accounts. Receivables in excess of 120 days comprise the trade accounts receivable allowance for <br /> doubtful accounts. <br /> 5. Inventories <br /> Inventories are valued at cost, which approximates market, using the "first-in, first-out" method of <br /> accounting, with the exception of the Fleet Internal Service Fund's fuel inventory which is valued using <br /> the average cost method of accounting. Inventories of all funds are recorded as expenditures (expenses) <br /> when consumed rather than when purchased. <br /> 6. Prepaid Items <br /> Prepaid items in the governmental funds represent prepayments for services that will be used in future <br /> periods. The County's policy is to record the expenditure for the services when they are used rather <br /> than when the cash is disbursed. <br /> 49 <br />