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2003-253C
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2003-253C
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Last modified
11/22/2016 11:36:40 AM
Creation date
9/30/2015 7:46:49 PM
Metadata
Fields
Template:
Official Documents
Official Document Type
Contract
Approved Date
09/23/2003
Control Number
2003-253C
Agenda Item Number
7.D.
Entity Name
Boys & Girls Club of Indian River County
Subject
Children's Services Advisory Grant Contract
Archived Roll/Disk#
3207
Supplemental fields
SmeadsoftID
3908
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Boys & Girls Club of Indian River Counri •, 111c,Notes to Financial Statements <br /> Vote 1. — Summary of Significant Accounting Policies <br /> Organization <br /> Iite Boys & Girls Club of Indian River County Inc . (the Club) was formed on February 4. 2000 . <br /> to help youth OI all backo; euntis ;m tnaian .Diver County, with special concern for those �rom <br /> disadvantaged circumstances, develop he qualities n <br /> leaders . The Clubs supeeded to become responsible citizens and <br /> ort comeport primarily fromindividual donors ' contributions and various <br /> agency grants . The Club has two locations ;South County and North County) from whic :. the, <br /> operate their �.rr� , . <br /> P pro _ aiiLs ur Juir _ 00 = . the Club ol7rcially added the Youth Volunteer Or <br /> program that pro « aes vourhs an oI . Or-.inity to improve the locai community throutzh suoe�,zsea <br /> volunteering . <br /> Basis of Accounting <br /> The financial statements of the Club have been prepared on the accrual basis of accounrir g and <br /> accordingly reflect all signi-ricanr receivables , payables . and other liabilities . <br /> Basis of Presentation <br /> Financial statement presentation. foilo «-s the recommendarions of the Financial Standards 3oa rd <br /> in its S -zatement of Fina ieml AccOunrin ,_ Standards ( SFAS ) No . 117 , Financial Statemenrs � * _Vor- <br /> for-Profir Orgrani ations. linden SFAS i 17 , the Club is required to report infor:aation regarding <br /> its financial position and activities according to three classes of net assets : unrestricted net assets , <br /> temporarily restricted net assets , ana uermanentiy restricted net assets . <br /> Property and Equipment <br /> The Club follows the practice of capital`ng, at cost, all expenditures for fixed assets in excess or <br /> S500 . Donations of property• and egtupment are recorded as contributions at their es:mated fair <br /> value . Such lora ors are reported as NmresthcLea contributions unless the donor has reszicted <br /> the donated asset to a specific purpose . Depreciation is provided using the straight- line =hod <br /> over estu aced use :al iives ranging mom to _ 9 years . <br /> Revenue Recognition <br /> Contributions are recognized .vher. the donor .;lakes a promise to give to the Club that : s . <br /> r, <br /> substance , unconditionai . Conn•iounors that are resmcred by the donor are reported as ins_eases <br /> in unrestricted net assets if the reser mens expire in the Fiscal year in which the con [riounoas a.re <br /> recognized. All other donor-resumed contributions are reported as increases in temp_ oraniv or <br /> Permanently restricted net asses deuenaing on the nature of the restrictions . When a re .=.. crion <br /> expires . temporariiy restricted ner assets are reciassined to urresmcred net assess . <br /> Income Taxes <br /> The Club is a nonprorit orsani anon. as described in Sec . - 0l ( c) i = of the Intemai Revcnc = oce <br /> and is exempt from federai and state inc �) rne tapes . <br /> Functional _-kllocarion of Expenses <br /> The .: ost of providing the various programs and other aczn-iresads been summarize ,. Dr <br />c <br /> funcnonai basis in the starerne- t of fu-cnonai expenses . _3ccordingh , certain costs hay : bc `rt <br /> aiIocated among tie programs nd suppc ,.;rig se-vices beneirted . <br />
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