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Boys & Girls Club of Indian Diver County. Inc. Notes to Financial Statements (canunuea) Note 5 — Contributed Rent The Club receives donated rental space for its administrative oi�ices from a private corporation on a month to month basis ; bemnning in June 2002. The Club has estimated the fair value of this space to be S1 , 000 for the year ended June 30 , 2002 . This amount has been recognized in the accompanying financial statements as an in-land contribution and as rental expense . Vote 6 — Employee Benefit Plan The Club o_ anticipates in the Pension Trust of Boys & Girls Clubs of America. Each employee is eligible to participate when they reach 1 years of age and have completed one year of service to the Club . under the plan, the Club contributes 1011% of each eiigible employee ' s salary on a calendar year basis . Plan expenses incurred by the Club for the year ended June 30, 2002 were 56 .993 . Note i — Lease Agreements The Club . eases its South County and North County building facilities . The South County lease is from April 1 . 2001 through March 31 . 2003 with monthly rent .n the amount of S 1 .960 . The Club has the option to renew the lease for three additional t n , as of one year each. The North Counr, lease is from Nlay 1 , 2002 through April 30 , 2005 with monthly rent ranging from S3 , 060 to S3 , 949 over the life of the Iease . The future -ninirnum rental payments are as follows : June 30. 2003 S 54 . 808 June 30. 2004 40 , 37 June 30 . 2005 39 . 187 S 135 . 032 Note 8 — Conditional Promise to Give ine Club r°reived a 550 . 000 conditional promise to give fromthe John ' s Island Foundation . The donor is voiding the money in escrow ands surncient r'unds are raised to construct a 3' . 000 square :oot :ability in northern Indian River Counry . Because of the conditional nature of this contribuno .. the Club has not recognized ;his amount as revenue in the rinanc : ai statements . � - 1