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Cultural Council of Indian River County, Inc. <br /> Notes to Financial Statements (continued) <br /> Note 1 — Summary of Significant Accounting Policies (continued) <br /> Use of Estimates <br /> The preparation of financial statements in conformity with generally accepted accounting <br /> _principles requires management to make estimates and assumptions that affect certain reported _ <br /> amounts and disclosures . Accordingly, actual results could differ from those estimates . <br /> Note 2 — Property and Equipment, net <br /> The following is a summary of property and equipment: <br /> Balance Balance <br /> September 30, Additions Deletions September 30, <br /> 2001 2002 <br /> Computer equipment $ 11 , 143 $ - $ - $ 11 , 143 <br /> Furniture and equipment 1 ,300 - - 12300 <br /> 12,443 - - 122443 <br /> Accumulated depreciation (3 ,978) (2,469) - (61447) <br /> $ 8 ,465 $ (21469) $ - $ 55996 <br /> Note 3 — Temporarily Restricted Net Assets <br /> Temporarily restricted net assets are summarized as follows : <br /> License plate revenue $ 11 ,767 <br /> Note 4 — Major Grantors <br /> During the year ended September 30 , 2002 , the Council received grants from state and local <br /> governmental sources totaling $216, 850 . These grants represent 73 % of the total revenues and <br /> other support. <br /> Note 5 — Contributions <br /> During the year ended September 30, 2002 , the Council received in-kind contributions for radio <br /> and newspaper advertising totaling $50, 100 . These funds were recognized as advertising <br /> expenses . <br /> Note 6 — Lease Agreement <br /> The Council leases its facilities under a two year lease agreement commencing on May 1 , 2001 . <br /> Future rental payments due under the lease amount to $4 , 970 for the year ended September 30 , <br /> 2003 . <br />