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Cultural Council of Indian River County, Inc. <br /> Notes to Financial Statements (continued) <br /> Note 7 — Prior Period Adjustment/Retained Earnings Restatement <br /> During the year ended September 30 , 2002, a change was made to the unrestricted net assets of the <br /> Council to correct for deferred revenue of $ 20 ,090 that existed as of September 30, 2001 . The Council <br /> ----had prepaid expenses of_$20,090 during fiscal year ended September_ 30, _2001 that. related to fiscal year <br /> ended September 30 , 2002 . Since the expenses were actually incurred during September 30, 2002, they <br /> were reported as expenses in that year. The Council also received its grant revenue related to these <br /> expenses during the year ended September 30 , 2001 . However, the revenue should have been deferred as <br /> of September 30 , 2001 and reported as revenue during fiscal year ending September 30 , 2002 . <br /> -8 - <br />