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COMMUNITY CHILD CARE RESOURCES , INC . NOTES TO FINANCIAL STATEMENTS Year Ended June 30 , 2002 Note 1 - Summary of Significant Accounting Policies Nature of Activities Community Child Care Resources , Inc . is a not- for- profit organization . The organization receives grants and contributions from governmental entities , charitable foundations , organizations , and individuals in Indian River County, Florida . The organization assists working families with pre - school aged children by contracting with local child care centers to provide quality child care . The organization also provides other family support services . Cash and Cash Equivalents For purposes of the statement of cash flows , the Organization considers all highly liquid investments available for current use with an initial maturity of three months or less to be cash equivalents . Basis of Presentation The accompanying financial statements have been prepared on the accrual basis of accounting in accordance with U . S . generally accepted accounting principles . Net assets and revenues , expenses , and losses are classified based on the existence or absence of donor- imposed restrictions . Accordingly, net assets of the Organization and changes therein are classified and reported as follows : Unrestricted net assets - Net assets that are not subject to donor- imposed stipulations . Temporarily restricted net assets - Net assets subject to donor- imposed stipulations that may or will be met , either by actions of the Organization and/or the passage of time . Support that is restricted by the donor is reported as an increase in unrestricted net assets if the restriction expires in the reporting period in which the support is recognized . All other donor-restricted support is reported as an increase in temporarily restricted net assets . When a restriction expires , temporarily restricted net assets are reclassified to unrestricted net assets . Property and Equipment The Organization follows the practice of capitalizing the costs of all material expenditures for equipment and leasehold improvements . The fair value of donated fixed assets is similarly capitalized . Depreciation is provided over the estimated useful lives of the assets using the straight line method . Contributions Contributions are recorded as made . All contributions are available for unrestricted use unless specifically restricted by the donor . - 5 -