Laserfiche WebLink
EXCHANGE CLUB CENTER FOR THE PREVENTION OF <br /> CHILD ABUSE OF THE TREASURE COAST, INC . <br /> NOTES TO FINANCIAL STATEMENTS <br /> September 30, 2002 <br /> Note 1 - Significant Accounting Policies <br /> Organization <br /> The Exchange Club Center for the Prevention of Child Abuse of the Treasure Coast, Inc. (the <br /> Center), was incorporated February 3 , 1981 , in the State of Florida for the purpose of <br /> prevention and detection of child abuse . It is affiliated with the National Exchange Club <br /> Foundation for the Prevention of Child Abuse, Inc . , and is supported primarily by grants and <br /> donations . The Center is exempt from federal income taxes under the provisions of Internal <br /> Revenue Code 501 (c)(3 ) . The Organization has also been classified as an entity that is not a <br /> private foundation within the meaning of Section 509(a) and qualifies for deductible <br /> contributions as provided in Section 170(b)( 1 )(A)(vi) . <br /> Accounting Policies <br /> Significant accounting policies of the Exchange Club Center for the Prevention of Child Abuse <br /> of the Treasure Coast, Inc . are as follows : <br /> A. Basis of Accounting <br /> The accompanying financial statements have been prepared on the basis of cash receipts and <br /> disbursements . Consequently, certain revenues are recognized when received rather than <br /> when earned, and certain expenses and the related liabilities are recognized when paid rather <br /> than when the obligation is incurred. <br /> B . Cash Equivalents <br /> Cash equivalents consist of short-term, highly liquid investments which are readily <br /> convertible into cash within ninety (90) days of purchase. <br /> C . Investments <br /> Investments are recorded at the quoted market value in the Statement of Assets, Liabilities <br /> and Net Assets. Unrealized gains and losses are reflected in the Statement of Support and <br /> Revenue, Expenses and Changes in Net Assets - Cash Basis . <br /> -9- <br />