2003-253D - Laserfiche WebLink

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EXCHANGE CLUB CENTER FOR THE PREVENTION OF CHILD ABUSE OF THE TREASURE COAST, INC. NOTES TO FINANCIAL STATEMENTS (Continued) September 30, 2002 Note 1 - Significant Accounting Policies (Continued) D . Fixed Assets Fixed assets are stated at cost or fair market value at the date of donation for fixed assets in excess of $ 500 . Depreciation is computed on the straight-Iine basis over the estimated useful life of the assets which ranges from five to ten years for equipment, 30 years for buildings, and the life of the lease for leasehold improvements . E . Contributions In accordance wit SFAS NO . 116, Accounting for Contributions Received and Contributions Made, contributions received are recorded as unrestricted, temporarily restricted, or permanently restricted support depending on the existence and/or nature of any donor restrictions. F. Temporarily Restricted Assets Temporarily restricted assets are established to account for the activity of the Center's state funded programs, local agency grants, and donations with donor imposed restrictions . The Center's temporarily restricted assets are reclassified to unrestricted net assets when the purpose for the restriction is accomplished. G. Financial Statement Presentation The financial statements are presented in accordance with Statement of Financial Accounting Standards (SFAS) No . 117, Financial Statements of Not for-Profit Organizations. Under SFAS No . 117, the Organization is required to report information regarding its financial position and activities according to three classes of net assets : unrestricted net assets, temporarily restricted net assets, and permanently restricted net assets. H. Functional Allocation of Expenses The costs of providing the various programs and other activities have been summarized on a functional bases in the statement of activities . Accordingly, certain costs have been allocated among the programs and supporting services benefited. - 10-