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G.R.O .W., Inc. <br /> Notes to Financial Statements <br /> Note 1 — Summary of Significant Accounting Policies <br /> Organization <br /> The G. R. O .W. , Inc . (Grow) is a nonprofit organization incorporated on November 7 , 2000, under <br /> the laws of Florida. Grow's mission is to provide out-of-school youths ages 16-21 with <br /> educational, training, and employment opportunities . <br /> Method of Accounting <br /> The accompanying financial statements have been prepared on the accrual basis of accounting. <br /> Net Assets <br /> Contributions received are recorded as unrestricted, temporarily restricted, or permanently <br /> restricted support, depending on the existence and/or nature of any donor restrictions . Support <br /> that is restricted by the donor is reported as an increase in unrestricted net assets if the restriction <br /> expires in the reporting period in which the support is recognized . All other donor-restricted <br /> support is reported as an increase in temporarily or permanently restricted net assets , depending <br /> on the nature of the restriction. When a restriction expires , that is , when a stipulated time <br /> restriction ends or purpose restriction is accomplished, temporarily restricted net assets are <br /> reclassified to unrestricted net assets and reported in the statement of activities as net assets <br /> released from restrictions . <br /> Property and Equipment <br /> Property and equipment acquisitions greater than $ 100 are capitalized and are stated at cost. <br /> Donated property and equipment is recorded at the fair market value at the date of the gift. <br /> Depreciation is provided on a straight-line basis over the estimated useful life of the assets , <br /> which range from 5 - 10 years . <br /> Income Tax Status <br /> Grow is exempt from federal income tax under Section 501 (c)(3 ) of the Internal Revenue Code. <br /> In addition, Grow has been determined not to be a private foundation within the meaning of <br /> Section 509(a) of the Code . <br /> Contributed Services <br /> In accordance with SFAS 116 , Grow does not record contributed services . <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 /> -6- <br />