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Northside Agape ' Ministries, Inc. <br /> Notes to Financial Statements (continued) <br /> Note 1 — Summary of Significant Accounting Policies (continued) <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 /> Note 2 — Property and Equipment <br /> Northside Agape ' Ministries , Inc . operates under the authority of the Church of God (Cleveland, <br /> Tennessee) , which has a centralized form of church government . In accordance with the rules <br /> and regulations of the Church of God (Cleveland, Tennessee) , all property that the Ministry <br /> acquired prior to incorporation in 1997 , both real and personal , is titled to and held in trust for, <br /> the Church of God (Cleveland, Tennessee) . The Ministry uses the above titled property under the <br /> auspices of a Local Board of Trustees . <br /> Property and equipment acquired subsequent to incorporation is owned, titled to and controlled <br /> by, the Ministry . <br /> The following is a summary of property and equipment capitalized by the Ministry : <br /> Balance Balance <br /> September 30, September 30, <br /> 2001 Additions Deletions 2002 <br /> Land $ 32, 362 $ 129500 $ - $ 44, 862 <br /> Furniture and equipment 4, 300 5 , 615 - 91915 <br /> Accumulated depreciation ( 19383 ) (2, 102) - ( 31485 ) <br /> $ 35 , 279 $ 16, 013 $ - $ 51 , 292 <br /> Note 3 — Notes Payable <br /> On September 8 , 2000 , the Ministry negotiated a $ 12 , 000 loan , which was used toward the <br /> purchase of vacant land . The note required thirty monthly payments of $464 , including interest at <br /> 12% per annum . The note was paid off in April 2002 . <br /> Note 4 — Temporarily Restricted Net Assets <br /> Temporarily restricted net assets consists of contributions received with donor imposed <br /> restrictions which have not been satisfied . Temporarily restricted net assets are available for the <br /> following purposes at September 30 , 2002 : <br /> Computer $ 19885 <br /> Projector, laptop, power point <br /> display unit and fax machine 81940 <br /> $ 10 , 825 <br />