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Northside Agape ' Ministries, Inc. <br /> Notes to Financial Statements (continued ) <br /> Note 5 — Concentrations <br /> For the year fiscal year ended September 30 , 2002 , the Ministry received approximately 75 % of <br /> its revenue from contributions , and 24% from a governmental agency grant . <br /> Note 6 — Subsequent Event <br /> On February 5 , 2001 the Ministry facilitated the creation of a new not-for-profit entity called <br /> Project H . O .P . E . , Inc . This new entity was formed to eventually take over and carry on the <br /> mission and activities of the Ministries Hope Academy program. On October 1 , 2002 the Hope <br /> Academy program split off from the Ministry into this new not-for-profit organization . On this <br /> date the Ministry distributed the following assets and liabilities of the Hope Academy program to <br /> the new Project H . O . P . E . , Inc : <br /> October 1 , 2002 <br /> Cash $ 11 , 658 <br /> Grant receivable 207 <br /> Equipment, net of accumulated depreciation 49127 <br /> Accounts payable ( 15264) <br /> Accrued expenses ( 1 , 627 ) <br /> $ 15 ,761 <br /> -8 - <br /> � b <br />