Laserfiche WebLink
i <br /> I Hibiscus Children ' s Center, Inc . <br /> NOTES TO FINANCIAL STATEMENTS <br /> June 30 , 2002 <br /> NOTE B - SUMMARY OF SIGNIFICANTACCOUNTING POLICIES (continued) <br /> I7 . Donated Services <br /> While the Center receives donated services throughout the year that enhance the <br /> effectiveness of the programs , these services do not create or enhance non-financial <br /> assets nor do they require specialized skills that if not provided by a volunteer <br /> I would be purchased . Accordingly , while these services contribute to the success of <br /> the programs , they have not been reflected in the accompanying financial <br /> statements . <br /> I8 . Accounting Estimates <br /> The preparation of financial statements in conformity with generally accepted <br /> Iaccounting principles requires management to make estimates and assumptions that <br /> affect the reported amounts of assets and liabilities and disclosure of contingent <br /> assets and liabilities at the date of the financial statements and the reported <br /> I amounts of revenues and expenses during the reporting period . Actual results could <br /> differ from those estimates . <br /> INOTE C - PROPERTY AND EQUIPMENT <br /> Depreciation is provided for all classes of equipment using straight-line and double declining <br /> Ibalance methods over estimated useful lives ranging from 3 to 40 years . <br /> At June 30 , 2002 property and equipment consist of the following : <br /> IProperty and <br /> Equipment <br /> I Building and Improvements $ 854 ,471 <br /> Land and Improvements 156 , 131 <br /> Furniture and Equipment 162 , 342 <br /> I Data Processing Equipment 103 , 281 <br /> Vehicle and Improvements 65 , 694 <br /> 1 , 341 , 919 <br /> Less : accumulated depreciation 368 , 261 <br /> I $ 973 , 658 <br /> Depreciation expense for the year ended June 30, 2002 was $ 57 , 132 . <br /> Page 9 <br />