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Indian River County Healthy Start Coalition, Inc. y r Notes to Financial Statements Note I — Summary of Significant Accounting Policies Organization The Indian River County Healthy Start Coalition, Inc. (the Coalition) is a Florida nonprofit organization created in 1992. The Coalition's mission is to establish a system which will enable all women to have access to prenatal care and that all infants have access to services that promote normal growth and development. Method of Accounting The accompanying financial statements have been prepared on the accrual basis of accounting. Net Assets Contributions received are recorded as unrestricted, temporarily restricted, or permanently restricted support, depending on the existence and/or nature of any donor restrictions. Support that is restricted by the donor is.reported as an increase in unrestricted net assets if the restriction expires in the reporting period in which the support is recognized. All other donor-restricted support is reported as an :increase in temporarily or permanently restricted net assets , depending on the nature of the restriction. When a restriction expires , that is , when a stipulated time restriction ends or purpose restriction is accomplished, temporarily restricted net assets are reclassified to unrestricted net assets and reported in the statement of activities as net assets released from restrictions . Property and Equipment Property and equipment acquisitions greater than $500 are capitalized and are stated at cost. Donated property and equipment is recorded at the fair market value at the date of the gift. Depreciation is provided on a straight-line basis over the estimated useful life of the asset, which range from 5 - 10 years . Income Tax Status The Coalition is exempt from federal income tax under Section 501 (c)(3) of the Internal Revenue Code. In addition the Coalition has been determined not to be a private foundation within the meaning of Section 509(a) of the Code. Functional Allocation of Expenses The cost of providing the various programs and other activities has been summarized on a functional basis in the statement of functional expenses . Accordingly, certain costs have been allocated among the programs and supporting services benefited. Contributed Services The Coalition receives a significant amount of donated services from unpaid volunteers who assist in fund-raising, jadministration and program services . However, these amounts have not been recognized in the ' accompanying financial statements because the criteria for recognition of such volunteer effort under SFAS No . 116 have not been satisfied . -7-