2005_0815_Packet - Laserfiche WebLink

Home

NOTES TO FINANCIAL STATEMENTS Investments Investments in money market and mutual funds are stated at fair value. The investments are not FDIC insured and involve investment risks, including the possible loss of the principal invested. The investments at December 31,2004, are board designated for endowment purposes. Property and�'quipment Expenditures for tl�e acquisition of property and equipment greater than $500 are capitalized at cost, and donated property and equipment is capitalized at fair value. Depreciation is computed on the straight-line method over the following useful lives. Years Ofiice furniture and equipment 5-10 Buildings and building improvements 39 Leasing Costs Costs associated with locating tenants are capitalized and amortized on a straight-line basis over the length of the lease to which they apply. CompensatedAbsences Under �� Organization's policies and procedures, employees are granted vacation leave based on the number of years of experience they have at the Organization. Employees may accumulate a maximum of two years of their annual vacation leave beneiit. Unused accumulated vacation is paid to employees upon termination. Employees are able to earn and accumulate sick leave up to a maximum of ninety (90) days. Upon separation, full-time employees with ten or more years of sezvica are entitled to 50% of their accumulated sick leave, but in no event will such severance exceed one month's pay. Compensated absences payable includes vacation and estimated severance payable. Support and Revenue Recognition Contributions are recognized when the donor makes a promise to give to the Organization that is, in substance, unconditional. Contributions that are restricted by the donor are reported as increases in unrestricted net assets if the restrictions expire in the fiscal year in which the contributions are recognized. A�1 other donor-restricted contributions are reported as increases in temporarily or permanently restricted net assets depending on the nature of the restrictions. When a restriction expires, temporarily restricted net assets are reclassified to unrestricted net assets. Program revenue is recorded when earned. The Organization extends unsecured credit to its clients in the normal course of activities. The Organization uses the allowance method to determine uncollectible contributions and grants. The allowance is based on prior years' experience and management's analysis of the outstanding receivables. (continued on next page)