Agenda - 10-01-2002-10a - Laserfiche WebLink

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ANIMAL. PROTECTION SOCIETY OF ORANGE COUNTY, INC Notes to Financial Statements June 3o,2000 ; NOTE 1 —SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES(CONTINUED) Functional Expenses Expenses are charged to each program based on the direct expenditures incurred. Any program expenses not directly chargeable and support costs are allocated .to a program based on the percentage of use. Designation of Unrestricted Net Assets It is the policy of the Board of Directors of the Organization to periodically review its plans for future property improvements and acquisitions and to designate appropriate sums of unrestricted net assets to assure adequate financing of such improvements and acquisitions. $76,832 was designated for these purposes at June 30,2000. Donated Services The Organization pays for most services requiring speck expertise. During the year, APS recorded donated computer consulting services of $8,000 and donated construction services of approximately $15,500. In addition, many individuals volunteer their time and perform a variety of tasks that assist the Organization with specific assistance programs, campaign solicitations and various committee assignments. No amounts are recorded in the financial statements for these services. The Organization receives more than 27,000 volunteer hours per year. Donated Materials The Organization is the recipient of donated materials, which are stated at their fair market value at the date of receipt. Estimates Management uses estimates and assumptions in preparing financial statements. Those estimates and assumpfions affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities, and the reported revenues and expenses. Actual results could differ from those estimates. Restrictions on Cash The Organization has received $44,410 from donors that is restricted to specific purposes. This amount is included with unrestricted cash in these financial statements. Cash Equivalents The Organization considers all highly liquid investments with a maturity of three months or less at the date of acquisition to be cash equivalents. Inventories Purchased inventory is valued at the lower of cost or market determined by the first-in, first-out method. Donated inventory is stated at the approximate fair market value at the date of receipt.