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ANIMAL PROTECTION SOCIETY OF ORANGE COUNTY, INC. <br /> Notes to Financial Statements <br /> June 30, 2000 <br /> 1(� NOTE 1 —SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES(CONTINUED) <br /> I� Investments <br /> The Organization carries investments in marketable securities with readily determinable fair values <br /> and all investments in debt securities at their fair values in the Statement of Assets, Liabilities and Net <br /> Assets. Unrealized gains and losses are included in the change in net assets in the accompanying <br /> Statement of Support, Revenue, Expenses and Changes in Net Assets. <br /> Fixed Assets and Depreciation <br /> The Organization capitalizes expenditures for property and equipment expected to have a useful life <br /> longer than one year. Purchased property and equipment are stated at cost. Contributed assets are <br /> stated at the approximate fair market value at the date of receipt. Depreciation is computed using the <br /> straight-line method over the estimated useful lives of the assets, ranging generally from three to <br /> twenty years. <br /> Advertising <br /> The Organization uses advertising to promote its programs among the audience it serves.Advertising <br /> costs are expensed when paid.Advertising costs for the year totaled $2,485. <br /> NOTE 2—INVESTMENTS <br /> At June 30, 2000, the Organization owned a $100,000 certificate of deposit with a 13-month maturity, <br /> 65,000 Ford Motor Credit Company bonds valued at $64,797 and 120,000 Dole Food Corporation <br /> bonds valued at$119,606 and corporate stocks valued at$2,300. The Organization realized a loss of <br /> $70 during the year on the sale of United States Treasury notes for $110,000. Investment income is <br /> summarized as follows: <br />■ Interest and dividends earned $ 24,360 <br /> IRealized loss on securities ( 70) <br /> Unrealized loss on securities ( 2.206) <br /> Investment income $ 22.084 <br /> NOTE 3—FIXED ASSETS AND OTHER ASSETS <br />' Foxed assets at June 30,2000 consist of the following: <br /> Building and improvements $ 594,286 <br /> I Land and improvements 556,151 <br /> Equipment 186,078 <br /> Furniture and fixtures 21,196 <br /> Vehicles 11,880 <br /> Libraries 1.439 <br /> 1,371,030 <br /> Less accumulated depreciation 413.694 <br />