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J <br /> r <br /> ORANGE COUNTYANIMAL SHELTER <br /> A PROGRAM OF ANIMAL PROTECTION SOCIETY <br /> OF ORANGE COUNTY,,INC. <br /> Notes to Financial Statements <br /> June 30,2000 <br /> NOTE 7—SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) <br /> Functional Expenses <br /> Expenses are charged to each program based on the direct expenditures incurred. Any program <br /> expenses not directly chargeable and support costs are allocated to a program based an the <br /> percentage of use. <br /> Donated Services <br /> No amounts have been reflected in the financial statements for donated services.The Program pays <br /> for most services requiring specific expertise. However, many individuals volunteer their time and <br /> perform a variety of tasks that support the Shelter's specific assistance programs. The Program <br /> receives more than 22,000 volunteer hours per year. <br /> Donated Materials and Facilities <br /> The Program is the recipient of donated materials, which are stated at their fair market value at the <br /> date of receipt. The program also receives the use of facilities at no charge. The fair rental value of <br /> the facilities, estimated at$46,800�is included in governmental support and in expenses. <br /> Estimates <br /> Management uses estimates and assumptions in preparing financial statements. Those estimates <br /> and assumptions affect the reported amounts of assets and liabilities, the disclosure of contingent <br /> assets and liabilities, and the reported revenues and expenses. Actual results could differ from those <br /> estimates. <br /> Restricted cash <br /> APS received $40,000 in the prior year that was restricted to repainting the Orange County Animal <br /> Shelter kennel. APS received an additional $5,802 in the current year. These funds-have been <br /> disbursed for painting as of June 30, 2000. <br /> Depreciation <br /> Depreciation Is computed using the straight-line method over the estimated useful lives of the assets, <br /> ranging generally from three to twenty years. Depreciation expense for the year was$106. <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 $1,693. <br /> aF <br />