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Lamar County Human Resources Council, Inc. <br />Notes to Financial Statements <br />For the Year Ended September 30, 2008 <br />A. REPORTING ENTITY <br />Lamar County Human Resources Council, Inc. ("LCHRC") was incorporated as a <br />non-profit corporation under the laws of the State of Texas on February 18, 1975. The <br />Organization is comprised of a volunteer membership whose interest is the improvement <br />of community life. The council elects from its membership a Board of Directors who <br />has the responsibility for managing the organization. The organization is funded <br />through private and institutional donations, federal grants, and other grants. <br />The Council has a tax-exempt status under Internal Revenue Code Section 501(c)(3) for <br />the year ended September 30, 2008. <br />SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES <br />B. BASIS OF PRESENTATION <br />Financial statement presentation follows the recommendations of the American Institute <br />of Certified Public Accountants in its Industry Audit Guide, Audit and Accountin <br />Guide Not for-Pro it Organizations <br />C. FINANCIAL STATEMENT PRESENTATION: <br />LCHRC has adopted Statement of Financial Accounting Standards (SFAS) No. 117, <br />"Financial Statements of Not-for-Profit Organizations." Under SFAS No. 117, LCHRC <br />is required to report information regarding its financial position and activities according <br />to three classes of net assets (unrestricted net assets, temporarily restricted net assets, <br />and permanently restricted net assets) based upon the existence or absence of donor- <br />imposed restrictions. <br />*Unrestricted net assets - Net assets that are not subject to donor-imposed stipulations. <br />*Temporarily restricted net assets - Net assets subject to donor-imposed stipulations that <br />may or will be met, either by actions of the Organization and/or the passage of time. <br />When a restriction expires, temporarily restricted net assets are reclassified to <br />unrestricted net assets and reported in the statement of activities as net assets released <br />from restrictions. LCHRC accounts for the Park Gardens North Apartments (PGNA) <br />complex in this category. <br />*Permanently restricted net assets - Net assets subject to donor-restricted stipulations <br />that they be maintained permanently by the Organization. Generally, the donors of these <br />assets permit the Organization to use all or part of the income earned on any related <br />investments for general or specific purposes. <br />7 <br />C300139 <br />