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Lamar County Human Resources Council, Inc. <br />Notes to Financial Statements <br />For the Year Ended September 30, 2008 <br />1. CASH AND CASH EQUNALENTS: <br />Cash equivalents consist of short-term, highly liquid investments, which are readily <br />convertible into cash within ninety (90) days of purchase. <br />Unrestricted <br />LCHRC Operations: <br />Operating <br />Petty Cash <br />Total Unrestricted <br />Temporarily Restricted <br />Park Gardens North: <br />$ 64,818 Operating <br />225 Petty Cash <br />Total Temporarily <br />65 043 Restricted <br />Grand Total Cash (Unrestricted and Temporarily Restricted) <br />Restricted <br />$ 2,396 <br />800 <br />$ 3,196 <br />$6~ <br />HUD-restricted cash accounts, totaling $111,037 at June 30, 2008, aze held in separate <br />bank accounts and are not available for operating purposes. These accounts, Tenant <br />Security Deposits and Replacement Reserve, are not considered cash equivalents for <br />cash flow purposes. <br />J. EQUIPMENT <br />Equipment is stated at cost. Depreciation is computed on a straight-line basis over the <br />estimated useful lives of the respective assets. The estimated useful life of the <br />equipment and automobiles is 5-15 years and 7 years, respectively. The estimated <br />useful life of the apartment building is 30 years. <br />Changes in general fixed assets are as follows: <br />Balance <br />Balance <br />06-30-07 <br />Additions <br />Retirements 06-30-08 <br />Assets of PGNA: <br />Buildings and <br />Improvements <br />$1,535,366 <br />$20,321 <br />$1,555,687 <br />Land <br />205,673 <br /> <br />205,673 <br />Furniture and <br />Appliances <br />98,149 <br />550 <br />98,699 <br />Office Furniture <br />16,019 <br />2,956 <br />18 <br />975 <br />Total Assets of PGNA <br />1,855,207 <br />23,827 <br />, <br />1,879,034 <br />9 <br />0 000141 <br />