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CASA FOR KIDS, INC. <br />Notes to Financial Statements (continued) <br />June 30, 2008 <br />Note A: Nature of Activities and Significant Accounting Polices (continued) <br />Contributions <br />CASA has also adopted SFAS No. 116, Accounting for Contributions Received <br />and Contributions Made. Contributions received are recorded as unrestricted, <br />temporarily restricted, or permanently restricted support depending on the <br />existence or nature of any donor restrictions. <br />Use of Estimates <br />The preparation of financial statements in conformity with generally accepted <br />accounting principles requires. management to make estimates and assumptions <br />that a#fect certain reported amounts and disclosures. Accordingly, actual results <br />could differ from those estimates. - <br />Fixed Assets <br />If is CASA's policy to capitalize property and equipment over $500. Lesser <br />amounts are expensed. Purchased property and equipment is capitalized at cost. <br />Donations of property and equipment are recorded as support at the estimated fair <br />val.ue. Such donations are reported as unrestricted support unless the donor has <br />restricted the donated asset to a specific purpose. Assets donated with explicit <br />restrictions regarding their use and contributions of cash t.hat must be used to <br />acquire property and equipment are reported as restricted or temporarily restricted <br />support. Absent donor stipulations regarding how long `those donated assets must <br />be maintained, CASA reports expirations of donor restrictions when the donated or <br />acquired assets are placed in service as instructed by the donor: CASA <br />reclassifies temporarily restricted net assets to unrestricted net asse#s at that time. <br />Revenue Recognition <br />Contributions received are recorded as increases in unrestricted, temporarily <br />restricted, or permanently restricted net assets; depending on the existence and/or <br />nature of any donor restrictions. <br />All donor-.restricted contributions are reported as increases in temporarily or <br />permanently restricted net assets, depending on the nature of the restriction. <br />When a restriction expires (that is, when a stipulated time restriction ends or <br />-7- <br />000053 <br />