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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 Policies (continued) <br />purpose restriction is accomplished); temporarily restricted net assets are reported <br />in the statement of activities as net assets released from restrictions. <br />Contributed Services' <br />Donated services are recognized as contributions if the services require specialized <br />skills, are performed by people with thpse skills, and would otherwise be <br />purchased by CASA. Volunteers that provide other such services throughout the <br />year are not recognized as contributions in the financial statements. <br />Income Taxes <br />CASA is a not-for-profit organization that is exempt from income taxes under <br />Section 501(c)(3) of the Intemal Revenue Code and as such is not subject to <br />income taxes. <br />Cash and Cash Equivalents <br />For purposes of the statement of cash flows, CASA considers all highly liquid <br />investments with an initial maturity of three months or less to be cash equivalents. <br />Expense Allocation <br />Directly identifiable expenses are charged to programs and supporting services. <br />Expenses related to more than one function are charged to programs and <br />supporting services on the basis or periodic time and , expense studies. <br />Management and general expenses include those expenses that are not directly <br />identifiable with any other specific functions but provide for the overall support <br />and direction of CASA. <br />Note B: Grants Receivable <br />Grants Receivable at June 30, 2008, are as follows: <br />VOCA $ 5,456 <br />Texas CASA 4,878 <br />Swalm Foundation 3,756 <br />Total 14,090 <br />-8- <br />0OU054 <br />