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Chiidren's Advocacy Center of Parfs <br />Noies to Financiai Sratements <br />December 31 , 2007 <br />Afo*e A: Nature of Activities and Significant Accounting Policies <br />Nature of Activities <br />The Children's Advocacy Center of Paris 'the Center) was fcrmed in 1998 as a norprofi: <br />organization wfth a mission to protect and promote the healing of child abuse victlms. The <br />Center works in conjunction with local law enforcement, cnild protective services, and the <br />county attomey's office to provide a child iriendly location for these victims. ?he Center ;s <br />supported primarily by grants and donations from the pubiic. <br />Basis of Accountin <br />The accompanying financiai statements have been prepared on the accrual basis of <br />accounting in accordance with generaily accepted accounting principles. <br />Financial Statement Presentation <br />The Center has adopted Statement of Financiaf Accounting Standards (SFAS) No. 117, <br />Financial Statements of Not-for-Profit Organrzation. Under SFAS No. 117, the Center is <br />required to report information regarding its financial position and activities according to <br />three classes of net assets: unrestricted net assets, temporarily restricted net assets, and <br />permanently restricted net assets. In addition, the Center is required to preseni a <br />statemertt of cash flows. Net assets of the Center and changes therein are classified and <br />reported as follows. <br />Unrestricted net assets - Net assets that are not subject to donor-imposed <br />stipulations. <br />Temporarily restricted net assets - Net assets subject to donor-imposed stipulations <br />that may or will be met, either by actions of the Center and/or the passage of time. <br />When a restrict+on expires, iempvrarily restricted net assets are reclassified to <br />unrestricted nst assets and repcrted in the statement of activities as net assets <br />released from restrictions. <br />Permanently restricted net assets - Net assets subject to donor-imposed stipulations <br />that may be maintained permanentiy by the Center. Generally, the donors af these <br />assets permit the Center to use aii or part oi tne income earned uH d;,Y :e!ateU <br />investments for genera( or specific purposes. <br />-6- <br />. 000070 <br />