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Children's Advocacy Genter of Paris <br />Notes to Financia! Statements (continued) <br />Decem~_-,e- 311, , 2007 <br />Nate A: ;lfature of Activities arrd 5ignificant Aceauntit}g Policies (continued) <br />Use of Estimates <br />I he preparation of financial statemen:s n conformfty with genesaliy accepted acceunting <br />Grinciples requires management to ma~;e estimates and assumptions that affect certair <br />reported amounts and disclosures. Ar,co-dingly; actual results could differ trom those <br />estimates. <br />Property and Equi ment <br />It is the Center's policy to capitalize property and equipment over $1,000. Lesser amounts <br />are expensed. Purchased property and equipment is capitalized at cost. Donations of <br />property and equipment are recorded as support at the estimated fair value. Such <br />donations are reported as unrestricted support unless the donor has restricted the donated <br />asset to a specific purpose. Assets donated with explicit restrictions regarding their use <br />and contributions of cash that must he used to acquire property and equipment are <br />reported as restricted or temporari!y restricted support. Absent donor stipulations <br />regarding how long those donated assets must be maintained, the Center reports <br />exoirations of donor restrictions when *.he donated flr acquired assets are placed in service <br />as instructed by the donor. The Center reclassifies temporarily restricted net assets to <br />unrestricted net assets at that time. <br />Revenue Recoqnition <br />Contributions received are recorded as increases in unrestricted, temporarily restricted, or <br />permanently restricted net assets, depending on the existence and/or nature of any donor <br />restrictions. <br />All donor-restricted contributions are reported as increases in temporarily or permanently <br />restricted net assets, depending on the na?ure of the restriction. When a restriction expires <br />(that is, when a stipufated time restriction ends or purpose restriction is accomplished), <br />temporarily restricted net assets are reported in the statement of activities as net assets <br />released from restrictions. <br />Contributed Services <br />Donated services are recognized as contributions if the services require specialized skills, <br />are performed by people with those skills, and would otherwise be purchased by the <br />Center. During the year ended December 31, 2007, the value of contributed services <br />meeting the requirements for recognition in the financial statements was not material and <br />has not been recorded. In addition, many fndividuals voiunteer their time and pe-form a <br />variety of task that assist the Center, but these services da not meet the criteria for <br />recognition as contributed services. <br />-7- <br />000071 <br />