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Children`s Advocacy Cenier of Paris <br />N02ES E^v FSlldr~'ai S`a'F'rT'PilrS !r'nFl'(fZE.i2CI' <br />December 31 2007 <br />No.e A: Nature ot Activities and Significant AccoLinting Policies (continued) <br />[ncome -~axes <br />The Cen*°r is a not-for-profit organizat:on thar is exempt from income taxes under Section <br />501 (c)i3i of ±he Intemal Revenue Code ard as such is not subject to income taxes. <br />Cash and Cash Equivalents <br />~cr Purposes of zhe statement of cas" flo,vs, the Center considers aN h,ghly Ifquid invest- <br />ments available for current use wi"th, an irntia; maturity of three months or less to be cash <br />eGuivai2nis. <br />Note 8: Cash Equivaients <br />Cash Equiva:ents are comprised of the following at December 31, 2007: <br />Lamar National Bank Checking Accounis $17,767 <br />Lamar fVational Bank Savings Account 646 <br />Totai s 18,413 <br />Note C: Accounts Rsceivable <br />Accounts Receivable at December 31, 2007, are as foliows: <br />Chiid Adv.ocacy Center of Texas $3,500 <br />State o'i' Texas - VOCA 4,563 <br />Receivable in less than one year $8,063 <br />tVote G: Property, Plant and Equipment <br />Plant assets are stated at cost or estimated fair value. Depreciation is ailocated to deprec- <br />iabfe assets using the straight-line method over estimated u <br />sefui lives ot thirty years fior <br />buildings and five years fo; furniture and equipment. <br />Property and equipment consisted of the following at December 31, 2007: <br />Land <br />$13,463 <br />Land Improvements <br />11,633 <br />8uildiri9 30 years <br />1 65,007 <br />Furniture and Equipment 5-7 years <br />53,816 <br />Less acrumulated depreciatior <br />243, 31 9 <br />(86,072) <br />Totai <br />$1 57,847 <br />-8- <br />QOOC72 <br />