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Breakfast Optimist Club <br /> Notes to Financial Statement <br /> For the Period Ending August 17, 2003 <br /> <br />Note A: Summary of Significant Accounting Policies <br /> Nature of Activities <br /> <br /> The Breakfast Optimist Club is a nonprofit organization and "Friend of Youth" in <br /> Lamar County, Texas by providing a'n affordable baseball program for over 800 <br /> boys and girls ages 5-14, The Club also sponsors various projects at area schools. <br /> <br /> Basis of Accountina <br /> <br /> The accompanying financial statement has been prepared on the cash receipts and <br /> disbursements basis of accounting, which is a comprehensive basis of accounting other <br /> than generally accepted accounting principles. Under that basis, the only asset <br /> recognized is cash, and no liabilities are recognized. All transactions are recognized as <br /> either cash receipts or disbursments. Noncash transactions are not recognized in the <br /> financial statement. <br /> <br />Note B: Cash <br /> <br /> The cash balance as of August 17, 2003, is composed of the following: <br /> <br /> Breakfast Optimist Club Account $ 60,082 <br /> Building & Ali-Star Fund 7,617 <br /> Ed Thomas Scholarship Fund - Restricted 26,835 <br /> Pee Wee Baseball of Paris 18,621 <br /> $ 113,155 <br /> <br /> The Ed Thomas scholarship account is restricted for scholarshi 3s only. <br /> <br /> <br />