AG 2001 08 20 - Laserfiche WebLink

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POPLAR T~qT VO~ FIRE DEPARTMENT, ]!NC. Notes to Financial Stat~nents December 31, 2000 and 1999 Note 1 - Sunrm~ry. of Significant Accounting Policies (A) Nature of Activities - Poplar Tent Volunteer Fire Depa~ [~Lent, Inc. (the Organization) is a non-profit organization providing fire protection to the residents of its fire district. A majority of its funding is provided by Cabarrus County, the City of Concord, and the City of Kannapolis. (B) Method of Accounting - The Organization's financial stat~ents are prepared on the cash basis of accounting. Under this method revenues are recorded when received rather than when earned, and expenses are recorded when paid rather than when they are in- curred, with the exception of depreciation on property and equip- ment. Accordingly, the financial statements are not intended to present information in accordance with generally accepted account- ing principles. (C) Donated Services and Materials - No amounts have been reflected in the stat~nents for donated services inasmuch as no objective basis is available to measure the value of such services; however, a substantial number of volunteers have donated significant a~ounts of their time in the Organization's program services and in its fund raising campaigns. Donated materials, property and equi~ent are reflected as donations at their estJ3nated value at date of receipt. (D) Property and Equipment - Property and equi~nent are recorded at cost. Betterments and renewals are capitalized and repairs and m~i ntenance are expensed as incurred. Depreciation, cc~puted by using the straight-line methcd, is provided over the estimated useful life of the property. Note 2 - Tax Status The Organization is exempt frcm incc~e tax under Section 501 (c) (4) of the Internal Revenue Code and is not classified as a private foundation. Note 3 - Cash The Organization maintains a cash balance with First Charter National Bank. Cash amounts at the bank are insured by FDIC for up to $100,000. Amounts in excess of insured limits were $52,045 at December 31, 2000 and $62,834 at December 31, 1999.