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Flowe'~Store Volunteer Fire Department, Inc. <br /> <br /> Notes to Financial Statements <br /> (See Accountants' Compilation Report) <br /> <br />Sundry of Accounting Policies: <br /> <br />The following significant accounting principles and practices are <br />applied: <br /> Method of Accounting - The organization's financial statements <br /> and informational tax returns are prepared on the cash basis <br /> of accounting, <br /> <br /> Cash on Deposit - Passbook savings accounts and Purchased <br /> certificates of deposit are reflected at cost plus interest <br /> earned and credited through the end of the period. Interest <br /> earned is recognized as income at the time the funds are <br /> received. <br /> <br /> Donated Services - No amounts have been reflected in the <br /> statements for donated services inasmuch as no objective <br /> basis is available to measure the value of such services; <br /> however, a substantial number of volunteers have donated <br /> significant amounts of their time in the organization's <br /> program services and~in'~its.fund-raising-campaigns-,<~. <br /> <br /> Plant and Property - Property acquisitions with organizational <br /> funds are recorded at cost, while property received through <br /> gifts are recorded at fair market value on that date. <br /> Purchases of material items of property are capitalized and <br /> charged to the plant and property fund rather than to <br /> operations. Depreciation has not been provided for due to <br /> the tax-exempt nature of this entity. <br /> <br />Tax Status: <br /> <br />The organization is tax-exempt under section 501(c){3) of the <br />Internal Revenue Code and corresponding State income tax laws. <br /> <br /> <br />