CRA 04/17/2014 Minutes - Laserfiche WebLink

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NOTES TO FINANCIAL STATEMENTS Year Ended September 30, 2013 NOTE 1- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Budgets and the Budgetary Process (Continued) The accompanying Schedule of Revenues, Expenditures, and Changes in Fund Balances - Budget and Actual for the General Fund reflect the original and final budget authorization amounts, which includes all amendments. Appropriations lapse at the close of the fiscal year. The CRA's management cannot amend or transfer appropriations. For the year ended September 30, 2013, the CRA's budget was prepared on a modified accrual basis. Pooled Cash and Equivalents Pooled cash and equivalents are stated at fair value. Property and Equipment Property and equipment purchased in the General Fund are recorded as expenditures at the time of purchase. It is the policy of the CRA to capitalize properly and equip- ment over $1,000 with an estimated useful life in excess of one year. Lesser amounts are expensed. Depreciation has been recorded using the straight -line method over useful lives varying from 3 to 40 years, depending upon the asset type. The CRA does not have donated fixed assets. Fund Balance Nonspendable fund balance represents fund balance that is not in spendable form, such as prepaid items. The unassigned fund balance for governmental funds represents the CRA's resources available for future operations. Estimates and Assumptions The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial state- ments, and reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. -10-