Laserfiche WebLink
<br />Financials <br /> <br />. <br /> <br />COLORADO FOUNDA nON FOR WATER EDUCA nON <br /> <br />NOTES TO FINANCIAL STATEMENTS <br />June 30, 2003 <br /> <br />NOTE 1: ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES <br /> <br />The Colorado Foundation for Water Education ("the Foundation") was incorporated on September 23, <br />2002. The Foundation was established to promote a better understanding of water issues through <br />educational opportunities and resources so Colorado citizens will understand water as a limited resource <br />and will make informed decisions. <br /> <br />Standards of Acconnting and Financial Reporting <br /> <br />The Foundation follows the standards of accounting and financial reporting for non-profit organizations <br />which are in conformity with the recommendations of the American Institute of Certified Public <br />Accountants, The Foundation uses the accrual basis of accounting. <br /> <br />Estimates <br /> <br />. <br /> <br />The preparation of financial statements, in conformity with generally accepted accounting principles, <br />requires management to make estimates and assumptions that affect certain reported amounts and <br />disclosures. Accordingly, actual results could differ from those estimates. <br /> <br />Inventories <br /> <br />Inventories for use and sale are stated at cost, with cost determined by the first-in, first-out method. <br /> <br />Property and Equipment <br /> <br />Property and equipment are recorded at cost. Donated property and equipment are recorded at fair value <br />at the date of donation. The Foundation's policy is to capitalize all property and equipment with a useful <br />life of more than one year, and a unit cost of $5,000 or greater. <br /> <br />Contributions <br /> <br />All contributions are considered to be available for unrestricted use unless specifically restricted by the <br />donor. Amounts received that are designated for future periods or restricted by the donor for specific <br />purposes are reported as temporarily restricted or permanently restricted support that increases those net <br />asset classes. When a temporary restriction expires, temporarily restricted net assets are reclassified to <br />unrestricted net assets and reported in the statement of activities as net assets released from restrictions. <br /> <br />An endowment received from the Colorado Water Conservation Board ("CWCB") is the primary support <br />for the Foundation's activities. The Foundation also receives revenue from the sale of the Foundation's <br />educational products and programs, <br /> <br />. <br /> <br />Contributions of equipment and donations of services are recorded in the financial statements as in-kind <br />donations. <br /> <br />Colorado Foundationfor Water Education 2002 - 2003 Annual Report <br /> <br />11 <br />