Laserfiche WebLink
HAWAII ISLAND HUMANE SOCIETY <br /> Notes to the Financial Statements <br /> June 30, 2009 <br /> Note 5. NET ASSETS <br /> The Hawaii Island Humane Society has conformed to Statement of Financial Accounting Standards <br /> (SFAS) No. 117, "Financial Statements of Not - for - Profit Organizations ". Accordingly, the Society <br /> is required to report information regarding its financial position and activities according to three <br /> classes of net assets: unrestricted net assets, temporarily restricted net assets and permanently <br /> restricted net assets. <br /> Unrestricted net assets represent those assets whose usage is neither temporarily nor permanently <br /> restricted by donors. These revenues are used for the general operating expenditures of the Society <br /> or for such other purposes as determined by the Board of Directors. <br /> Temporarily restricted net assets include those assets having donor restrictions that must be met <br /> either through some specific actions of the Society or by the passage of time. <br /> At June 30, 2009, temporarily restricted net assets consisted of the following: <br /> Michi Haga Miller Fund $ 21,882 <br /> Second Chance Fund 20,534 <br /> West Hawaii Cattery 19,550 <br /> Spay/Neuter Fund 23,850 <br /> Capital Campaign I0,000 <br /> Equine Fund 5,212 <br /> Kcaau Kennels 8,516 <br /> Waimea Kennel Project 5,695 <br /> Total Temporarily Restricted Net Assets $ 115,239 <br /> Permanently restricted net assets are endowment funds restricted in perpetuity to continue the <br /> purpose of the Society. Income generated by these assets can be used for activities as specified by <br /> the donor. At June 30, 2009, permanently restricted net assets consisted of the $19,905 for the <br /> Spay/Neuter program. <br /> Note 6. DONATED SERVICES <br /> Under SFAS No. 116, contributions of donated services that create or enhance nonfinancial assets <br /> or that require specialized skills, are provided by individuals possessing those skills, and would <br /> typically need to be purchased if not provided by donation, are recorded at their fair values in the <br /> period received. The value of the volunteer services donated is based on 573 volunteer hours at $10 <br /> per hour. <br /> Page 11 <br />