COM 0696.004 2008-2010 - Laserfiche WebLink

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HAWAII ISLAND HUMANE SOCIETY Notes to the Financial Statements June 30, 2010 Note 5. NET ASSETS The Hawaii Island Humane Society has conformed to Statement of Financial Accounting Standards (SFAS) No. 117, "Financial Statements of Not - for - Profit Organizations ". Accordingly, the Society is required to report information regarding its financial position and activities according to three classes of net assets: unrestricted net assets, temporarily restricted net assets and permanently restricted net assets. Unrestricted net assets represent those assets whose usage is neither temporarily nor permanently restricted by donors. These revenues are used for the general operating expenditures of the Society or for such other purposes as determined by the Board of Directors. Temporarily restricted net assets include those assets having donor restrictions that must be met either through some specific actions of the Society or by the passage of time. At June 30, 2010, temporarily restricted net assets consisted of the following: Katie Fund $ 22,606 Second Chance 37,342 Spay/Neuter 25,857 Michi Haga 21,882 West Hawai'i Cattery 19,550 Capital Campaign 7,281 Keau'au Kennels 21,433 Waimea Kennels 11,410 Equine Fund 17,425 Total Temp Rest Funds $ 184,786 Permanently restricted net assets are endowment funds restricted in perpetuity to continue the purpose of the Society. Income generated by these assets can be used for activities as specified by the donor. At June 30, 2010, permanently restricted net assets consisted of the $22,347 for the Spay/Neuter program. Note 6. DONA _ ED SERViCES Under SFAS No. 116, contributions of donated services that create or enhance nonfinancial assets or that require specialized skills, are provided by individuals possessing those skills, and would typically need to be purchased if not provided by donation, are recorded at their fair values in the period received. No amounts have been reflected in the statements for donated services inasmuch as no objective basis is available to measure the value of such services. However, a number of volunteers have donated significant amounts of their time in program services. Page 12