R2008-69 AUTHORIZING AGREEMENT - Laserfiche WebLink

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;' . Macon County Soil and Water Conservation District � Notes to Financial Statements Year Ended June 30, 2006 and 2007 Note 1. Summa of Si nificant Accountin Policies N Q 4 Macon County Soil and Water Conservation District is a locally organized and operated unit of state government. Established May 17, 1943, its purpose is to promote protection, mainte- nance, improvement, and wise use of soil, water, and all other natural resources within the district boundary. Currently, district boundaries are the same as the county boundaries. The financial statements of Macon Count Soil and Water Conservation District (District) have Y been prepared on the accruai basis of accounting in conformity with accounting principles gen- erally accepted in the United States of America (GAAP). The preparation of financial state- ments in conformity with GAAP requires management to make estimates and assumptions that affect the amounts recorded in the financial statements and accompanying notes. Actual results could differ from those estimates. The significant accounting policies followed by Macon County Soii and Water Conservation District are described below to enhance the usefulness of the financial statements to the reader. a. The Macon County Soil and Water Conservation District presents its financial statements on the accrual basis as rescribed b the Financial Accounting Standards Board whi�h p Y means that revenues are recognized when services are performed and billed rather than when collected and expenses are recognized when incurred rather than when paid. Grant funds are recognized when notice of the award is received from the grant;ng agency. b. The Macon County Soil and Water Conservation District Foundation (Foundation) is organ- ized under Section 501 c 3 of the Internal Revenue Code. The Foundation and Macon � )� ) County Soil and Water Conservation District share a common board of directors and are considered related parties under accounting principles generally accepted in the United States of America. Accordingly, the financial statements of the Foundation have been con- solidated with the District for reporting purposes. c. Temporarily restricted revenues whose restrictions are met in the year received ars recog- nized as unrestricted revenues accordin to board olic . 9 P Y d. Cash consists solely of amounts used for current operations and is held in demand de- posits. From time to time the balances in these accounts may exceed the FDIC insured maximum of $100,000. While these funds reside in FDIC insured institutions, they are guaranteed under the Iliinois Funds program. As such, there is no risk associated with the dollar amounts in the accounts. e. Fixed assets are recorded at cost and consist of tangible items which are depreciated over their estimated useful lives using the straight-line method of depreciation. Donated assets are recorded at their fair market value at time of receipt and depreciated over their esti- mated useful lives using the straight-line method of depreciation. At June 30, 2006 and 2007, the cost of these fixed assets and the associated accumulated depreciation were as follows: 10