Page 101 - Aug 2019 BOG Book_Neat

Exhibit D
(Continued)

Note 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

h. Property and Equipment

Property and equipment acquisitions are recorded at cost. Depreciation is recorded
over the estimated useful lives of the respective assets using the straight-line
method. The useful lives range from 3 to 10 years for furniture and equipment,
from 10 to 15 years for building improvements, and is 39 years for the building.
Additions and major improvements are capitalized, while expenditures for
maintenance and repairs are expensed as incurred.

i. Unearned Revenue

Unearned revenue consists of dues received in advance for the following year and
registration fees received as of year end for seminars to be held in the following
year.

j. Contributions

All contributions are considered to be available for unrestricted use unless
specifically restricted by the donor. Support that is restricted by the donor is
reported as an increase in unrestricted net assets if the restriction expires in the
reporting period in which the support is recognized. All other donor-restricted
support is reported as an increase in temporarily or permanently restricted net
assets depending on the nature of the restriction. When a restriction expires,
temporarily restricted net assets are reclassified to unrestricted net assets and are
reported in the statements of activities as net assets released from restriction.

k. Contributed Services

A portion of the Association's functions, including educational activities and
publications, is conducted by unpaid volunteers. The value of this contributed
time is not reflected in the accompanying consolidated financial statements since
the volunteers' time does not meet the criteria for recognition under accounting
principles generally accepted in the United States of America.

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