THE PRESBYTERIAN NIGHT SHELTER OF TARRANT COUNTY NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 201 4 NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Continued FUNCTIONAL ALLOCATION OF EXPENSES The costs of providing program, fund-raising and supporting services have been summarized on a functional basis in the statement of functional expenses. Accordingly , certain costs have been allocated among the programs and fund-raising activities benefited . COMPARATIVE DATA The financial statements include certain prior year summarized comparative information in total but not by net asset class. Such information does not include sufficient detail to constitute a presentation in conformity with U.S . GAAP. Accordingly, 31 , such information should be read in conjunction with the Shelter's financial statements for the year ended December 2013, from which the summarized information was derived. RECENTLY ISSUED ACCOUNTING PRONOUCEMENTS The Shelter has determined that there have been no recently issued or adopted accounting standards that will have or had a material impact on its financial statements . 3 - NOTE PROMISES TO GIVE The Shelter recogn izes uncond itional promises to give as support in the period the promise to give is made and repo1ts them as contributions in the statement of activities . Promises to give at December 31, 2014 are expected to be received as follows: 31 , 2015 $ 1 ,140,808 Year Ending December Year Ending December 31, 2016 34,333 31 , 2017 7,500 Year Ending December $ 1, 182,641 Total NOTE 4 - PROPERTY AND EQUIPMENT 31, 2014 2013 : Prope1ty and equipment consisted of the following as of December and 2014 2013 $ 529,984 $ 529,984 Land Bui lding and improvements 6,701,463 6,267,273 953,349 901 ,596 Machinery and equipment Veh icles 100,867 100,867 633,248 622,809 Furn iture and fixtures Total Cost 8,918,912 8,422,529 Less: Accumulated depreciation (3,847,773) (3,547, 164) Prope1ty and Equipment, Net $ 5,071 , 139 $ 4,875 ,365 10
THE PRESBYTERIAN NIGHT SHELTER OF TARRANT COUNTY NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 201 4 NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Continued FUNCTIONAL ALLOCATION OF EXPENSES The costs of providing program, fund-raising and supporting services have been summarized on a functional basis in the statement of functional expenses. Accordingly , certain costs have been allocated among the programs and fund-raising activities benefited . COMPARATIVE DATA The financial statements include certain prior year summarized comparative information in total but not by net asset class. Such information does not include sufficient detail to constitute a presentation in conformity with U.S . GAAP. Accordingly, such information should be read in conjunction with the Shelter's financial statements for the year ended December 31 , 2013, from which the summarized information was derived. RECENTLY ISSUED ACCOUNTING PRONOUCEMENTS The Shelter has determined that there have been no recently issued or adopted accounting standards that will have or had a material impact on its financial statements . NOTE 3 - PROMISES TO GIVE The Shelter recogn izes uncond itional promises to give as support in the period the promise to give is made and repo1ts them as contributions in the statement of activities . Promises to give at December 31, 2014 are expected to be received as follows: Year Ending December 31 , 2015 $ 1 ,140,808 Year Ending December 31, 2016 34,333 Year Ending December 31 , 2017 7,500 Total $ 1, 182,641 NOTE 4 - PROPERTY AND EQUIPMENT Prope1ty and equipment consisted of the following as of December 31, 2014 and 2013 : 2014 2013 Land $ 529,984 $ 529,984 Bui lding and improvements 6,701,463 6,267,273 Machinery and equipment 953,349 901 ,596 Veh icles 100,867 100,867 Furn iture and fixtures 633,248 622,809 Total Cost 8,918,912 8,422,529 Less: Accumulated depreciation (3,847,773) (3,547, 164) Prope1ty and Equipment, Net $ 5,071 , 139 $ 4,875 ,365 10
2014%20Audit%20Presbyterian%20Night%20Shelter.docx