Collin County Community College District Annual Financial Report: 2013-2014 Page: 74
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COLLIN COUNTY COMMUNITY COLLEGE DISTRICT
Notes to Basic Financial Statements
August 31, 2014 and 2013
4. Contributions
Contributions, including unconditional promises to give, are recognized as revenues
in the period received. Conditional promises to give are not recognized until they
become unconditional; that is, when the conditions on which they depend are
substantially met. Contributions of assets, other than cash, are recorded at their
estimated fair value.
5. Donated Services and Facilities
Many individuals volunteer their time and perform a variety of tasks that help the
Foundation provide expanded educational opportunities in Collin County. These
donated services are not reflected in the financial statements.
The District allows the Foundation to use certain office space, personnel and
equipment at no cost. The value of these in kind contributions are not reflected in
the financial statements.
6. Cash and Cash Equivalents
Cash and cash equivalents include cash on hand, demand deposits and short-term
investments with a maturity date within three months of the date acquired by the
Foundation.
7. Investments
Investments in marketable debt and equity securities are stated at fair value. Fair
value is based upon quoted market prices.
8. Use of Estimates
The preparation of financial statements in conformity with accounting principles
generally accepted in the United States of America requires management to make
estimates and assumptions that affect certain reported amounts and disclosures.
Accordingly, actual results could differ from those estimates.
9. Income Taxes
The Foundation is a not-for-profit organization that is exempt from income taxes
under Section 501(c) (3) of the Internal Revenue Code.
B. Deposits
As of December 31, 2013, the Foundation's carrying amount of deposits was
$569,326, which includes $228,317 with JP Morgan Chase Bank, N.A., $100 of petty
cash and $340,909 with Northern Trust, NA. The bank balance at JP Chase MorganBank, N.A. of $161,090 was fully insured by the Federal Deposit Insurance
Corporation.74
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Collin County Community College District. Collin County Community College District Annual Financial Report: 2013-2014, report, 2014-23~; McKinney, Texas. (https://texashistory.unt.edu/ark:/67531/metapth641404/m1/86/?q=%22Business%2C+Economics+and+Finance%22: accessed July 8, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; crediting UNT Libraries Government Documents Department.