The Southwestern Historical Quarterly, Volume 103, July 1999 - April, 2000 Page: 133
554 p. : ill. (some col.), maps, ports. ; 23 cm.View a full description of this periodical.
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1999 tjjazrs of the Assoczation 133
TEXAS STATE HISTORICAL ASSOCIATION
NOTES TO FINANCIAL STATEMENTS
AUGUST 31, 1998
NOTE 1-Organization and Summary of Signzficant Accounting Policies
Organization
The Texas State Historical Association (the Association) is a nonprofit organization formed in
1897. The Association's purpose, as expressed in its bylaws, is to foster the appreciation, under-
standing and teaching of the rich and unique history of Texas through programs and activities
to encourage and promote research, preservation and publication of historical material affecting
the State of Texas.
Basis of Presentation
The accompanying financial statements have been prepared on the accrual basis of accounting
in accordance with generally accepted accounting principles. Net assets and revenues, expenses,
gains, and losses are classified based on the existence or absence of donor-imposed restrictions.
Accordingly, net assets of the Association and changes therein are classified and reported as fol-
lows:
Unrestricted Net Assets-Net assets that are not subject to donor-imposed stipulations.
Temporarily Restricted Net Assets -Net assets subject to donor-imposed stipulations that may or
will be met, either by actions of the Association and/or the passage of time. When a restriction
expires, temporarily restricted net assets are reclassified to unrestricted net assets and reported
in the statement of activities as net assets released from restrictions.
Permanently Restricted Net Assets-Net assets subject to donor-imposed stipulations that they be
maintained permanently by the Association. Generally, the donors of these assets permit the As-
sociation to use all or part of the income earned on any related investments for general or specif-
ic purposes.
Contributions and Membership Fees
Contributions, including unconditional promises to give, are recorded as made. All contribu-
tions are available for unrestricted use unless specifically restricted by the donor. Membership
fees are recorded as income in the year in which the fees are received.
Estimates
The preparation of financial statements in conformity with generally accepted accounting princi-
ples requires management to make estimates and assumptions that affect certain reported
amounts and disclosures. Accordingly, actual results could differ from those estimates.
Cash and Equivalents
For purposes of the statement of cash flows, the Association considers all unrestricted cash and
other highly liquid investments with initial maturities of three months or less to be cash equiva-
lents.
Investments
The Association follows Statement of Financial Accounting Standards (SFAS) No. 124, Account-
ing for Certain Investments Held by Not-for-Profit Organizations. Under SFAS No. 124, investments in
marketable securities with readily determinable fair values and all debt securities are valued at
their fair value in the statement of financial position with any realized or unrealized gains and
losses reported in the statement of activities.
Inventory
Inventory includes various publications and books. Inventory is accounted for under the first-in,
first-out (FIFO) method and carried at the lower of cost or market value.
Faxed Assets
Fixed assets are recorded at cost or at estimated fair value. The Association follows the practice
of capitalizing all expenditures for equipment in excess of $1oo. Depreciation is provided using
the straight-line method over the five to seven years estimated useful lives of the assets.A 1 _ _ 7 . . -- ' .
1__
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Texas State Historical Association. The Southwestern Historical Quarterly, Volume 103, July 1999 - April, 2000, periodical, 2000; Austin, Texas. (https://texashistory.unt.edu/ark:/67531/metapth101220/m1/159/: accessed May 1, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; crediting Texas State Historical Association.