The Southwestern Historical Quarterly, Volume 105, July 2001 - April, 2002 Page: 203
741 p. : ill. (some col.), maps, ports. ; 23 cm.View a full description of this periodical.
Extracted Text
The following text was automatically extracted from the image on this page using optical character recognition software:
2001
Affairs of the Association
203
TEXAS STATE HISTORICAL ASSOCIATION
NOTES TO FINANCIAL STATEMENTS
AUGUST 31, 2000
NOTE i-Organzaton and Summary of Sgnmficant Accountng Polces
Organzzation
The Texas State Historical Association (the Association) is a nonprofit organization formed in
1897 The Association's purpose, as expressed m 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 Presentatzon
The accompanying financial statements have been prepared on the accrual basis of accounting
in accordance with generally accepted accounting principles. Net assets and revenues, expens-
es, gains, and losses are classified based on the existence or absence of donor-imposed restric-
tions. Accordingly, net assets of the Association and changes therein are classified and reported
as follows:
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.
Contrbutions 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 Cash 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.
Inventory also contains a collection of rare books, pamphlets and broadsides that were donated
to the Association in 1998 and recorded at their fair value. The donor stipulated that the books
were to be held for two years and a day, which will be approximately July 1, 2ooo. At that time
the Association can sell the collection and the donor will stipulate how the proceeds can be used
by the Association. As of August 31, 2ooo, the Association still has possession of the original do-
nated collection. The donor has yet to specify how the proceeds can be used by the Association.
Upcoming Pages
Here’s what’s next.
Search Inside
This issue can be searched. Note: Results may vary based on the legibility of text within the document.
Tools / Downloads
Get a copy of this page or view the extracted text.
Citing and Sharing
Basic information for referencing this web page. We also provide extended guidance on usage rights, references, copying or embedding.
Reference the current page of this Periodical.
Texas State Historical Association. The Southwestern Historical Quarterly, Volume 105, July 2001 - April, 2002, periodical, 2002; Austin, Texas. (https://texashistory.unt.edu/ark:/67531/metapth101222/m1/211/: accessed April 30, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; crediting Texas State Historical Association.