| Lewis
County, New York |
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A. Summary
of
Significant Accounting Policies - contd.: Cash
and Cash Equivalents
For
purposes of the
Statements of Cash Flows, the Agency considers all unrestricted
highly
liquid
investments with
an initial maturity of three months or less to
be cash
equivalents.
Capital
Assets
Capital assets are recorded at cost if purchased; or at fair market value on the date of gift, if donated.
The Agency does not have a
formal capitalization policy. Expenditures
for major
renewals
and betterments that
extend the useful
life of an asset are capitalized. Expenditures
for
maintenance and repairs are charged to
expense as incurred
Allowance
for Doubtful Accounts The
Agency has elected not to establish an allowance for doubtful accounts
since
all receivables are deemed collectible. An
allowance will be established when an event occurs in
the future that
would necessitate a reserve. Use
of FASB Pronouncements Use
of Estimates Depreciation Depreciation is computed using the straight-line method. Equipment and furniture and fixtures are depreciated over their estimated useful lives ranging from five to seven years. Land improvements and leasehold improvements are depreciated over the estimated useful life of fifteen years. Accumulated
depreciation consists of the following:
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