Cash Equivalents Highly liquid investments with an original maturity of three months or less are considered cash equivalents. Receivables Receivables are recorded for the annual conference, contracts, publication sales, training and software. An allowance for doubtful accounts is recorded based upon current expectations of collectibility and prior years' experience. Furniture, Fixtures and Equipment Furniture, fixtures and equipment are capitalized at cost. Depreciation of all fixed assets is charged as expense against operations.
Depreciation is computed on the straight-line basis over the estimated useful life of the asset.
Furniture and Fixtures 5 Years Equipment 3 Years Deferred Revenue Revenues are recorded on the cash basis of accounting during the year. At year end, allocations are made to defer the unearned portion until earned in the following year. Investment return is included in the revenues of GFOA Administration and the GFOA Foundation as shown in the Statement of Activities. In the normal course of business, GFOA invests in various financial assets and incurs various financial liabilities. The fair value of all financial assets and liabilities other than investments is assumed to approximate their carrying values as they are short-term in nature.