Basis of Presentation To ensure observance of limitations and restrictions placed on the use of resources available to the FTE, the accounts of the FTE are maintained in accordance with the principles of fund accounting. The assets, liabilities and fund balances of the FTE are reported in three self-balancing fund groups. Restricted and unrestricted current funds represent expendable funds that are available for support of the FTE operations. The restricted fund represents contributions for purposes specified by the donor. Unexpended restricted contributions are recorded as deferred restricted contributions.
Endowment funds represent funds that are subject to restrictions of gift instruments.
The Executive Committee has maintained the designation of the funds as an endowment. The FTE considers all investments with original maturities of less than three months to be cash equivalents. Depreciation Depreciation on furniture and equipment is computed using the straight-line method over estimated useful lives of five years. Endowment Fund Investments Investments in equity securities with readily determinable fair values and all investments in debt securities are measured at fair value in the financial statements with the related gains and losses reported in current year activities. Fair value is determined using quotes obtained from publicly reported exchanges.