Fund Accounting - To ensure observance of limitations and restrictions placed on the use of available resources, the Corporation maintains three separate funds. Restricted Fund represents funds that are subject to restrictions imposed by the donor as to how the Corporation may expend or distribute the funds. Property Fund represents the historical cost of property and equipment held by the Corporation, less related depreciation and amortization of these assets.
Inventory is reported at the lower of cost or net realizable value.
Revenue and Expense Recognition - Unrestricted federal appropriations are recognized as revenue in the year to which they are appropriated, and related contracts and grants are recognized as expenses and payables when the applicable agreements are executed. Unexpended balances of grants awarded by the Corporation are required to be returned to the Corporation by grantees. Grant refunds to the Corporation are recorded as unrestricted revenue when the amount of refund due the Corporation becomes known, normally when a final accounting by the grantee is submitted. Restricted grant income, including related interest income and ancillary sales, is deferred until expended for the purpose of the grant or agreement. Prior Year Amounts - The amounts shown for 1994 in the accompanying financial statements are included to provide a basis for comparison with 1995 amounts and represent summary totals only.