The accompanying notes are an integral part of these financial statements. The accompanying notes are an integral part of these financial statements. The Commission's operations are financed through contributions from colleges, universities and other organizations and through general support grants and restricted grants from private foundations and other sources. The Commission conducts its work directly through committees and working groups as well as through contracts with other organizations and individuals. Grant Revenue - Grants to the Commission are recorded in the balance sheet as grants receivable and as deferred grant revenue when awarded.
Interest earned on grant funds received is deferred and included in deferred grant revenue.
Revenue earned on restricted grant funds, including interest, is recognized only to the extent of expenditures that satisfy the restricted purpose of these grants. Unrestricted grant revenue is recognized as income in accordance with the budgeted annual payments specified by the grantor. Contributions - Contributions for general support of the Commission are recognized as revenue when received. Contracts Payable - Contracts made by the Commission are recorded in the balance sheet as contracts payable and as an ecpense at the time the contracts are signed. This normally occurs after the Board of Directors has approved the contracts, which are generally payable within one year.