united states court tennis association united states court tennis ...

Notes to Financial Statements 2008-2009
THE UNITED STATES COURT TENNIS ASSOCIATION, INC
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 2009 AND 2008
2008-2009 Annual Report
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
NATURE OF ORGANIZATION: The United States Court Tennis Association, Inc. (USCTA) is a non-profit corporation
organized on February 25, 1955 for the purpose of fostering and promoting the game of court tennis for persons of all ages.
USCTA’s activities include establishing and administering the rules governing the game of court tennis, supporting clinics and
special events, and selling merchandise for promotional activities.
BASIS OF ACCOUNTING: The accompanying financial statements have been prepared on the cash basis of accounting.
Consequently, certain revenues are recognized when received rather than when earned, and certain expenses are recognized
when cash is disbursed rather than when the obligation is incurred.
DEPRECIATION: Property and equipment are being amortized using accelerated methods over the estimated useful lives of
the respective assets.
INCOME TAXES: The Association is an organization which is exempt from federal income taxes under Section 501 (c) (4)
of the Internal Revenue Code.
FINANCIAL STATEMENT PRESENTATION: For the financial statements, USCTA has adopted Statement of Financial
Accounting Standard (SFAS) No. 117, “Financial Statements of Not-for-Profit Organization”. Under SFAS No. 117, USCTA
is required to report information regarding its financial position and activities according to three classes of net assets: unrestricted
net assets, temporarily restricted net assets, and permanently restricted assets.
CONTRIBUTIONS: USCTA has also adopted SFAS No. 116, “Accounting for Contributions Received and Contributions
Made”. Accordingly, any contributions received are recorded as unrestricted, temporarily restricted, or permanently restricted
support depending on the existence and/or nature of any donor restrictions.
NOTE 2 - PREPAID EXPENSES
Prepaid Expenses consist of the following at September 30:
2009 2008
Prepaid Insurance $ 2,356 $ 2,356
Prepaid Prizes and Medals 6,045 6,263
TOTAL 8,401 8,619
NOTE 3 - AUCTION
USCTA has established an annual auction for the past several
years. Income is recorded at the actual amount realized from
the bidder. Donations for the auction are in the form of both
services and special events and no fair market value has been
established for the individual donors.
Page 11