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CHILD CARE RESOURCE CENTER, INC. (A NONPROFIT CORPORATION)
NOTES TO FINANCIAL STATEMENTS June 30, 2014
NOTE 5 – PROPERTY AND EQUIPMENT (Continued)
Certain property and equipment with a net carrying amount of $644,222 was acquired with federal grant funds. Under federal regulations, the federal government maintains ownership interests in these properties and equipment. Use of these properties and equipment for other than the purpose for which they were funded must be approved by the federal agencies.
NOTE 6 – LINE OF CREDIT
At June 30, 2014, CCRC had a revolving line of credit of $8,000,000, which expires on March 15, 2015. At June 30, 2014 and 2013, there were no outstanding balances on the line of credit. The effective interest rate at June 30, 2014 was 4.00% per annum. Collateral used to secure the line of credit does not include any property acquired or improved with federal funds from the DHHS – ACF for the benefit of the Head Start Program.
NOTE 7 – TEMPORARILY RESTRICTED NET ASSETS
Movements in temporarily restricted net assets were as follows: Available
Expenditures/ Released from Restriction
- $ (96,182) $
Available June 30, 2014
346
June 30, 2013
$ 96,528 $
New Revenues
Child care and educational preschool programs
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