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O FINANCIAL TTEd=NOT <br />DECENB F�.R U�� <br />Note 1 - F ^^a tion an[ p oogg <br />The general purpose of the Corporation is to perform the cable television access <br />functions of the North Suburban Cable Commission (Commission). <br />Note p�liy <br />A summary of th,: Corporation's significant accounting policies follows. <br />19 Investments - Investments, ccnsisting of certificates of deposit are stated <br />at cost plus accumulated interest where sucb interest has been credited. <br />Interest earned as of the balance sheet date, but not yet paid or credited <br />has been a:crued. <br />Grants - Grant income is recorded as received from the cable operating <br />company. Funds are granted to applicants in accordance with Board of <br />Directors' approvals and are recorded as paid. <br />Operating expenses - Expenses are incurred as follows: <br />Direct - charges made directly to the Corporation <br />Allocated - charges from the Commission one time or se r.ices rendered basis. <br />L� Note ; - 9jan <br />ol <br />As of December 31, 1987 total grants approved and paid totaled: <br />outstanding - Janua.y 1 <br />Approved $ 4,611 <br />Pa?d 55,917 <br />Outstanding - December 31� <br />S 2�1�Q <br />H41.�f. - Tax St-t <br />the Corporation has been granted exempt status under Section 501(c) 3 of the <br />Internal Revenue Code from Federal and State income taxes. <br />N4to 5 - Statement of h low <br />In accordance with Statement of Accounting Standards No. 95 issued by the Financial <br />Accounting Standards Board, the Corporation replaced the Statement of Changes in <br />Financial Position with the Statement of Cash Flows for the year ended December 31, <br />1987. The 1986 statement was also replaced for purposes of comparability. <br />5 <br />