AND TELEVISION COMMISSION, INC.

For the Year Ended September 30, 2022

1. Organization and Summary of Significant Accounting Policies Organization and Nature of Activities

Palm Beach County Film and Television Commission, Inc. (the "FTC") is a not-for-profit organization incorporated in 1989 in the State of Florida. The FTC’s mission is to generate a positive impact on business tourism and the economy in Palm Beach County (the “County”) through the growth of the film, television, digital media and still photography industry, by attracting on-location production and educating the local workforce and providing services to both the visiting and the indigenous production community.

In 2016, FTC added a new business strategy that actively pursues episodic TV shows/content that positively showcases the Palm Beach County tourism brand. The Tourism Branded Content Sponsorship Program stimulates the creation of carefully crafted, high quality programming with established distribution to brand The Palm Beaches within niche markets. Through the allocated budget line-items Development and Sponsorships and Stimulus, the FTC can strategically leverage production costs to generate more targeted production.

The FTC provides scholarships and grants to students and schools through a contract with the Palm Beach County Department of Housing and Economic Sustainability (now known as the Department of Housing and Economic Development) (the “DHED”). Awards are determined through an annual statewide student film competition.

Basis of Presentation and Method of Accounting

The accompanying financial statements of the FTC have been prepared on the accrual basis of accounting, whereby revenues and support are recognized when earned, and expenses when the corresponding liability is incurred. This basis of accounting conforms to accounting principles generally accepted in the United States of America.

Financial Statements Presentation

The accompanying financial statements have been prepared on the accrual basis of accounting in conformity with the disclosure and display requirements of the Financial Accounting Standards Board (FASB) as set forth under FASB Accounting Standards Codification (FASB ASC) 958-205 Not-for-Profit Entities, Presentation of Financial Statements. Accordingly, the net assets of FTC are reported as follows:

Net assets without donor restrictions – this classification includes those net assets whose use is not restricted by donors, even though their use may be limited in other respects, such as by contract or by Board designation. Changes in net assets arising from exchange transactions (except income and gains on assets that are restricted by donors or by law) are included in net assets without donor restrictions. The FTC releases any purpose restrictions to this classification when funds are used for their intended purpose and when assets are placed in service for the use stipulated by the donor.