AND TELEVISION COMMISSION, INC.

For the Year Ended September 30, 2022

1. Organization and Summary of Significant Accounting Policies, continued Accrued Expenses

As of September 30, 2022, the FTC's accrued expenses include costs of accrued employee benefits of $13,543.

County Contract Advance

In connection with the FTC’s administrative services and agency contract (further described in Note 4), Palm Beach County advanced FTC $300,000 for use in facilitating vendor payments and other working capital needs, pending reimbursement of requested expenses.

Revenues and Support

Income generated by the FTC can be classified as either Revenues or Support. Revenues are generated through exchange transactions, while Support is generated through non-exchange transactions. The largest portion of the FTC’s income comes from grants and contracts, both of which are non-exchange transactions and are considered Support.

Grants and Contracts

Contract income from Palm Beach County and grant income from the DHED are recognized on a cost reimbursement basis. Revenue from contracts and grants are recognized when expenditures are made and recognized for the purposes specified.

Contributions

The FTC follows FASB Accounting Standard Codification (FASB ASC) 958-065, Accounting for Contributions Received and Contributions Made. In accordance with this standard, contributions received are recorded as with or without donor restrictions depending on the existence and/or nature of any such restrictions. Contributions that are initially restricted as to time or use are required to be reported as contributions with donor restrictions and are later reclassified to net assets without donor restrictions upon expiration of the time or use restriction. If the restriction placed upon a contribution is met within the same accounting period as the receipt of the contribution, FASB ASC 958-065 permits the contribution and the expense to be reported as net assets without donor restrictions. The FTC's donations from various sponsors are recorded as received and are generally without donor restrictions.

Membership

Membership revenue consists of dues assessed annually to members of the FTC’s Board of Directors, and is recognized upon receipt. These assessments are used to fund expenses that are not reimbursable under contract or grant agreements.