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Redwood City Improvement Association <br />Notes to Financial Statements <br /> <br /> <br />6 <br /> <br />Note 1 - Summary of Significant Accounting Policies <br />Organization <br />The Redwood City Improvement Association (the Association) was incorporated in the State of <br />California on October 15, 2014 as a nonprofit public benefit corporation. The Association provides <br />programs and services within Downtown Redwood City and its surrounds to bring about its revitalization, <br />its investment capital, and the increased provision of quality public improvements of educational, cultural, <br />artistic, charitable and social services. The Association is supported primarily through grants from the <br />City of Redwood City. <br /> <br />Comparative Financial Information <br />The accompanying financial statements include certain prior-year summarized comparative information <br />in total but not by net asset class. Such information does not include sufficient detail to constitute a <br />presentation in conformity with accounting principles generally accepted in the United States of America <br />(GAAP). Accordingly, such information should be read in conjunction with the Association’s reviewed <br />financial statements as of and for the year ended November 30, 2023, from which the summarized <br />information was derived. <br /> <br />Cash and Cash Equivalents <br />Cash and cash equivalents for the purposes of the statement of cash flows consist of cash held in checking <br />account and available for current operations. The Association maintains cash balances in financial <br />institutions which are insured up to $250,000. At November 30, 2024, $382,340 in the bank exceeds <br />Federal depository insurance coverage. <br /> <br />Net Assets <br />Net assets, revenues, gains, and losses are classified based on the existence or absence of donor or <br />grantor-imposed restrictions. Accordingly, net assets and changes therein are classified and reported as <br />follows: <br /> <br />Net Assets without Donor Restrictions <br />Net assets available for use in general operations and not subject to donor (or certain grantor) restrictions. <br /> <br />Net Assets with Donor Restrictions <br />Net assets subject to donor‐ (or certain grantor‐) imposed restrictions. Some donor‐imposed restrictions <br />are temporary in nature, such as those that will be met by the passage of time or other events specified by <br />the donor. Other donor‐imposed restrictions are perpetual in nature, where the donor stipulates those <br />resources be maintained in perpetuity. The Association reports contributions restricted by donors as <br />8.A. - Page 28 of 33 <br />40