Starbucks Case Study
PRAISE EMERALD INTERNATIONAL SCHOOL FOUNDATION, INC
121-41 Rotary Drive, Pilot Area, NGC Compound, Brgy. Commonwealth, Q.C.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
March 31, 2010
1. ORGANIZATION:
Praise Emerald Int’l School Foundation, Inc (PEIS) is a non-stock, non-profit educational institution which started in 1988 as a Day Care Center in honor of Judge Lorenzo Veneracion’s late daughter who died in a plane crash in January 26, 1987. In 1994, this Day Care Center was turned into a formal Nursery School. In 2008, the Department of Education (DepEd) granted a full recognition for both the Elementary and Secondary levels. Despite its full recognition from DepEd, PEIS continues its vision to empower the economically disadvantaged, physically challenged, and spiritually lost children of Rotary Drive, Barangay Commonwealth, Quezon City where a community of relocates from Smokey Mountain in Manila reside. PEIS hope and dream is to see these less fortunate children become self-reliant, responsible, and productive Filipino citizen.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The more significant accounting policies and practices of the School are set forth to facilitate the understanding of data presented in the financial statements.
a. Basis of presenting financial statements
The financial statements have been prepared on the modified cash basis of accounting, which requires that revenues be recorded when received in cash rather than when earned, and expenses are recognized when cash is disbursed rather than when the obligation is incurred. The modification of cash basis includes capitalizing acquisition of fixed assets and recording depreciation of fixed assets.
3. PROPERTY AND EQUIPMENT
Fixed assets: Fixed Assets are stated at their historical cost of acquisition or construction, less accumulated depreciation. Cost includes all costs incurred to bring the assets to their
121-41 Rotary Drive, Pilot Area, NGC Compound, Brgy. Commonwealth, Q.C.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
March 31, 2010
1. ORGANIZATION:
Praise Emerald Int’l School Foundation, Inc (PEIS) is a non-stock, non-profit educational institution which started in 1988 as a Day Care Center in honor of Judge Lorenzo Veneracion’s late daughter who died in a plane crash in January 26, 1987. In 1994, this Day Care Center was turned into a formal Nursery School. In 2008, the Department of Education (DepEd) granted a full recognition for both the Elementary and Secondary levels. Despite its full recognition from DepEd, PEIS continues its vision to empower the economically disadvantaged, physically challenged, and spiritually lost children of Rotary Drive, Barangay Commonwealth, Quezon City where a community of relocates from Smokey Mountain in Manila reside. PEIS hope and dream is to see these less fortunate children become self-reliant, responsible, and productive Filipino citizen.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The more significant accounting policies and practices of the School are set forth to facilitate the understanding of data presented in the financial statements.
a. Basis of presenting financial statements
The financial statements have been prepared on the modified cash basis of accounting, which requires that revenues be recorded when received in cash rather than when earned, and expenses are recognized when cash is disbursed rather than when the obligation is incurred. The modification of cash basis includes capitalizing acquisition of fixed assets and recording depreciation of fixed assets.
3. PROPERTY AND EQUIPMENT
Fixed assets: Fixed Assets are stated at their historical cost of acquisition or construction, less accumulated depreciation. Cost includes all costs incurred to bring the assets to their