Notes to financial statements - 2002 Annual Report - California Society of Certified Public Accountants

California CPA, Sept, 2002

10. NET ASSETS

As of April 30, 2002 and 2001, the net assets of the Foundation include approximately $411,000 and $300,000, respectively, that is temporarily restricted for scholarships by CalCPA chapters. Except for this balance, the net assets of CalCPA and the Foundation are unrestricted.

11. CONCENTRATION OF CREDIT RISK

CalCPA and the Foundation maintain a majority of their cash in money market accounts that are not federally insured and in bank deposit accounts that, at times, may exceed federally insured limits. The organizations have not experienced any losses in such accounts. Management believes the organizations are not exposed to any significant credit risk related to cash.