Indian Gaming Association Notes to Financial Statements Note 1: Summary of Significant Accounting Policies (Continued) Support and Revenue
Revenue is recognized when IGA satisfies a performance obligation by transferring a promised good to, or performing a service for, a customer. Revenue from non-exchange transactions (contributions) may be subject to conditions, in the form of both a barrier to entitlement and a refund of amounts paid (or release from obligation to make future payments). Revenues from exchange transactions are recognized as performance obligations are satisfied. Revenues from conditional non-exchange transactions are recognized when the barrier is satisfied. IGA's significant revenue recognition policies are outlined below: Contribution Revenue - contributions are recognized as revenue when cash, securities, or other assets; unconditional promises to give; or a notification of a beneficial interest is received. Conditional promises to give - that is, those with a measurable performance or other barrier and a right of return - are not recognized until the conditions on which they depend have been met. Contributions that are restricted by the donor are reported as increases in net assets without donor restrictions if the restrictions expire (that is, when a stipulated time restriction ends or purpose restriction is accomplished) in the reporting period in which the revenue is recognized. All other donor-restricted contributions are reported as increases in net assets with donor restrictions, depending on the nature of the restrictions. When a restriction expires, net assets with donor restrictions are reclassified to net assets without donor restrictions and reported in the statements of activities as net assets released from restrictions. Conferences, Trade Show and Educational Seminars - IGA generates revenue from conferences, trade shows and educational seminars. Receipts from conferences, trade shows, and educational seminars are recognized as revenue at a point in time when the related service or event has been completed or taken place. Membership Dues - Tribes - dues charged by IGA to members entitle the members to vote on the election of officers, disposition of all or substantially all of IGA's assets, any merger, dissolution and other business duly brought before the Tribal membership. Although IGA does not execute a contract with its members, management considers payment of annual dues, based on prices determined by IGA, to constitute member acceptance of the offered benefits. The membership period corresponds to IGA's fiscal year. Membership Dues - Associates - dues charged by IGA to associates members for the right to attend meetings of the Tribal membership on the invitation of the Tribal membership only, but may not vote. The membership period corresponds to IGA's fiscal year.
IGA recognizes the exchange of the membership dues over the membership period.
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