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LOS ANGELES COUNTY CHILDREN AND FAMILIES FIRST – PROPOSITION 10 COMMISSION (a Component Unit ... - page 31 / 47

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LOS ANGELES COUNTY CHILDREN AND FAMILIES FIRST – PROPOSITION 10 COMMISSION NOTES TO BASIC FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED JUNE 30, 2009

NOTE 11 - RELATED PARTY TRANSACTIONS (Continued)

The Commission paid approximately $30, 464,285 of provider grants to organization’s which are represented by nine members of the Board of Commissioners. In addition, $25,000 was provided for a conference for an organization which a Board member represents.

NOTE 12 - SUBSEQUENT EVENT

The State of California continues to experience fiscal difficulties. A statute was enacted to allow the State to borrow funds from the California Children and Families Trust Fund. Anticipating that loans would be short-term loans, the Commission does not believe there will be a lasting impact on their financial condition and that there is sufficient cash to sustain an impact on their cash liquidity needs.

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