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Accounting For Investments in Joint Ventures (Policies) | 12 Months Ended
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Dec. 31, 2015
Policies |
Accounting For Investments in Joint Ventures | Accounting for Investments in Joint Ventures For joint ventures where the Company holds more than 50% of the voting interest and has significant influence, the joint venture is consolidated with the presentation of non-controlling interest. In determining whether significant influence exists, the Company considers its participation in policy-making decisions and its representation on the venture’s management committee. For joint ventures in which the Company does not have joint control or significant influence, the cost method is used. Under the cost method, these investments are carried at the lower of cost or fair value. For those joint ventures in which there is joint control between the parties, the equity method is utilized whereby the Company’s share of the ventures’ earnings and losses is included in the statement of operations as earnings in joint ventures and its investments therein are adjusted by a similar amount. The Company periodically assesses its investments in joint ventures for impairment. If management determines that a decline in fair value is other than temporary it will write-down the investment and charge the impairment against operations. At December 31, 2015 and December 31, 2014, the Company’s percentage ownership and method of accounting for each joint venture is as follows:
| December 31, 2015 | December 31, 2014
Joint Venture | % Ownership | Significant Influence? | Accounting Method | % Ownership | Significant Influence? | Accounting Method
New Jersey Mill Joint Venture(“NJMJV”) | 67% | Yes | Consolidated | 66% | Yes | Consolidated
Golden Chest LLC Joint Venture (“GCJV”) | 100% | Yes | Consolidated | 48% | No | Cost

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- Definition Disclosure of accounting policy for interest in an unincorporated joint venture or partnership that is included in the enterprise's financial statements using the proportionate consolidation method of accounting. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=51655414&loc=d3e18780-107790 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 932 -SubTopic 323 -Section 05 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6474809&loc=d3e63930-109455 + Details
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