Title: Basis of Accounting and Presentation
Accounting Policies: Our financial statements have been prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America. The financial statements are presented in accordance with Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 958 dated August 2016, and the provisions of the American Institute of Certified Public Accountants (AICPA) “Audit and Accounting Guide for Not-for-Profit Organizations”. (ASC) 958-205 was effective January 1, 2018.
De Minimis Rate Used: Y
Rate Explanation: SWIFT does not have a currently negotiated rate, so they elected to charge a de minimis rate of 10% of modified total direct costs.
Our financial statements have been prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America. The financial statements are presented in accordance with Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 958 dated August 2016, and the provisions of the American Institute of Certified Public Accountants (AICPA) “Audit and Accounting Guide for Not-for-Profit Organizations”. (ASC) 958-205 was effective January 1, 2018.
Title: Basis of Accounting and Presentation
Accounting Policies: Our financial statements have been prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America. The financial statements are presented in accordance with Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 958 dated August 2016, and the provisions of the American Institute of Certified Public Accountants (AICPA) “Audit and Accounting Guide for Not-for-Profit Organizations”. (ASC) 958-205 was effective January 1, 2018.
De Minimis Rate Used: Y
Rate Explanation: SWIFT does not have a currently negotiated rate, so they elected to charge a de minimis rate of 10% of modified total direct costs.
Financial position and activities are reported in one of two classes of net assets: net assets with donor restrictions and net assets without donor restrictions.
Title: Cash and Cash Equivalents
Accounting Policies: Our financial statements have been prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America. The financial statements are presented in accordance with Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 958 dated August 2016, and the provisions of the American Institute of Certified Public Accountants (AICPA) “Audit and Accounting Guide for Not-for-Profit Organizations”. (ASC) 958-205 was effective January 1, 2018.
De Minimis Rate Used: Y
Rate Explanation: SWIFT does not have a currently negotiated rate, so they elected to charge a de minimis rate of 10% of modified total direct costs.
For the purposes of the Statement of Cash Flows, all highly liquid investments with an initial maturity of twelve months or less to be cash equivalents, except for such instruments purchased with contributions with donor-imposed restrictions limiting their use to long-term purposes, which are classified as investments. The carrying amount approximates fair value.
Title: Cash and Cash Equivalents
Accounting Policies: Our financial statements have been prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America. The financial statements are presented in accordance with Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 958 dated August 2016, and the provisions of the American Institute of Certified Public Accountants (AICPA) “Audit and Accounting Guide for Not-for-Profit Organizations”. (ASC) 958-205 was effective January 1, 2018.
De Minimis Rate Used: Y
Rate Explanation: SWIFT does not have a currently negotiated rate, so they elected to charge a de minimis rate of 10% of modified total direct costs.
SWIFT maintains cash in bank deposit accounts which, at times, may exceed federally insured limits. SWIFT has not experienced any losses in such accounts.
Title: Contributions
Accounting Policies: Our financial statements have been prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America. The financial statements are presented in accordance with Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 958 dated August 2016, and the provisions of the American Institute of Certified Public Accountants (AICPA) “Audit and Accounting Guide for Not-for-Profit Organizations”. (ASC) 958-205 was effective January 1, 2018.
De Minimis Rate Used: Y
Rate Explanation: SWIFT does not have a currently negotiated rate, so they elected to charge a de minimis rate of 10% of modified total direct costs.
Contributions, including unconditional promises to give, are recognized as revenues in the period received. Conditional promises to give are not recognized until the conditions on which they depend are substantially met. Transfers of assets, under conditional promises, received prior to fulfilling these conditions, are recorded as a liability until the conditions are substantially met. Contributions of assets other than cash are recorded at their estimated fair value at the date of gift.
Title: Contributions
Accounting Policies: Our financial statements have been prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America. The financial statements are presented in accordance with Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 958 dated August 2016, and the provisions of the American Institute of Certified Public Accountants (AICPA) “Audit and Accounting Guide for Not-for-Profit Organizations”. (ASC) 958-205 was effective January 1, 2018.
De Minimis Rate Used: Y
Rate Explanation: SWIFT does not have a currently negotiated rate, so they elected to charge a de minimis rate of 10% of modified total direct costs.
Allowance is made for uncollectible contributions based upon management’s judgment and analysis of the creditworthiness of the donors, past collection experience and other relevant factors
Title: Donated Assets
Accounting Policies: Our financial statements have been prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America. The financial statements are presented in accordance with Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 958 dated August 2016, and the provisions of the American Institute of Certified Public Accountants (AICPA) “Audit and Accounting Guide for Not-for-Profit Organizations”. (ASC) 958-205 was effective January 1, 2018.
De Minimis Rate Used: Y
Rate Explanation: SWIFT does not have a currently negotiated rate, so they elected to charge a de minimis rate of 10% of modified total direct costs.
Noncash donations are recorded as contributions at their fair values at the date of donation.
Title: Property, Plant and Equipment
Accounting Policies: Our financial statements have been prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America. The financial statements are presented in accordance with Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 958 dated August 2016, and the provisions of the American Institute of Certified Public Accountants (AICPA) “Audit and Accounting Guide for Not-for-Profit Organizations”. (ASC) 958-205 was effective January 1, 2018.
De Minimis Rate Used: Y
Rate Explanation: SWIFT does not have a currently negotiated rate, so they elected to charge a de minimis rate of 10% of modified total direct costs.
Acquisitions of property, plant and equipment in excess of $500 are capitalized. Property, plant and equipment are stated at cost at acquisition or at fair value at the date of donation. Depreciation is based on the estimated useful life of the asset using the straight-line method. SWIFT records impairments of its property, plant and equipment when it becomes probable that the carrying value of the assets will not be fully recovered over their estimated lives. Impairments are recorded to reduce the carrying value of the assets to their net realizable value determined by management based on facts and circumstances at the time of the determination. No property, plant or equipment impairments were recorded in the current year.
Title: Property, Plant and Equipment
Accounting Policies: Our financial statements have been prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America. The financial statements are presented in accordance with Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 958 dated August 2016, and the provisions of the American Institute of Certified Public Accountants (AICPA) “Audit and Accounting Guide for Not-for-Profit Organizations”. (ASC) 958-205 was effective January 1, 2018.
De Minimis Rate Used: Y
Rate Explanation: SWIFT does not have a currently negotiated rate, so they elected to charge a de minimis rate of 10% of modified total direct costs.
Equipment consists of medical and dental equipment purchased and held for lease to health organizations in area communities that are in need. The equipment is reflected at cost and depreciated over five years.
Title: Functional Expense Classification
Accounting Policies: Our financial statements have been prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America. The financial statements are presented in accordance with Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 958 dated August 2016, and the provisions of the American Institute of Certified Public Accountants (AICPA) “Audit and Accounting Guide for Not-for-Profit Organizations”. (ASC) 958-205 was effective January 1, 2018.
De Minimis Rate Used: Y
Rate Explanation: SWIFT does not have a currently negotiated rate, so they elected to charge a de minimis rate of 10% of modified total direct costs.
Expenses classified as “Program expenses” are the direct costs of operating the programs. Expenses that are not directly identifiable with the primary functions but are indispensable to the conduct of the program service and the SWIFT's existence, are classified as “Management and administrative”.
Title: Use of Estimates
Accounting Policies: Our financial statements have been prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America. The financial statements are presented in accordance with Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 958 dated August 2016, and the provisions of the American Institute of Certified Public Accountants (AICPA) “Audit and Accounting Guide for Not-for-Profit Organizations”. (ASC) 958-205 was effective January 1, 2018.
De Minimis Rate Used: Y
Rate Explanation: SWIFT does not have a currently negotiated rate, so they elected to charge a de minimis rate of 10% of modified total direct costs.
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosed contingent assets and liabilities at the date of the financial statement. Actual results could differ from those estimates.
Title: Taxes
Accounting Policies: Our financial statements have been prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America. The financial statements are presented in accordance with Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 958 dated August 2016, and the provisions of the American Institute of Certified Public Accountants (AICPA) “Audit and Accounting Guide for Not-for-Profit Organizations”. (ASC) 958-205 was effective January 1, 2018.
De Minimis Rate Used: Y
Rate Explanation: SWIFT does not have a currently negotiated rate, so they elected to charge a de minimis rate of 10% of modified total direct costs.
SWIFT is exempt from income taxes by the Internal Revenue Service in accordance with I.R.C. Section 501(c) (3).