Title: CONCENTRATIONS OF CREDIT RISK
Accounting Policies: The Volunteers Against Violence, Inc., dba Voices Against Violence (the Organization), is a private, not-for-profit corporation governed by a Board of Directors. The Organization maintains a shelter and a twenty-four hour crisis hotline for victims of domestic violence and sexual assault for victims in the eight-county magic valley area. The Organization also provides education workshops, training sessions, and public speaking to raise awareness of domestic violence.
Formal Audit Program - As part of the formal audit program utilized by the Organization, an independent certified public accounting firm is contracted to perform an annual financial statement audit in accordance with generally accepted auditing standards.
Method of Accounting - Assets and liabilities, support, revenue, and expenses are recorded on the accrual basis of accounting, following generally accepted accounting principles.
Financial Statement Presentation - The Organization has adopted Accounting Standards Update (ASU) 2016-14, Presentation of Financial Statements of Not-for-Profit Entities. Under ASU 2016-14, the Organization is required to report information regarding its financial position and activities according to two classes of net assets: without donor restrictions, and with donor restrictions.
Without donor restrictions - The net assets not subject to donor-imposed restrictions.
With donor restrictions - The net assets subject to donor-imposed restrictions resulting from contributions and other inflows of assets whose use by the organization is limited by donor-imposed restrictions that either expire by passage of time or can be fulfilled and removed by actions of the Organization pursuant to those restrictions.
Management Estimates - The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.
Cash Equivalents - For purposes of the statement of cash flows, the Organization has designated cash in checking and certificates of deposit with original maturities of 90 days or less as cash equivalents.
Grants Receivable - Grants receivable generally consist of monies expended by year end that will be reimbursed by certain grantors. The amount reflected on the balance sheet reflects the amounts that were spent by year end. No allowance for doubtful accounts has been recorded, as the Organization expects to receive all grants recorded as receivable at year end.
Property and Equipment - Property and equipment are stated at cost. Depreciation is computed using the straight-line method based on the estimated useful lives of the related assets. Estimated useful lives range from 5 to 30 years.
Income Taxes - The Organization is exempt from income taxes under Section 501(c)(3) of the Internal Revenue Code. Accordingly, no provision has been made for income taxes in the accompanying financial statements, and qualifying contributions to the Organization are tax deductible.
Revenue Recognition - The Organization's revenue from grants and contracts is based on agreements with federal, state and local entities. The Organization recognizes grants and contracts as either contributions or exchange transactions, depending on whether the transaction is reciprocal or nonreciprocal. The majority of the grants and contracts are cost-reimbursable grants and contracts, which are conditioned upon certain performance requirements and/or the incurrence of allowable qualifying expenditures. Amounts received are recognized as revenue when the Organization has met the conditions, including incurring expenditures in compliance with the grant or contract provisions. Amounts received prior to incurring the qualifying expenses are reported as deferred revenue. Qualifying expenditures that have been incurred or serviced performed, but for which reimbursement has not yet been received, are reported in the statements of financial position as grants receivable. Amounts received from such grants for which the conditions and any restrictions are met in the same reporting period are reported as restricted revenue and satisfaction of program restrictions in that period.
Contributions are recognized as revenue when cash, securities or other assets are received. The Organization does not normally receive unconditional or conditional promises to give. Contributions are recorded as increases to net assets without donor restrictions or net assets with donor restrictions, depending on the existence and/or nature of any donor restrictions. When a restriction is satisfied or expires, net assets with donor restrictions are released to net assets without donor restrictions.
Fundraising Expenses - There were no fundraising expenses that were netted against total donation revenues for the current year.
Functional Allocation of Expenses - The costs of providing the programs and activities have been summarized on a functional basis in the accompanying statements of activities and functional expenses. Costs directly attributable to a specific function are reported as an expense of that department. All other costs have been allocated among the functions benefited utilizing allocation criteria established by the Organization.
Non-Cash Donations - The Organization receives in-kind donations of food, personal hygiene items, clothing and household goods on a regular basis. GAAP requires that these donations be recorded at their estimated fair market value. They are then expensed when used, and capital asset donations are capitalized and depreciated over their useful lives. No services received have been recorded as donations. Securities donated are immediately sold unless the Organization's advisors believe the security will perform exceptionally well.
De Minimis Rate Used: N
Rate Explanation: Volunteers Against Violence has not elected to use the 10 percent de minimis indirect cost rate and does not have an established cost rate.
Financial instruments that potentially subject the Organization to concentrations of credit risk consist of cash and cash equivalents and accounts receivable. Cash accounts are NCAU and FDIC insured for account balances up to $250,000. None of the Organization's account balances exceeded this threshold as of the end of the fiscal year.
Title: COMMITMENTS/CONTINGENCIES
Accounting Policies: The Volunteers Against Violence, Inc., dba Voices Against Violence (the Organization), is a private, not-for-profit corporation governed by a Board of Directors. The Organization maintains a shelter and a twenty-four hour crisis hotline for victims of domestic violence and sexual assault for victims in the eight-county magic valley area. The Organization also provides education workshops, training sessions, and public speaking to raise awareness of domestic violence.
Formal Audit Program - As part of the formal audit program utilized by the Organization, an independent certified public accounting firm is contracted to perform an annual financial statement audit in accordance with generally accepted auditing standards.
Method of Accounting - Assets and liabilities, support, revenue, and expenses are recorded on the accrual basis of accounting, following generally accepted accounting principles.
Financial Statement Presentation - The Organization has adopted Accounting Standards Update (ASU) 2016-14, Presentation of Financial Statements of Not-for-Profit Entities. Under ASU 2016-14, the Organization is required to report information regarding its financial position and activities according to two classes of net assets: without donor restrictions, and with donor restrictions.
Without donor restrictions - The net assets not subject to donor-imposed restrictions.
With donor restrictions - The net assets subject to donor-imposed restrictions resulting from contributions and other inflows of assets whose use by the organization is limited by donor-imposed restrictions that either expire by passage of time or can be fulfilled and removed by actions of the Organization pursuant to those restrictions.
Management Estimates - The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.
Cash Equivalents - For purposes of the statement of cash flows, the Organization has designated cash in checking and certificates of deposit with original maturities of 90 days or less as cash equivalents.
Grants Receivable - Grants receivable generally consist of monies expended by year end that will be reimbursed by certain grantors. The amount reflected on the balance sheet reflects the amounts that were spent by year end. No allowance for doubtful accounts has been recorded, as the Organization expects to receive all grants recorded as receivable at year end.
Property and Equipment - Property and equipment are stated at cost. Depreciation is computed using the straight-line method based on the estimated useful lives of the related assets. Estimated useful lives range from 5 to 30 years.
Income Taxes - The Organization is exempt from income taxes under Section 501(c)(3) of the Internal Revenue Code. Accordingly, no provision has been made for income taxes in the accompanying financial statements, and qualifying contributions to the Organization are tax deductible.
Revenue Recognition - The Organization's revenue from grants and contracts is based on agreements with federal, state and local entities. The Organization recognizes grants and contracts as either contributions or exchange transactions, depending on whether the transaction is reciprocal or nonreciprocal. The majority of the grants and contracts are cost-reimbursable grants and contracts, which are conditioned upon certain performance requirements and/or the incurrence of allowable qualifying expenditures. Amounts received are recognized as revenue when the Organization has met the conditions, including incurring expenditures in compliance with the grant or contract provisions. Amounts received prior to incurring the qualifying expenses are reported as deferred revenue. Qualifying expenditures that have been incurred or serviced performed, but for which reimbursement has not yet been received, are reported in the statements of financial position as grants receivable. Amounts received from such grants for which the conditions and any restrictions are met in the same reporting period are reported as restricted revenue and satisfaction of program restrictions in that period.
Contributions are recognized as revenue when cash, securities or other assets are received. The Organization does not normally receive unconditional or conditional promises to give. Contributions are recorded as increases to net assets without donor restrictions or net assets with donor restrictions, depending on the existence and/or nature of any donor restrictions. When a restriction is satisfied or expires, net assets with donor restrictions are released to net assets without donor restrictions.
Fundraising Expenses - There were no fundraising expenses that were netted against total donation revenues for the current year.
Functional Allocation of Expenses - The costs of providing the programs and activities have been summarized on a functional basis in the accompanying statements of activities and functional expenses. Costs directly attributable to a specific function are reported as an expense of that department. All other costs have been allocated among the functions benefited utilizing allocation criteria established by the Organization.
Non-Cash Donations - The Organization receives in-kind donations of food, personal hygiene items, clothing and household goods on a regular basis. GAAP requires that these donations be recorded at their estimated fair market value. They are then expensed when used, and capital asset donations are capitalized and depreciated over their useful lives. No services received have been recorded as donations. Securities donated are immediately sold unless the Organization's advisors believe the security will perform exceptionally well.
De Minimis Rate Used: N
Rate Explanation: Volunteers Against Violence has not elected to use the 10 percent de minimis indirect cost rate and does not have an established cost rate.
A substantial portion of the Organization's revenue and support is derived from government grants and contracts, the loss of which could have a material adverse effect on the Organization. Amounts received from government grants and contracts are subject to audit and adjustment by various government agencies. Any disallowed claim, including amounts already collected, may constitute a liability. The amount, if any, of expenditures that may be disallowed cannot be determined at this time. Management expects such amounts, if any, would not be material to the financial statements.
The Organization is exposed to various risks of loss related to litigation; theft of, damage to and destruction of assets; errors and omissions and natural disasters for which the Organization carries commercial insurance.
Title: LITIGATION, CONTINGENT LIABILITIES AND OTHER COMMITMENTS
Accounting Policies: The Volunteers Against Violence, Inc., dba Voices Against Violence (the Organization), is a private, not-for-profit corporation governed by a Board of Directors. The Organization maintains a shelter and a twenty-four hour crisis hotline for victims of domestic violence and sexual assault for victims in the eight-county magic valley area. The Organization also provides education workshops, training sessions, and public speaking to raise awareness of domestic violence.
Formal Audit Program - As part of the formal audit program utilized by the Organization, an independent certified public accounting firm is contracted to perform an annual financial statement audit in accordance with generally accepted auditing standards.
Method of Accounting - Assets and liabilities, support, revenue, and expenses are recorded on the accrual basis of accounting, following generally accepted accounting principles.
Financial Statement Presentation - The Organization has adopted Accounting Standards Update (ASU) 2016-14, Presentation of Financial Statements of Not-for-Profit Entities. Under ASU 2016-14, the Organization is required to report information regarding its financial position and activities according to two classes of net assets: without donor restrictions, and with donor restrictions.
Without donor restrictions - The net assets not subject to donor-imposed restrictions.
With donor restrictions - The net assets subject to donor-imposed restrictions resulting from contributions and other inflows of assets whose use by the organization is limited by donor-imposed restrictions that either expire by passage of time or can be fulfilled and removed by actions of the Organization pursuant to those restrictions.
Management Estimates - The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.
Cash Equivalents - For purposes of the statement of cash flows, the Organization has designated cash in checking and certificates of deposit with original maturities of 90 days or less as cash equivalents.
Grants Receivable - Grants receivable generally consist of monies expended by year end that will be reimbursed by certain grantors. The amount reflected on the balance sheet reflects the amounts that were spent by year end. No allowance for doubtful accounts has been recorded, as the Organization expects to receive all grants recorded as receivable at year end.
Property and Equipment - Property and equipment are stated at cost. Depreciation is computed using the straight-line method based on the estimated useful lives of the related assets. Estimated useful lives range from 5 to 30 years.
Income Taxes - The Organization is exempt from income taxes under Section 501(c)(3) of the Internal Revenue Code. Accordingly, no provision has been made for income taxes in the accompanying financial statements, and qualifying contributions to the Organization are tax deductible.
Revenue Recognition - The Organization's revenue from grants and contracts is based on agreements with federal, state and local entities. The Organization recognizes grants and contracts as either contributions or exchange transactions, depending on whether the transaction is reciprocal or nonreciprocal. The majority of the grants and contracts are cost-reimbursable grants and contracts, which are conditioned upon certain performance requirements and/or the incurrence of allowable qualifying expenditures. Amounts received are recognized as revenue when the Organization has met the conditions, including incurring expenditures in compliance with the grant or contract provisions. Amounts received prior to incurring the qualifying expenses are reported as deferred revenue. Qualifying expenditures that have been incurred or serviced performed, but for which reimbursement has not yet been received, are reported in the statements of financial position as grants receivable. Amounts received from such grants for which the conditions and any restrictions are met in the same reporting period are reported as restricted revenue and satisfaction of program restrictions in that period.
Contributions are recognized as revenue when cash, securities or other assets are received. The Organization does not normally receive unconditional or conditional promises to give. Contributions are recorded as increases to net assets without donor restrictions or net assets with donor restrictions, depending on the existence and/or nature of any donor restrictions. When a restriction is satisfied or expires, net assets with donor restrictions are released to net assets without donor restrictions.
Fundraising Expenses - There were no fundraising expenses that were netted against total donation revenues for the current year.
Functional Allocation of Expenses - The costs of providing the programs and activities have been summarized on a functional basis in the accompanying statements of activities and functional expenses. Costs directly attributable to a specific function are reported as an expense of that department. All other costs have been allocated among the functions benefited utilizing allocation criteria established by the Organization.
Non-Cash Donations - The Organization receives in-kind donations of food, personal hygiene items, clothing and household goods on a regular basis. GAAP requires that these donations be recorded at their estimated fair market value. They are then expensed when used, and capital asset donations are capitalized and depreciated over their useful lives. No services received have been recorded as donations. Securities donated are immediately sold unless the Organization's advisors believe the security will perform exceptionally well.
De Minimis Rate Used: N
Rate Explanation: Volunteers Against Violence has not elected to use the 10 percent de minimis indirect cost rate and does not have an established cost rate.
There is no litigation, present or pending, that the Organization is involved in.
Title: LIQUIDITY AND AVAILABILITY OF RESOURCES
Accounting Policies: The Volunteers Against Violence, Inc., dba Voices Against Violence (the Organization), is a private, not-for-profit corporation governed by a Board of Directors. The Organization maintains a shelter and a twenty-four hour crisis hotline for victims of domestic violence and sexual assault for victims in the eight-county magic valley area. The Organization also provides education workshops, training sessions, and public speaking to raise awareness of domestic violence.
Formal Audit Program - As part of the formal audit program utilized by the Organization, an independent certified public accounting firm is contracted to perform an annual financial statement audit in accordance with generally accepted auditing standards.
Method of Accounting - Assets and liabilities, support, revenue, and expenses are recorded on the accrual basis of accounting, following generally accepted accounting principles.
Financial Statement Presentation - The Organization has adopted Accounting Standards Update (ASU) 2016-14, Presentation of Financial Statements of Not-for-Profit Entities. Under ASU 2016-14, the Organization is required to report information regarding its financial position and activities according to two classes of net assets: without donor restrictions, and with donor restrictions.
Without donor restrictions - The net assets not subject to donor-imposed restrictions.
With donor restrictions - The net assets subject to donor-imposed restrictions resulting from contributions and other inflows of assets whose use by the organization is limited by donor-imposed restrictions that either expire by passage of time or can be fulfilled and removed by actions of the Organization pursuant to those restrictions.
Management Estimates - The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.
Cash Equivalents - For purposes of the statement of cash flows, the Organization has designated cash in checking and certificates of deposit with original maturities of 90 days or less as cash equivalents.
Grants Receivable - Grants receivable generally consist of monies expended by year end that will be reimbursed by certain grantors. The amount reflected on the balance sheet reflects the amounts that were spent by year end. No allowance for doubtful accounts has been recorded, as the Organization expects to receive all grants recorded as receivable at year end.
Property and Equipment - Property and equipment are stated at cost. Depreciation is computed using the straight-line method based on the estimated useful lives of the related assets. Estimated useful lives range from 5 to 30 years.
Income Taxes - The Organization is exempt from income taxes under Section 501(c)(3) of the Internal Revenue Code. Accordingly, no provision has been made for income taxes in the accompanying financial statements, and qualifying contributions to the Organization are tax deductible.
Revenue Recognition - The Organization's revenue from grants and contracts is based on agreements with federal, state and local entities. The Organization recognizes grants and contracts as either contributions or exchange transactions, depending on whether the transaction is reciprocal or nonreciprocal. The majority of the grants and contracts are cost-reimbursable grants and contracts, which are conditioned upon certain performance requirements and/or the incurrence of allowable qualifying expenditures. Amounts received are recognized as revenue when the Organization has met the conditions, including incurring expenditures in compliance with the grant or contract provisions. Amounts received prior to incurring the qualifying expenses are reported as deferred revenue. Qualifying expenditures that have been incurred or serviced performed, but for which reimbursement has not yet been received, are reported in the statements of financial position as grants receivable. Amounts received from such grants for which the conditions and any restrictions are met in the same reporting period are reported as restricted revenue and satisfaction of program restrictions in that period.
Contributions are recognized as revenue when cash, securities or other assets are received. The Organization does not normally receive unconditional or conditional promises to give. Contributions are recorded as increases to net assets without donor restrictions or net assets with donor restrictions, depending on the existence and/or nature of any donor restrictions. When a restriction is satisfied or expires, net assets with donor restrictions are released to net assets without donor restrictions.
Fundraising Expenses - There were no fundraising expenses that were netted against total donation revenues for the current year.
Functional Allocation of Expenses - The costs of providing the programs and activities have been summarized on a functional basis in the accompanying statements of activities and functional expenses. Costs directly attributable to a specific function are reported as an expense of that department. All other costs have been allocated among the functions benefited utilizing allocation criteria established by the Organization.
Non-Cash Donations - The Organization receives in-kind donations of food, personal hygiene items, clothing and household goods on a regular basis. GAAP requires that these donations be recorded at their estimated fair market value. They are then expensed when used, and capital asset donations are capitalized and depreciated over their useful lives. No services received have been recorded as donations. Securities donated are immediately sold unless the Organization's advisors believe the security will perform exceptionally well.
De Minimis Rate Used: N
Rate Explanation: Volunteers Against Violence has not elected to use the 10 percent de minimis indirect cost rate and does not have an established cost rate.
The Organization manages its liquid resources by focusing on program services with the objective of having adequate resources to fund the programs it conducts. Management prepares annual budgets and monitors actual financial results at least monthly to control costs and remain liquid. Their objective is to effectively manage revenue and support sufficiently to fund operating costs without relying on short-term borrowing to fund operating costs.
The Organization's financial assets available for general expenditures within one year of the statement of financial position date are as follows: (See the Notes to the SEFA for chart/table)
Title: CAPITAL ASSETS
Accounting Policies: The Volunteers Against Violence, Inc., dba Voices Against Violence (the Organization), is a private, not-for-profit corporation governed by a Board of Directors. The Organization maintains a shelter and a twenty-four hour crisis hotline for victims of domestic violence and sexual assault for victims in the eight-county magic valley area. The Organization also provides education workshops, training sessions, and public speaking to raise awareness of domestic violence.
Formal Audit Program - As part of the formal audit program utilized by the Organization, an independent certified public accounting firm is contracted to perform an annual financial statement audit in accordance with generally accepted auditing standards.
Method of Accounting - Assets and liabilities, support, revenue, and expenses are recorded on the accrual basis of accounting, following generally accepted accounting principles.
Financial Statement Presentation - The Organization has adopted Accounting Standards Update (ASU) 2016-14, Presentation of Financial Statements of Not-for-Profit Entities. Under ASU 2016-14, the Organization is required to report information regarding its financial position and activities according to two classes of net assets: without donor restrictions, and with donor restrictions.
Without donor restrictions - The net assets not subject to donor-imposed restrictions.
With donor restrictions - The net assets subject to donor-imposed restrictions resulting from contributions and other inflows of assets whose use by the organization is limited by donor-imposed restrictions that either expire by passage of time or can be fulfilled and removed by actions of the Organization pursuant to those restrictions.
Management Estimates - The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.
Cash Equivalents - For purposes of the statement of cash flows, the Organization has designated cash in checking and certificates of deposit with original maturities of 90 days or less as cash equivalents.
Grants Receivable - Grants receivable generally consist of monies expended by year end that will be reimbursed by certain grantors. The amount reflected on the balance sheet reflects the amounts that were spent by year end. No allowance for doubtful accounts has been recorded, as the Organization expects to receive all grants recorded as receivable at year end.
Property and Equipment - Property and equipment are stated at cost. Depreciation is computed using the straight-line method based on the estimated useful lives of the related assets. Estimated useful lives range from 5 to 30 years.
Income Taxes - The Organization is exempt from income taxes under Section 501(c)(3) of the Internal Revenue Code. Accordingly, no provision has been made for income taxes in the accompanying financial statements, and qualifying contributions to the Organization are tax deductible.
Revenue Recognition - The Organization's revenue from grants and contracts is based on agreements with federal, state and local entities. The Organization recognizes grants and contracts as either contributions or exchange transactions, depending on whether the transaction is reciprocal or nonreciprocal. The majority of the grants and contracts are cost-reimbursable grants and contracts, which are conditioned upon certain performance requirements and/or the incurrence of allowable qualifying expenditures. Amounts received are recognized as revenue when the Organization has met the conditions, including incurring expenditures in compliance with the grant or contract provisions. Amounts received prior to incurring the qualifying expenses are reported as deferred revenue. Qualifying expenditures that have been incurred or serviced performed, but for which reimbursement has not yet been received, are reported in the statements of financial position as grants receivable. Amounts received from such grants for which the conditions and any restrictions are met in the same reporting period are reported as restricted revenue and satisfaction of program restrictions in that period.
Contributions are recognized as revenue when cash, securities or other assets are received. The Organization does not normally receive unconditional or conditional promises to give. Contributions are recorded as increases to net assets without donor restrictions or net assets with donor restrictions, depending on the existence and/or nature of any donor restrictions. When a restriction is satisfied or expires, net assets with donor restrictions are released to net assets without donor restrictions.
Fundraising Expenses - There were no fundraising expenses that were netted against total donation revenues for the current year.
Functional Allocation of Expenses - The costs of providing the programs and activities have been summarized on a functional basis in the accompanying statements of activities and functional expenses. Costs directly attributable to a specific function are reported as an expense of that department. All other costs have been allocated among the functions benefited utilizing allocation criteria established by the Organization.
Non-Cash Donations - The Organization receives in-kind donations of food, personal hygiene items, clothing and household goods on a regular basis. GAAP requires that these donations be recorded at their estimated fair market value. They are then expensed when used, and capital asset donations are capitalized and depreciated over their useful lives. No services received have been recorded as donations. Securities donated are immediately sold unless the Organization's advisors believe the security will perform exceptionally well.
De Minimis Rate Used: N
Rate Explanation: Volunteers Against Violence has not elected to use the 10 percent de minimis indirect cost rate and does not have an established cost rate.
A summary of changes in capital assets follows: (See the Notes to the SEFA for chart/table)
Title: STATEMENT OF CASH FLOWS
Accounting Policies: The Volunteers Against Violence, Inc., dba Voices Against Violence (the Organization), is a private, not-for-profit corporation governed by a Board of Directors. The Organization maintains a shelter and a twenty-four hour crisis hotline for victims of domestic violence and sexual assault for victims in the eight-county magic valley area. The Organization also provides education workshops, training sessions, and public speaking to raise awareness of domestic violence.
Formal Audit Program - As part of the formal audit program utilized by the Organization, an independent certified public accounting firm is contracted to perform an annual financial statement audit in accordance with generally accepted auditing standards.
Method of Accounting - Assets and liabilities, support, revenue, and expenses are recorded on the accrual basis of accounting, following generally accepted accounting principles.
Financial Statement Presentation - The Organization has adopted Accounting Standards Update (ASU) 2016-14, Presentation of Financial Statements of Not-for-Profit Entities. Under ASU 2016-14, the Organization is required to report information regarding its financial position and activities according to two classes of net assets: without donor restrictions, and with donor restrictions.
Without donor restrictions - The net assets not subject to donor-imposed restrictions.
With donor restrictions - The net assets subject to donor-imposed restrictions resulting from contributions and other inflows of assets whose use by the organization is limited by donor-imposed restrictions that either expire by passage of time or can be fulfilled and removed by actions of the Organization pursuant to those restrictions.
Management Estimates - The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.
Cash Equivalents - For purposes of the statement of cash flows, the Organization has designated cash in checking and certificates of deposit with original maturities of 90 days or less as cash equivalents.
Grants Receivable - Grants receivable generally consist of monies expended by year end that will be reimbursed by certain grantors. The amount reflected on the balance sheet reflects the amounts that were spent by year end. No allowance for doubtful accounts has been recorded, as the Organization expects to receive all grants recorded as receivable at year end.
Property and Equipment - Property and equipment are stated at cost. Depreciation is computed using the straight-line method based on the estimated useful lives of the related assets. Estimated useful lives range from 5 to 30 years.
Income Taxes - The Organization is exempt from income taxes under Section 501(c)(3) of the Internal Revenue Code. Accordingly, no provision has been made for income taxes in the accompanying financial statements, and qualifying contributions to the Organization are tax deductible.
Revenue Recognition - The Organization's revenue from grants and contracts is based on agreements with federal, state and local entities. The Organization recognizes grants and contracts as either contributions or exchange transactions, depending on whether the transaction is reciprocal or nonreciprocal. The majority of the grants and contracts are cost-reimbursable grants and contracts, which are conditioned upon certain performance requirements and/or the incurrence of allowable qualifying expenditures. Amounts received are recognized as revenue when the Organization has met the conditions, including incurring expenditures in compliance with the grant or contract provisions. Amounts received prior to incurring the qualifying expenses are reported as deferred revenue. Qualifying expenditures that have been incurred or serviced performed, but for which reimbursement has not yet been received, are reported in the statements of financial position as grants receivable. Amounts received from such grants for which the conditions and any restrictions are met in the same reporting period are reported as restricted revenue and satisfaction of program restrictions in that period.
Contributions are recognized as revenue when cash, securities or other assets are received. The Organization does not normally receive unconditional or conditional promises to give. Contributions are recorded as increases to net assets without donor restrictions or net assets with donor restrictions, depending on the existence and/or nature of any donor restrictions. When a restriction is satisfied or expires, net assets with donor restrictions are released to net assets without donor restrictions.
Fundraising Expenses - There were no fundraising expenses that were netted against total donation revenues for the current year.
Functional Allocation of Expenses - The costs of providing the programs and activities have been summarized on a functional basis in the accompanying statements of activities and functional expenses. Costs directly attributable to a specific function are reported as an expense of that department. All other costs have been allocated among the functions benefited utilizing allocation criteria established by the Organization.
Non-Cash Donations - The Organization receives in-kind donations of food, personal hygiene items, clothing and household goods on a regular basis. GAAP requires that these donations be recorded at their estimated fair market value. They are then expensed when used, and capital asset donations are capitalized and depreciated over their useful lives. No services received have been recorded as donations. Securities donated are immediately sold unless the Organization's advisors believe the security will perform exceptionally well.
De Minimis Rate Used: N
Rate Explanation: Volunteers Against Violence has not elected to use the 10 percent de minimis indirect cost rate and does not have an established cost rate.
For purposes of the statement of cash flows, the Organization considers all checking and certificates of deposit with maturity dates within 90 days to be cash equivalents.
Required supplemental information for the statement of cash flows: No cash was paid for interest or taxes during the year.
Title: SUBSEQUENT EVENTS
Accounting Policies: The Volunteers Against Violence, Inc., dba Voices Against Violence (the Organization), is a private, not-for-profit corporation governed by a Board of Directors. The Organization maintains a shelter and a twenty-four hour crisis hotline for victims of domestic violence and sexual assault for victims in the eight-county magic valley area. The Organization also provides education workshops, training sessions, and public speaking to raise awareness of domestic violence.
Formal Audit Program - As part of the formal audit program utilized by the Organization, an independent certified public accounting firm is contracted to perform an annual financial statement audit in accordance with generally accepted auditing standards.
Method of Accounting - Assets and liabilities, support, revenue, and expenses are recorded on the accrual basis of accounting, following generally accepted accounting principles.
Financial Statement Presentation - The Organization has adopted Accounting Standards Update (ASU) 2016-14, Presentation of Financial Statements of Not-for-Profit Entities. Under ASU 2016-14, the Organization is required to report information regarding its financial position and activities according to two classes of net assets: without donor restrictions, and with donor restrictions.
Without donor restrictions - The net assets not subject to donor-imposed restrictions.
With donor restrictions - The net assets subject to donor-imposed restrictions resulting from contributions and other inflows of assets whose use by the organization is limited by donor-imposed restrictions that either expire by passage of time or can be fulfilled and removed by actions of the Organization pursuant to those restrictions.
Management Estimates - The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.
Cash Equivalents - For purposes of the statement of cash flows, the Organization has designated cash in checking and certificates of deposit with original maturities of 90 days or less as cash equivalents.
Grants Receivable - Grants receivable generally consist of monies expended by year end that will be reimbursed by certain grantors. The amount reflected on the balance sheet reflects the amounts that were spent by year end. No allowance for doubtful accounts has been recorded, as the Organization expects to receive all grants recorded as receivable at year end.
Property and Equipment - Property and equipment are stated at cost. Depreciation is computed using the straight-line method based on the estimated useful lives of the related assets. Estimated useful lives range from 5 to 30 years.
Income Taxes - The Organization is exempt from income taxes under Section 501(c)(3) of the Internal Revenue Code. Accordingly, no provision has been made for income taxes in the accompanying financial statements, and qualifying contributions to the Organization are tax deductible.
Revenue Recognition - The Organization's revenue from grants and contracts is based on agreements with federal, state and local entities. The Organization recognizes grants and contracts as either contributions or exchange transactions, depending on whether the transaction is reciprocal or nonreciprocal. The majority of the grants and contracts are cost-reimbursable grants and contracts, which are conditioned upon certain performance requirements and/or the incurrence of allowable qualifying expenditures. Amounts received are recognized as revenue when the Organization has met the conditions, including incurring expenditures in compliance with the grant or contract provisions. Amounts received prior to incurring the qualifying expenses are reported as deferred revenue. Qualifying expenditures that have been incurred or serviced performed, but for which reimbursement has not yet been received, are reported in the statements of financial position as grants receivable. Amounts received from such grants for which the conditions and any restrictions are met in the same reporting period are reported as restricted revenue and satisfaction of program restrictions in that period.
Contributions are recognized as revenue when cash, securities or other assets are received. The Organization does not normally receive unconditional or conditional promises to give. Contributions are recorded as increases to net assets without donor restrictions or net assets with donor restrictions, depending on the existence and/or nature of any donor restrictions. When a restriction is satisfied or expires, net assets with donor restrictions are released to net assets without donor restrictions.
Fundraising Expenses - There were no fundraising expenses that were netted against total donation revenues for the current year.
Functional Allocation of Expenses - The costs of providing the programs and activities have been summarized on a functional basis in the accompanying statements of activities and functional expenses. Costs directly attributable to a specific function are reported as an expense of that department. All other costs have been allocated among the functions benefited utilizing allocation criteria established by the Organization.
Non-Cash Donations - The Organization receives in-kind donations of food, personal hygiene items, clothing and household goods on a regular basis. GAAP requires that these donations be recorded at their estimated fair market value. They are then expensed when used, and capital asset donations are capitalized and depreciated over their useful lives. No services received have been recorded as donations. Securities donated are immediately sold unless the Organization's advisors believe the security will perform exceptionally well.
De Minimis Rate Used: N
Rate Explanation: Volunteers Against Violence has not elected to use the 10 percent de minimis indirect cost rate and does not have an established cost rate.
Subsequent events have been evaluated through the auditor's report date, which is the date the financial statements were available to be issued.