Notes to SEFA
Colegio Cat6Iico Notre Dame Corp. (The school) is a not-for-profit organization incorporated on December 4, 2006 and organized under the laws of the Commonwealth of Puerto Rico. It is located in Caguas, Puerto Rico. Its mission is to provide a higher education with a catholic base affordable to any family to students from pre scholar, elementary, middle and high school level. The school began operations on August 1, 2007. The school is exempt for the payment of corporate taxes under Section 1101 of the Internal Revenue Code of Puerto Rico since December 4, 2006, and has the federal exemption under section 501(3) approved on January, 2014.
The financial statement presentation follows the provisions of the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 958, Not-for-Profit Entities. The school 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. Net assets, revenues, gains, and losses are classified based on the existence or absence of donor-imposed restrictions.
The school prepares its financial statements using the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America (U.S.GMP); consequently, revenues and gains are recognized when earned, and expenses and losses are recognized when incurred.
The Federal Assistance Listing Number, formerly known as the Catalog of Federal Domestic Assistance (“CFDA”) Number, is a five-digit number assigned in the awarding document for all Federal assistance award mechanisms, including Federal grants and cooperative agreements.