Notes to SEFA
Accounting Policies: BASIS OF ACCOUNTINGThe financial statements of NCFH are prepared using the accrual basis of accountingwhereby revenues and expenses are recognized in the period earned or incurred.FINANCIAL STATEMENT PRESENTATIONNet assets, revenues, gains, and losses are classified based on the existence or absence ofdonor or grantor imposed restrictions. Accordingly, net assets and changes therein areclassified and reported as follows:Net Assets Without Donor RestrictionsNet assets available for use in general operations and not subject to donor (or certaingrantor) restrictions.Net Assets With Donor RestrictionsNet assets subject to donor (or certain grantor) imposed restrictions. Some donorimposed restrictions are temporary in nature, such as those that will be met by thepassage of time or other events specified by donor. Other donor imposed restrictions areperpetual in nature, where the donor stipulates that resources be maintained inperpetuity. Donor imposed restrictions are released when a restriction expires, that iswhen the stipulated time has elapsed, when the stipulated purpose for which the resourcewas restricted has been fulfilled, or both.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.