Audit 52438

Accounting Policies: The financial statements are prepared on the accrual basis of accounting in conformity with Generally Accepted Accounting Principles in the United States of America (U.S GAAP).The financial statements have been prepared under the historical cost basis, except for trading investments that have been measured at fair market value. The financial statements have been presented in U.S. Dollar, which is also the functional currency of ACOR. The accounting policies adopted by ACOR in the preparation of the financial statements are consistent with those of the previous year. Fund Accounting and Net Asset ClassificationACORs accounts are maintained in accordance with the principles of fund accounting. Under such principles, resources for various purposes are classified for accounting and reporting purposes into funds that are in accordance with activities and objectives specified by donors. Separate accounts are maintained for each fund.For reporting purposes, ACOR follows the reporting requirements of the Financial Accounting Standards Board (FASB) and the American Institute of Certified Public Accountants (AICPA), Audit and Accounting Guide for Not-for-Profit Entities, which require that resources be classified for reporting purposes based on the existence or absence of donor-imposed restrictions. This is accomplished by classification of fund balance into three classes of net assets unrestricted, temporarily restricted and permanently restricted. Description of the three net assets categories and types of transactions are as follows:?With donor restrictions - Permanently net assets are subject to donor-imposed restrictions that stipulate the resources be maintained permanently, but permit ACOR to use or expend all of the income derived from the donated assets for unrestricted purposes, unless donors instructions specify otherwise.?With donor restrictions - Temporarily net assets are subject to donor-imposed restrictions that permit ACOR to use or expend the assets as specified. The restrictions are satisfied either by the passage of time or by actions of ACOR.?Without donor restrictions net assets are not restricted by donors, or the donor-imposed restrictions have expired. As reflected in the investment account, ACORs Board of Trustees has designated a portion of the unrestricted net assets of ACOR for investment purposes.ContributionsACOR records contributions, including unconditional promises to give, in the period received or pledged. Contributions are recorded at the fair value of the assets received and are classified as either without donor restrictions or with donor restrictions, depending on whether the donor has imposed a restriction on the use of such assets. Pledged contributions not expected to be received within one year are recognized as support with donor restrictions and are discounted using a credit-adjusted discount rate assigned in the year the pledge originates. Amortization of the discount is recorded as additional contribution revenue in accordance with the donor-imposed restrictions, if any, on the contributions. An allowance for uncollectible contributions receivable is provided based upon managements judgment, including such factors as prior collection history, type of contribution and nature of fundraising activity. ACOR writes-off contributions receivable when they become uncollectible, and payments subsequently received are recorded as income in the period received. As of December 31, 2022 and 2021, there were no allowances for uncollectible contributions receivables. ACORs policy is to report gifts of property and equipment as support without donor restrictions unless explicit donor stipulations specify how the donated assets must be used. Gifts of long-lived assets with explicit restrictions that specify how the assets are to be used and gifts of cash or other assets that must be used to acquire assets are reported as support with donor restrictions. De Minimis Rate Used: Y Rate Explanation: The auditee used the de minimis cost rate.