2025-662-E-Aging Dept-CHARLES HOUSE-CHARLES HOUSE

Browse Search

CHARLES HOUSE ASSOCIATION Notes to Financial Statements Nature of Activities Net Assets Cash and Cash Equivalents Investments/Fair Value Measurements General Expenditures NOTE 1 - NATURE OF ACTIVITIES Charles House Association (the "Organization")was founded in 1984 to enrich the lives of elders, support families caring for aging family members and represent the community's commitment to its elders.The Organization derives its support and revenue primarily from fees for its services from private pay clients (i.e., exchange transactions) and contributions from the public. The Organization considers the costs related to its normal activities to be general expenditures unless such costs are limited by the donors for specified, restricted purposes. NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The Organization reports information regarding its financial position and activities according to the following net asset classifications: Net assets without donor restrictions:Net assets that are not subject to donor-imposed restrictions and may be expended for any purpose in performing the primary objectives of the Organization.These net assets may be used at the discretion of the Organization's management and the Board of Directors. Net assets with donor restrictions:Net assets subject to stipulations imposed by donors and grantors. Some donor restrictions are temporary in nature;those restrictions will be met by actions of the Organization or by the passage of time.Other donor restrictions may be permanent in nature,whereby the donors have stipulated the funds be maintained in perpetuity. As a general rule,the Organization considers all highly liquid investments available for current use with an initial maturity of three months or less to be cash equivalents. Investments in marketable securities with readily determinable fair values and all investments in debt securities are reported at their fair values in the statement of financial position.Unrealized gains and losses are included in the change in net assets.Investment income and gains restricted by donor are reported as increases in unrestricted net assets if the restrictions are met (either by passage of time or by use) in the reporting period in which the income and gains are recognized. U.S.GAAP specifies a hierarchy of valuation techniques.The following summarizes the fair value hierarchy:Level 1 Inputs -Unadjusted quoted market prices for identical assets and liabilities in an active market that the Organization has the ability to access.Level 2 Inputs -Other than the quoted prices in active markets that are observable either directly or indirectly.Level 3 Inputs--Based on prices or valuation techniques that are both unobservable and significant to the overall fair value measurements.All investments of the Organization are considered to be Level 1 assets.The Organization had no Level 2 or 3 assets during the years presented. Page 8 Docusign Envelope ID: FE6E03E9-3378-4BE8-B2E5-0623619296B7