THE PARTNERSHIP AGAINST DOMESTIC VIOLENCE, INC. NOTES TO FINANCIAL STATEMENTS YEAR ENDED JUNE 30, 2020 AND 2019 NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Nature of Business The Partnership Against Domestic Violence, Inc. (the "Agency") is a voluntary health and welfare organization providing emergency assistance to people who have been victimized by domestic violence. The Agency is supported by grants and contributions. Basis of Accounting The Agency follows accounting standards set by the Financial Accounting Standards Board (“FASB”). The FASB sets accounting principles generally accepted in the United States of America (“GAAP”). Accounting Pronouncement Adopted Effective July 1, 2019, the Agency adopted Accounting Standards Updated (“ASU”) 201808, “Clarifying the Scope and the Accounting Guidance for Contributions Received and Contributions Made”. The amendments in this update provide a framework for evaluating whether the transfer of assets constitutes a contribution or an exchange transaction. This amendment also provides additional clarification as to whether or not a contribution is conditional. There was no material impact to the financial position, statement of activities, or net assets as a result of implementation. Presentation The accompanying financial statements present "net assets". Net assets, along with revenues, expenses, gains and losses, are classified based on the existence or absence of donor-imposed restrictions. Accordingly, the net assets of the Agency and changes therein are classified and reported as follows:
Net Assets Without Donor Restrictions – Net assets that are not subject to donorimposed restrictions and may be expended for any purpose in performing the primary objectives of the Agency.
Net Assets with Donor Restrictions – Net assets subject to donor-imposed restrictions. Some donor-imposed restrictions are temporary in nature, such as those that will be met by the passage of time or other events specified by the donor. Other donorimposed restrictions are perpetual in nature, where the donor stipulates that such resources be maintained in perpetuity.
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