We are required to be independent of Myotonic Dystrophy Foundation and Affiliate and to meet our other ethical responsibilities in accordance with the relevant ethical requirements relating to our audits. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. [...] Auditor's Responsibilities for the Audit of the Consolidated Financial Statements Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. [...] FASB ASC 958-810 requires consolidation of nonprofit organizations that are financially related to one another by means of ownership or control and economic interest. The Foundation is the sole member of MDF UK. [...] dollars using the exchange rates in effect on December 31, 2023 and 2022. [...] The Foundation determines the fair values of its assets and liabilities based on the fair value hierarchy established in FASB ASC 820-10. [...] An active market is a market in which transactions occur with sufficient frequency and volume to provide pricing information on an on-going basis. Level 2 inputs are inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. [...] The Foundation and its affiliate incurred advertising costs for the years ended December 31, 2023 and 2022, totaling $2,404 and $3,395, respectively. [...] Leases The Foundation presents its leases in accordance with the provisions of FASB ASC 842, Leases. Leases with an initial term of 12 months or less, which are not expected to be renewed beyond one year, have not recorded on the balance sheet and are recognized as lease expense on a straight-line basis over the lease term. [...] MYOTONIC DYSTROPHY FOUNDATION AND AFFILIATE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS December 31, 2023 and 2022 12 NOTE 4: LIQUIDITY AND AVAILABILITY OF FINANCIAL ASSETS (CONTINUED) The Foundation's financial assets available within one year of the balance sheet date for general expenditures are as follows: 2023 2022 Cash and cash equivalents 4,446,622 $ 2,219,749 $ Cash [...] The Foundation and its affiliate distinguish between contributions received for each net asset category in accordance with donor-imposed restrictions. Pledges are expected to be realized in the following periods: 2023 2022 In one year or less 200,990 $ 794,266 $ 200,990 $ 794,266 $ NOTE 6: FAIR VALUE MEASUREMENT Fair values of assets measured on a recurring basi
- Pages
- 19
- Published in
- United States of America
