SAE Foundation Annual Report 2014 - BDO10


SAE Foundation
Notes to the Financial Statements

1. Organization
Nature of Organization
SAE Foundation (the Foundation) is organized as a division of SAE International (SAE), a not-forprofit organization incorporated under the laws of Pennsylvania. The Foundation was created to
facilitate financial contributions from members and others to provide an additional source of
income, beyond those sources normally available to SAE, for activities in support of SAE's purpose,
missions and goals. The Internal Revenue Service has granted SAE tax-exempt status under
Section 501(c)(3) of the Internal Revenue Code and SAE is not a private foundation under Section
509(a)(1). As a division of SAE, the activities of the Foundation are included in SAE's Form 990.

2. Summary of Significant Accounting Policies
Basis of Accounting
The accompanying financial statements are prepared on the accrual basis of accounting in
accordance with accounting principles generally accepted in the United States of America. Net
asset classifications and changes in each of those classes are reported in the financial statements,
and detailed information regarding the purpose of temporarily and permanently restricted net
assets are disclosed in Note 6.
Estimates
The preparation of financial statements in conformity with accounting principles generally
accepted in the United States of America requires management to make estimates and
assumptions. These estimates and assumptions affect the reported amounts of assets and
liabilities and the disclosure of contingent assets and liabilities at the date of the financial
statements, and the reported amounts of revenues and expenses during the reporting period.
Actual results could differ from those estimates.
Cash and Cash Equivalents
Substantially all of the Foundation's cash is on deposit at one bank. From time to time, the
balance may be in excess of the Federal Deposit Insurance Corporation insurance limit.
Pledges Receivable
Unconditional promises to give are recognized as revenues or gains in the period received as
assets, decreases of liabilities, or expenses depending on the form of the benefits received.
Conditional promises to give are recognized when the conditions on which they depend are
substantially met.
Pledges receivable are stated at the amount management expects to collect from outstanding
balances. Management has established an allowance for uncollectible pledges based on its
evaluation of the individual pledges.

See accompanying independent auditor's report.
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Table of Contents for the Digital Edition of SAE Foundation Annual Report 2014

SAE Foundation Annual Report 2014 - Cover1
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SAE Foundation Annual Report 2014 - BDO1
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