SAE Foundation Annual Report 2015 - 34

SAE Foundation
Notes to the Financial Statements (continued)

2. Summary of Significant
Accounting Policies (Continued)
Revenue Recognition
Support that is restricted by the
donor is reported as an increase
in temporarily or permanently
restricted net assets, depending
on the nature of the restriction.
When a restriction expires
(that is, when a stipulated time
restriction ends or purpose
restriction is accomplished),
temporarily restricted net assets
are reclassified to unrestricted
net assets and reported in the
statement of activities as net
assets released from restrictions.

In-kind Donations

Fair Value Measurements

Donated materials and services
meeting the requirements of
accounting principles generally
accepted in the United States
of America are reflected as
contributions at fair value at the
date of receipt.

The Foundation defines fair value
as the price that would be received
from selling an asset or paid to
transfer a liability in an orderly
transaction between market
participants at the measurement
date. When determining the fair
value measurements for assets
and liabilities, which are required
to be recorded at fair value, the
Foundation considers the principal
or most advantageous market
in which the Foundation would
transact and the market-based
risk measurements or assumptions
that market participants would
use in pricing the asset or liability,
such as inherent risk, transfer
restrictions and credit risk.

A substantial number of SAE
members have made significant
contributions of their time
to the Foundation's various
programs. The value of this
contributed time is not reflected
in the accompanying financial
statements since it does not meet
the criteria for recognition under
accounting principles generally
accepted in the United States of
America.

The Foundation applies the
following fair value hierarchy,
which prioritizes the inputs used to

34 | 2015 Annual Report

measure fair value into three levels
and bases the categorization
within the hierarchy upon the
lowest level of input that is
available and significant to the fair
value measurement:
Level 1 - Quoted prices in active
markets for identical assets or
liabilities.
Level 2 - Observable inputs other
than quoted prices in active
markets for identical assets
and liabilities, quoted prices
for identical or similar assets or
liabilities in inactive markets, or
other inputs that are observable
or can be corroborated by
observable market data for
substantially the full term of the
assets or liabilities.



SAE Foundation Annual Report 2015

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