Page 102 - Aug 2019 BOG Book_Neat

Exhibit D
(Continued)

Note 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

l. New Accounting Pronouncement

In May 2014, FASB issued Accounting Standards Update (ASU) 2014-09,
Revenue from Contracts with Customers, which provides a single comprehensive
model for entities to use in accounting for revenue from contracts with customers
and supersedes most current revenue recognition models. Subsequent to the
issuance of ASU 2014-09, FASB issued several additional ASUs which amended
and clarified the guidance and deferred the effective date. The new revenue
standard is now effective for annual reporting periods beginning after December
15, 2018, with certain early adoption provisions available. Management is
evaluating the impact of this new standard on the financial statements.

On August 18, 2016, FASB issued ASU 2016-14, Not-for-Profit Entities (Topic
958): Presentation of Financial Statements of Not-for-Profit Entities. The ASU
decreases the number of net asset classes from three to two, requires both reporting
of and an analysis of expenses by function and nature, enhances disclosure of
underwater endowments, and requires the presentation of qualitative information
on the management of liquid available resources and the risks to liquidity. The
ASU is effective for fiscal years beginning after December 15, 2017, with early
application permitted. The Association is currently considering the impact of this
pronouncement on its financial statements.

m. Reclassification

Certain balances in the 2017 consolidated financial statements have been
reclassified to conform to the 2018 consolidated financial statement presentation.

n. Subsequent Events

Management evaluates events occurring subsequent to the date of the consolidated
financial statements in determining the accounting for and disclosure of
transactions and events that affect the consolidated financial statements.
Subsequent events have been evaluated through May 29, 2019, which is the date
that the consolidated financial statements were available to be issued.

11