Financial Statements & 990 - 2017 & 2016

Notes to Financial Statements
Years Ended September 30, 2017 and 2016
1. Description of Organization and Summary of Significant Accounting Policies
Organization and Nature of Operations
VISIONS/Services for the Blind and Visually Impaired (“VISIONS”) is a nonprofit rehabilitation and social
service organization whose purpose is to develop and implement programs to:
 Assist people of all ages who are blind or visually impaired to lead independent and active lives in
their homes and communities; and
 Educate the public to understand the capabilities and needs of people who are blind or visually
impaired so that they may be integrated into all aspects of community life.
VISIONS fulfills its purpose by providing:
 Individualized rehabilitation training at home or in the community and in group settings
 Social services
 Employment training and job development
 Group and community education and activities
VISIONS programs focus on individuals with low income who are located primarily in the Greater New
York Metropolitan area who are blind or visually impaired, including those with multiple disabilities,
elderly, limited-English speakers and culturally diverse consumers.
In connection with the services it provides, VISIONS operates a training facility renamed VISIONS Center
on Blindness (“VCB”). This facility was formerly known as Vacation Camp for the Blind. VCB is located
in Spring Valley, New York. A new building and program called the Vocational Rehabilitation Center
opened at VCB in August 2017. In addition, VISIONS is the service provider for the residents and guests of
the building at Selis Manor located in New York City.
VISIONS is exempt from federal income tax under Section 501(c)(3) of the Internal Revenue Code, and has
been classified as a public charity as defined in Section 509(a)(1) of the Internal Revenue Code (“IRC”),
thereby qualifying donors for the maximum charitable deduction allowed under the IRC. VISIONS is
funded primarily through investment income, government support and contributions.
Basis of Presentation
The financial statements have been prepared on the accrual basis of accounting.
Estimates
The preparation of financial statements in conformity with accounting principles generally accepted in the
United States of America (“U.S. GAAP”) requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities and 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.

 

Financial Statement Net Asset Presentation
The classification of VISIONS net assets and its support, revenues and expenses are based on the existence
or absence of donor-imposed restrictions. It requires that the amounts for each of three classes of net assets;
permanently restricted, temporarily restricted and unrestricted, be displayed in a statement of financial
position and that the amounts of change in each of those classes of net assets be displayed in a statement of
activities and changes in net assets.
These three classes are defined as follows:
Permanently Restricted - Net assets resulting from contributions and other inflows of assets whose use by
VISIONS is limited by donor-imposed stipulations that neither expire by the passage of time nor can be
fulfilled or otherwise removed by actions of VISIONS, rather they remain in perpetuity.
Temporarily Restricted - Net assets resulting from contributions and other inflows of assets whose use by
VISIONS is limited by donor-imposed stipulations that either expire by the passage of time or can be
fulfilled and removed by actions of VISIONS pursuant to those stipulations. When such stipulations end
or are fulfilled, such temporarily restricted net assets are reclassified to unrestricted net assets and
reported in the statement of activities and changes in net assets.
Unrestricted - The portion of net assets that is neither permanently nor temporarily restricted by donorimposed
stipulations.
Investments
Investments are stated at fair value. The investments are held in pooled accounts with the exception of those
relating to the Fund for the Blind and the Selis Manor Fund. Investments, in general, are exposed to various
risks such as interest rate, credit and overall market volatility. Due to the level of risk associated with
certain investments, it is at least reasonably possible that changes in the values of investment securities will
occur in the near term, based on market fluctuations, and that such changes could materially affect the
amounts reported in the financial statements.
Beneficial Interest in Perpetual Trusts
VISIONS has beneficial interests in funds held in perpetual trusts by other entities as trustees. The fair
value of VISIONS beneficial interest in these perpetual trusts is estimated to be equal to the fair value of the
portion of assets underlying the trusts attributable to VISIONS interest and is classified as permanently
restricted net assets. These assets are not controlled by VISIONS nor are they available for use, therefore,
these assets are not subject to VISIONS investments and spending policies relating to permanently
restricted investments.
Fair Value Measurements
Fair value measurements establishes a framework for measuring fair value. The framework provides a fair
value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy
gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities
(Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three
levels of the fair value hierarchy are described below. Level 1 inputs to the valuation methodology are
unadjusted quoted prices for identical assets or liabilities in active markets that VISIONS has the ability to
access. Level 2 inputs to the valuation methodology include:
 Quoted prices for similar assets or liabilities in active markets;
 Quoted prices for identical or similar assets or liabilities in inactive markets;
 Inputs other than quoted prices that are observable for the asset or liability;
 Inputs that are derived principally from or corroborated by observable market data by correlation or
other means.

 

If the asset or liability has a specified (contractual) term, the Level 2 input must be observable for

substantially the full term of the asset or liability. Level 3 inputs to the valuation methodology are

unobservable and significant to the fair value measurement. The asset or liability’s fair value measurement

level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair

value measurement. Valuation techniques used need to maximize the use of observable inputs and minimize

the use of unobservable inputs.

The following is a description of the valuation methodologies used for assets measured at fair value. There

have been no changes in the methodologies used at September 30, 2017 as compared to those used at

September 30, 2016.

U.S. Treasury and government agency obligations, exchange traded funds, and equity securities -

Valued at the closing price reported on the active market on which the individual securities are traded.

Corporate obligations and mortgage-backed securities - Valued at fair value by discounting the related

cash flows based on current yields of similar instruments with comparable durations considering the

creditworthiness of the issuer.

Mutual funds - Valued at the net asset value (“NAV”) of shares held at year-end.

Beneficial interest in perpetual trusts - Valued based on the fair value of the underlying assets.

The methods described above may produce a fair value calculation that may not be indicative of net

realizable value or reflective of future fair values. Furthermore, while VISIONS believes its valuation

methods are appropriate and consistent with other market participants, the use of different methodologies or

assumptions to determine the fair value of certain financial instruments could result in a different fair value

measurement at the reporting date.

See Note 3 for the table that sets forth by level, within the fair value hierarchy, the assets at fair value as of

September 30, 2017 as compared to the prior year.

Government Grants Receivable

VISIONS records receivable from government grants based on established rates or contracts for services

provided. Interest is not charged on overdue receivables.

Contributions Receivable

Unconditional promises to give are recognized as revenue when the promise is received. Unconditional

promises to give that are expected to be collected within one year are recorded at fair value. Unconditional

promises to give that are expected to be collected in future years are recorded at the present value of their

estimated future cash flows. The discounts on these amounts are computed using risk-adjusted interest rates

applicable to the years in which the promises are received. Amortization of the discounts is included in

contribution revenue. Conditional promises to give are not included as support until the conditions are

substantially met.

Allowance for Doubtful Accounts

VISIONS has determined that no allowance for uncollectible government grants receivable or contributions

receivable is necessary as of September 30, 2017 and 2016. Such estimate is based on management’s

assessments of the creditworthiness of its funding sources, the aged basis of its receivables, as well as

current economic conditions, subsequent collections and historical information.

Fixed Assets

Fixed assets are stated at cost less accumulated depreciation. These amounts do not purport to represent

replacement or realizable values. Acquisitions with a cost of $500 and an estimated useful life greater than

one year are capitalized at cost. Depreciation is provided on the straight-line method over the estimated

useful lives of the assets.

 

Advances
Advances represent grant funds received in advance, attributable to future periods.
Government Support
Revenues from government agencies are recognized when earned. Expense-based grants are recognized as
allowable expenses are incurred. Performance-based grants are recognized as milestones are achieved.
There were no provisions for disallowances reflected in the accompanying financial statements, since
management does not anticipate any material adjustments.
VCB Contributions
VCB contributions for services are based upon ability to pay as determined by the participant.
Donated Services
The estimated fair value of donated services, which consists of donated professional fees, is recognized in
the financial statements as revenue and expenses in the period in which the services were provided.
Occupancy Expense
Occupancy expense for the year ended September 30, 2017 consists of office condominium maintenance
charges.
Functional Allocation of Expenses
The costs of providing the various programs and other activities are summarized on a functional basis in the
statements of activities and changes in net assets. Accordingly, certain costs have been allocated among the
programs and supporting services benefited.
Summarized Financial Information
The financial statements include certain prior-year summarized comparative information in total but not by
net asset class. Such information does not include sufficient detail to constitute a presentation in conformity
with U.S GAAP. Accordingly, such information should be read in conjunction with VISIONS financial
statements for the year ended September 30, 2016, from which the summarized information was derived.
2. Contributions Receivable
Contributions receivable as of September 30, 2017 from two foundations are due as follows:
$ 143,590
109,273
252,863
(15,363)
Net realizable value $ 237,500