RVCC 2019 NECHE Self-Study

Refundable Advances
CCSNH participates in the Federal Perkins Loan Program, which is funded through a combination
of federal and institutional resources. The portion of this program that has been funded with federal
funds is ultimately refundable to the U.S. Government upon termination of CCSNH’s participation
in the program. The portion that would be refundable if the programs were terminated as of June
30, 2018 and 2017 has been included in the accompanying statements of net position as a
noncurrent liability. The portion of this program that has been funded with institutional funds has
been classified as restricted - nonexpendable since these funds can only be used on a revolving
basis for loans during the time CCSNH participates in the Federal Perkins Loan Program.
Net Pension Liability
For purposes of measuring the net pension liability, deferred outflows of resources and deferred
inflows of resources related to pensions, and pension expense, information about the fiduciary net
position of the New Hampshire Retirement System (NHRS), and additions to/deductions from the
NHRS’s fiduciary net position has been determined on the same basis as it is reported by the
NHRS. Detailed information about the Pension Plan’s fiduciary net position is available in the
separately issued NHRS annual report available from the NHRS website at https://www.nhrs.org.
NHRS’s financial statements are prepared using the accrual basis of accounting. Both plan
member and employer contributions are recognized in the period in which contributions are legally
due. Benefits and refunds are recognized when due and payable in accordance with the terms of
the plan. Investments are reported at fair value. Investments in both domestic and non-U.S.
securities are valued at current market prices and expressed in U.S. dollars. NHRS uses a tradedate
accounting basis for these investments. Investments in non-registered commingled funds are
valued at net asset value as a practical expedient to estimate fair value.
Other Postemployment Benefits
For the purposes of measuring the net liability, deferred outflows of resources and deferred inflows
of resources related to other postemployment benefits (OPEB), and OPEB expense, information
about the fiduciary net position of the NHRS OPEB Plan and the State of New Hampshire OPEB
Plan (“the State OPEB Plan”) has been determined on the same basis as it is reported by NHRS
and the State OPEB Plan.
Deferred Outflows and Inflows of Resources
Deferred outflows of resources represent a consumption of net position that applies to a future
period(s) and will not be recognized as an outflow of resources (expense) until then. Deferred
inflows of resources represent an acquisition of net position that applies to a future period(s) and
will not be recognized as an inflow of resources (revenue) until that time.
Net Position
GASB requires that resources be classified for accounting purposes into the following four net
position categories:
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Invested in capital assets, net of related debt: Capital assets, net of accumulated
depreciation and outstanding principal balances of debt attributable to the acquisition,
construction, repair or improvement of those assets, and increased or reduced by deferred