RVCC 2019 NECHE Self-Study

2. Change in Accounting Principle
During the year ended June 30, 2018, CCSNH adopted new accounting guidance, GASB
Statement No. 75, Accounting and Financial Reporting for Postemployment Benefits Other than
Pensions. The changes made to the basic financial statements to comply with the new accounting
standard have been reported as an adjustment as of the beginning of the year ended June 30,
2018. Because it was not practical for CCSNH to determine the amounts of all deferred inflows of
resources and outflows of resources related to the NHRS OPEB Plan and the State OPEB Plan as
of June 30, 2016, the beginning balances of deferred inflows of resources and deferred outflows
of resources related to pensions have not been reported. The impact of the adoption of the new
accounting standards as of the beginning of the year ended June 30, 2018 was $144,602,876 and
is reported as a cumulative effect of change in accounting principle.
3. Cash and Cash Equivalents
Custodial credit risk is the risk that, in the event of bank failure, CCSNH’s deposits may not be
returned. Deposits are considered uninsured and uncollateralized if they are not covered by
depository insurance and are (a) uncollateralized, (b) collateralized with securities held by the
pledging financial institution, or (c) collateralized with securities held by the pledging financial
institution’s trust department or agent but not in CCSNH’s name.
As of June 30, 2018 and 2017, CCSNH's uncollateralized uninsured cash and cash equivalents
were approximately $14,120,000 and $9,580,000, respectively. Deposits held in noninterestbearing
transaction accounts are aggregated with any interest-bearing deposits, and the combined
total amounts are insured up to the first $250,000 per financial institution.
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