F S F Y E D 31, 2019 2018

In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. [...] Use of estimates - The preparation of the financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. [...] The founder of CCF Namibia serves as the executive director of both the Cheetah Conservation Fund and CCF Namibia and is a member of the Board of Directors of the Cheetah Conservation Fund. [...] As a result of this interpretation, when reviewing its donor-restricted endowment funds, the Cheetah Conservation Fund considers a fund to be underwater if the fair value of the fund is less than the sum the (a) the original value of initial and subsequent gift amounts donated to the fund and (b) any accumulations to the fund that are required to be maintained in perpetuity in accordance with the. [...] Additionally, in accordance with SPMIFA, the Cheetah Conservation Fund considers the following factors in making a determination to appropriated or accumulate donor-restricted endowment funds: The duration and preservation of the fund; The purpose of the organization and the donor-restricted endowment fund; General economic conditions and the possible effect of inflation and deflation; The.