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Note that SPLC’s audited financial statement and annual tax return, Form 990, are public record. The audited financial statement is at https://www.splcenter.org/sites/default/files/splc_fs_103116.pdf. The 990 is at https://www.splcenter.org/sites/default/files/990_103116.pdf.In the financial statement, Note 4(f), the SPLC’s use of hedge funds in its endowment fund is discussed. Cayman is a favored jurisdiction for hedge fund managers. See Why the Cayman Islands Are So Popular With Hedge Funds.SPLC is scarcely alone in utilizing offshore investment strategies. See Maryland nonprofits investing in offshore accountsSo, SPLC does this because it believes it is a prudent investment strategy for its endowment, because it is legal, and because it is transparent about its activities.

From your question, I assume that you understand the meaning of financial statements and so, I am not getting into that.Companies Act, 1956/ 2013 required/ requires every company to prepare and present its own financial statements reflecting its state of affairs as at 31st March, profit or loss for the year ended on that date and the net cash inflows/ outflows for the year so ended. Also, when a company has a subsidiary/ associate or joint venture it has to prepare and present consolidated financial statements.Let’s take an example. Reliance Industries Limited (RIL) is a separate legal entity and its subsidiary, Reliance Jio Infocomm Limited (RJIL) is also a separate legal entity. Therefore, as per the law both these companies will prepare their own separate financial statements. However, since RJIL is a subsidiary of RIL, it means RIL controls the operating and financial decisions of RJIL, thereby making them a part of the same GROUP. Therefore, RIL in addition to preparing its own financial statements (which in this case is called Standalone Financial Statements) will also prepare a Consolidated Financial Statements which basically reflects the financials of RIL & RJIL as a GROUP as it controls/ holds majority control in RJIL.Since, RIL also controls/ holds many other companies and firms, they are also a part of the group and in order to disclose the financial position of RIL as a GROUP, RIL consolidates (means adds) the financials of these companies/ Joint Ventures with its own financials (Standalone Financial Statements) to present Consolidated Financial Statements.Note: If you wish to check the names of the companies/ firms that are consolidated in Consolidated Financial Statements (CFS) of a particular company, you can refer to the Notes to CFS of that company which forms part of the Annual Report.Now, taking the second part of your question. Securities & Exchange Board of India (SEBI) which regulates listed companies in India requires every company to provide quarterly results to their Investors on or before a specified date for every quarter. These results may be standalone or consolidated as per the preference of the listed entity. Now, understand the practical difficulties for RIL to provide the consolidated results quarterly. RIL has hundreds of entities as its subsidiaries, associate and joint ventures. These include Indian entities and foreign entities. To present consolidated results every quarter, it would have to direct each of these entities to prepare its financials on a quarterly basis so that these can be consolidated with the standalone results of RIL. These entities may be in the form of a Company (Listed as well as unlisted), Partnership Firms, Jointly Controlled Entities and many other forms. Firstly, why will these entities take the unnecessary burden to prepare the financials quarterly. Secondly, when RIL has the option to not present consolidated results quarterly, why will it take so much burden of getting the financials of these entities prepared and then consolidate the same. As far as Investors are concerned, it is sufficient for them to refer CFS annually. How many of the retail investors do actually refer to CFS or even how many of them know the names of entities included in the CFS? For big investors, they have put the bet on RIL (i.e. the management of RIL) and again, the annual CFS would be sufficient unless otherwise any major event happen in any of these entities. Though, presenting consolidated results quarterly will definitely be a better form of Corporate Governance, but for practical purposes, it involves a huge time and cost factor for the companies and remember, they are there to do BUSINESS not just COMPLIANCE!!Hope this answer makes things amply clear.

In a Layman’s language, whatever that has been stated in the Financial statements (whether it may be sales, purchases, Expenses, Debtor balances, Creditor Balances, Advances paid, Liabilities incurred, any disclosures made regarding Contingent liabilities etc), Management is implicitly stating that such transactions have really occured (Sales, Purchases, Additions to Assets etc), the account balances shown as such are correct (eg: Debtor Balance is 10,000/-) and disclosures have been made based on fair estimates. For most of the transactions embodied in FS, Management need not agree explicitly with the auditor that these transactions are correct as per the view and judgement of management.So Assertions are nothing but facts stated by the members of management that form part of Financial Statements, implicitly or otherwise. Every Journal entry recorded by the management is a assertion. Financial Statements is a group of assertions made by the management. Risks arising at this level (i.e, whether a transaction is not recorded in full, not posted to appropriate head, not recorded in the relevant period, not classified appropriately etc) are called Assertion Level Risks as they are directly related to particular assertion concerned.As Auditors, we will conduct audit procedures to verify whether such representations/assertions made the management are correct by several means of audit tools such as Vouching, Verification, etc.In contrast, Financial Statement Level risk do not relate to a particular assertion, but for entire Financial Statements, affects the reliability and genuineness of many assertions made by the management. Eg - Fraud by management may bring into question many assertions made by management. Hence evaluation of integrity of management shall be made.