Title: Note 1 – Basis of Presentation
Accounting Policies: Note 2 – Summary of Significant Accounting Policies The accompanying Schedule is presented using the accrual basis of accounting, whereby eligible grant expenditures are recorded when incurred (i.e., when goods are received, or services provided). Such expenditures are recognized following the cost principles in Subpart E of the Uniform Guidance, wherein certain types of expenditures are not allowable or limited as to reimbursement. Expenditures reported include any property or equipment acquisitions incurred under federal and state programs. Pass-through identifying numbers are presented where available. For the year ended June 30, 2023, Options did not elect to use the 10 percent de minimis indirect cost rate as described in 2 CFR 200.414.
De Minimis Rate Used: N
Rate Explanation: For the year ended June 30, 2023, Options did not elect to use the 10 percent de minimis indirect cost rate as described in 2 CFR 200.414.
The accompanying schedule of expenditures of federal and state awards (the “Schedule”) includes the federal and state grant activity of Options for Learning (A California Non-Profit Corporation) (“Options”) for the year ended June 30, 2023. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance) and the Audit Guide issued by the California Department of Education and California Department of Social Services. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the financial statements. Because the Schedule presents only a selected portion of the operations of Options, it is not intended to, and does not, present the financial position, changes in net assets, functional expenses, or cash flows of Options. Options’ reporting entity is defined in Note 1 to the financial statements. All federal and state awards are included in the Schedule.
Title: Note 3 – Head Start Program In-Kind Contributions
Accounting Policies: Note 2 – Summary of Significant Accounting Policies The accompanying Schedule is presented using the accrual basis of accounting, whereby eligible grant expenditures are recorded when incurred (i.e., when goods are received, or services provided). Such expenditures are recognized following the cost principles in Subpart E of the Uniform Guidance, wherein certain types of expenditures are not allowable or limited as to reimbursement. Expenditures reported include any property or equipment acquisitions incurred under federal and state programs. Pass-through identifying numbers are presented where available. For the year ended June 30, 2023, Options did not elect to use the 10 percent de minimis indirect cost rate as described in 2 CFR 200.414.
De Minimis Rate Used: N
Rate Explanation: For the year ended June 30, 2023, Options did not elect to use the 10 percent de minimis indirect cost rate as described in 2 CFR 200.414.
Under its Head Start contracts with federal agencies and local schools, Options is obligated to provide a non-federal share of support which Options provides through in-kind contributions as defined under the contracts. Options’ in-kind contributions under the Head Start contracts for the year ended June 30, 2023, consisted of the following: (see Notes to SEFA and SA for table). There were no contributions which meet the criteria under generally accepted accounting principles to be
reflected within revenue and related expense in Options’ financial statements for the year ended June 30,
2023.
Title: Note 4 – Reconciliation of Net Reimbursable Expenditures to Total Expenditures
Accounting Policies: Note 2 – Summary of Significant Accounting Policies The accompanying Schedule is presented using the accrual basis of accounting, whereby eligible grant expenditures are recorded when incurred (i.e., when goods are received, or services provided). Such expenditures are recognized following the cost principles in Subpart E of the Uniform Guidance, wherein certain types of expenditures are not allowable or limited as to reimbursement. Expenditures reported include any property or equipment acquisitions incurred under federal and state programs. Pass-through identifying numbers are presented where available. For the year ended June 30, 2023, Options did not elect to use the 10 percent de minimis indirect cost rate as described in 2 CFR 200.414.
De Minimis Rate Used: N
Rate Explanation: For the year ended June 30, 2023, Options did not elect to use the 10 percent de minimis indirect cost rate as described in 2 CFR 200.414.
Total expenditures for the following contracts consisted of net reimbursable expenditures from the California Department of Social Services and reimbursable expenditures from interest earned and other income as of June 30, 2023: (see Notes to SEFA and SA for table). At times expenditures on the Schedule may exceed budgeted amounts. This is due to uses of resources
such as interest and other income that are restricted for the program.