Audit 1259

Accounting Policies: NOTE 1 – BASIS OF PRESENTATION: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Holy Apostles College and Seminary, Inc. (the College) under programs of the federal government for the year ended June 30, 2023. The information in the Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the College, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the College. NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Basis of Accounting: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. For cost reimbursement awards, revenues are recognized to the extent of expenditures. Expenditures have been recognized to the extent the related obligation was incurred within the applicable grant period. For performance based awards, revenues are recognized to the extent of performance achieved during the grant period. Basic Financial Statements: The accounting policies of the College conform to accounting principles generally accepted in the United States of America as applicable to nonprofit organizations. De Minimis Rate Used: Y Rate Explanation: The College has elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.