Audit 17109

Accounting Policies: 1.Basis of presentation The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the expenditures of Latino Economic Development Corporation of Washington, D.C. (a Washington D.C. non-profit public benefit corporation) and Subsidiary under programs of the federal government for the year ended September 30, 2022. The information in the Schedule is presented in accordance with the requirements of Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards. Therefore, some amounts presented in the Schedule may differ from amounts presented in, or used in the preparation of the basic consolidated financial statements. For purposes of the Schedule, federal awards include all sub awards to the Organization by nonfederal organizations pursuant to federal grants, contracts and similar agreements. 2.Summary of significant accounting policiesExpenditures reported in the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowed. Assistance Listing numbers (AL No.) are provided when available. The Organization elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.The Organization did not receive any federal insurance or federal noncash assistance, did not provide any amounts to sub-recipients and had no outstanding loans or loan guarantees with continuing compliance requirements. De Minimis Rate Used: Y Rate Explanation: The auditee used the de minimis cost rate.