Notes to SEFA
Title: NET ASSETS WITH DONOR RESTRICTIONS
Accounting Policies: The accompanying schedule of federal awards includes the federal grant activity of the Good News Mountaineer Garage, Inc. (Garage) and is presented on the accrual basis of accounting. The information in this 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.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
As of June 30, 2022, the Garage delivered 113 of the required 200 vehicles. The West Virginia Department of Health and Human Resources has extended the grant period for delivery of the vehicles. As of the date of the auditors report, the Garage has delivered all of the remaining vehicles to qualified clients. At June 30, 2022 the temporary restricted balance for the remaining cars to be delivered was $293,648.
Title: INSURANCE
Accounting Policies: The accompanying schedule of federal awards includes the federal grant activity of the Good News Mountaineer Garage, Inc. (Garage) and is presented on the accrual basis of accounting. The information in this 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.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Of the federal expenditures presented in the schedule, the Garage spent $18,002 on insurance coverage. Liability insurance provides coverage up to $1,000,000 subject to $2,500 deductible for each occurrence of comprehensive general, personal injury, professional, stop gap, wrongful act, comprehensive auto, auto physical damage, and garage keepers. Property insurance provides coverage for the stated value of real and personal property, subject to $2,500 deductible for each occurrence.