Title: Note 2
Accounting Policies: Basis of Presentation – The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of PCI and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of the Uniform Guidance. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the financial statements. PCI has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: PCI has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
Federal grant funds are considered to be earned to the extent of expenditures made under the provisions of the grant and accordingly, when such funds are received, they are recorded as unearned revenues until earned.
Title: Note 3
Accounting Policies: Basis of Presentation – The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of PCI and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of the Uniform Guidance. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the financial statements. PCI has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: PCI has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
The period of performance/availability for most grant funds for the purpose of liquidation of outstanding obligations is extended 90 days beyond the project period ending date (or as specified in a program regulation), in accordance with provisions in Section H, Period of Performance of Federal Funds, Part 3, OMB Compliance Supplement.
Title: Note 4
Accounting Policies: Basis of Presentation – The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of PCI and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of the Uniform Guidance. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the financial statements. PCI has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: PCI has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
Expenditures for the Child and Adult Care Food programs represents the net subsidy received from U.S.D.A.
Title: Note 5
Accounting Policies: Basis of Presentation – The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of PCI and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of the Uniform Guidance. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the financial statements. PCI has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: PCI has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
Subrecipients – There were no subrecipients in the current year.
Title: Note 6
Accounting Policies: Basis of Presentation – The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of PCI and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of the Uniform Guidance. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the financial statements. PCI has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: PCI has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
Included in Head Start 93.600 are COVID-19 related expenditures for Early Head Start $32,535, Head Start $98,650, and Head Start / Early Head Start Grantee II for $174,351.