Audit 18287

Title: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Accounting Policies: THE ACCOMPANYING SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS (THE SCHEDULE) INCLUDES THE FEDERAL AWARD ACTIVITY OF MIDDLE GEORGIA COMMUNITY ACTION AGENCY, INC. UNDER PROGRAMS OF THE FEDERAL GOVERNMENT FOR THE YEAR ENDED MAY 31, 2022. 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 PRINCIPLE, AND AUDIT REQUIREMENTS FOR FEDERAL AWARDS (UNIFORM GUIDANCE). BECAUSE THE SCEDULE PRESENTS ONLY SELECTED PORTION OF THE OPERATIONS OF MIDDLE GEORGIA COMMUNITY ACTION AGENCT, INC., IT IS NOT INTENDED TO AND DOES NOT PRESENT THE FINACIAL POSITION, CHANGES IN NET ASSETS, OR CASH FLOWS OF MIDDLE GEORGIA COMMUNITY ACTION AGENCY, INC. De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate. (1) EXPENDITURES REPORTED ON THE SCHEDULE ARE REPORTED ON THE ACRUAL 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. ANY NEGATIVE AMOUNTS SHOWN ON THE SCHEDULE REPRESENT ADJUSTMENYS OR CREDITS MADE IN THE NORMAL COURSE OF BUSINESS OF BUSINESS TO AMOUNTS REPORTED AS EXPENDITURES IN PRIOR YEARS. (2) PASS-THROUGH ENTITY NUMBERS ARE PRESENTED WHERE AVAILABLE.