Title: NOTE 2
Accounting Policies: 1.The accompanying Schedule Of Expenditures Of Federal Awards (Schedule) includes the federal grant activity of The Hughen Center, Inc. (including Bob Hope School) (the Organization), under programs of the Federal government for the year ended August 31, 2022. The information in this Schedule is presented in accordance with the requirements of the Office of Management and Budget (OMB) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. Because the Schedule presents only a selected portion of the operations of the Organization, it is not intended to and does not present the financial position, changes in net position or cash flows of the Organization.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
2.The Organization utilizes the fund types specified in the Texas Education Agencys Financial Accountability System Resource Guide.Special Revenue Funds are used to account for resources restricted to, or designated for, specific purposes by a grantor. Federal and state financial assistance generally is accounted for in a Special Revenue Fund. Generally, unused balances are returned to the grantor at the close of specified project periods.
Title: NOTE 3
Accounting Policies: 1.The accompanying Schedule Of Expenditures Of Federal Awards (Schedule) includes the federal grant activity of The Hughen Center, Inc. (including Bob Hope School) (the Organization), under programs of the Federal government for the year ended August 31, 2022. The information in this Schedule is presented in accordance with the requirements of the Office of Management and Budget (OMB) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. Because the Schedule presents only a selected portion of the operations of the Organization, it is not intended to and does not present the financial position, changes in net position or cash flows of the Organization.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
3.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 4
Accounting Policies: 1.The accompanying Schedule Of Expenditures Of Federal Awards (Schedule) includes the federal grant activity of The Hughen Center, Inc. (including Bob Hope School) (the Organization), under programs of the Federal government for the year ended August 31, 2022. The information in this Schedule is presented in accordance with the requirements of the Office of Management and Budget (OMB) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. Because the Schedule presents only a selected portion of the operations of the Organization, it is not intended to and does not present the financial position, changes in net position or cash flows of the Organization.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
4.The period of availability for federal grant funds for the purpose of liquidation of outstanding obligations made on or before the ending date of the federal project period extended 90 days beyond the federal project period ending date or as specified in a program regulation, in accordance with provisions in Office of management and Budget (OMB) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards Section 200.343 Closeout.
Title: NOTE 5
Accounting Policies: 1.The accompanying Schedule Of Expenditures Of Federal Awards (Schedule) includes the federal grant activity of The Hughen Center, Inc. (including Bob Hope School) (the Organization), under programs of the Federal government for the year ended August 31, 2022. The information in this Schedule is presented in accordance with the requirements of the Office of Management and Budget (OMB) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. Because the Schedule presents only a selected portion of the operations of the Organization, it is not intended to and does not present the financial position, changes in net position or cash flows of the Organization.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
5.The Hughen Center, Inc. and Bob Hope School do not record indirect costs for any Federal Programs.