Title: COMMUNITY DEVELOPMENT BLOCK GRANT
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) presents the activity of all federal awards of Boys & Girls Clubs of the Suncoast, Inc. for the year ended June 30, 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 Principles, and Audit Requirements for Federal Awards (Uniform Guidance). The Schedule presents only a selected portion of the operations of Boys & Girls Clubs of the Suncoast, Inc., therefore, it is not intended to and does not present the consolidated financial position, changes in net assets, or cash flows of Boys & Girls Clubs of the Suncoast, Inc.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The Boys & Girls Clubs of the Suncoast, Inc. is a subrecipient of a grant to the city of St. Petersburg, Florida funded through HUD to rehabilitate the multipurpose facility at 1011 22nd Street South, St. Petersburg, FL 33712 (the Property). The rehabilitation was performed for the purposes of operating the Property as an after school and summer activity center, providing health, social, educational, vocational, cultural arts, character, and leadership development opportunities to 450 boys and girls ages 6-17. On April 23, 2002, the Club executed a mortgage with the city of St. Petersburg for $535,338 for the renovation of the Property. The principal balance was to be forgiven on January 1, 2034, if the property is dedicated to low and moderate income households. According to the city of St. Petersburg resolution 2016-405 forgiveness of this lien was accelerated to December 31, 2022. The outstanding balance at June 30, 2022 is $535,338.
Title: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) presents the activity of all federal awards of Boys & Girls Clubs of the Suncoast, Inc. for the year ended June 30, 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 Principles, and Audit Requirements for Federal Awards (Uniform Guidance). The Schedule presents only a selected portion of the operations of Boys & Girls Clubs of the Suncoast, Inc., therefore, it is not intended to and does not present the consolidated financial position, changes in net assets, or cash flows of Boys & Girls Clubs of the Suncoast, Inc.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Expenditures reported on the Schedule are reported on the accrual 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. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.