Audit 24842

Accounting Policies: Basis of AccountingThe accompanying Schedule of Expenditures of Federal Awards (the Schedule) presents the activity of all Federal Award Programs of Nuestra Clinica Del Valle, Inc. (a nonprofit organization.). The Clinic uses the accrual basis of accounting to prepare its financial statements, and the Schedule of Expenditures of Federal Awards is prepared on the same basis of accounting as the financial statements. All of the information in the Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some amounts may differ from amounts presented in, or used in the preparation of the basic financial statements.Program CostsThe amounts shown as current year expenditures represent only the federal grant portion of the program costs. Entire program costs, including the portion that Nuestra Clinica del Valle, Inc. covers on its own, are more than shown. Such expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowable or are limited as to reimbursement.Program IncomeThe Clinic reports program income based on the requirements presented in 45 CFR 75.307. The net program income recognized as of December 31, 2022, is $8,860,687.Indirect Cost RateThe Clinic has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance. De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate.