Notes to SEFA
Title: 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes thefederal award activity of More Than Conquerors, Inc. (MTCI or the Organization) under programsof the federal government for the year ended December 31, 2022. The information in the Scheduleis presented in accordance with the requirements of Title 2 US. Code of Federal RegulationsPart 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements forFederal Awards (Uniform Guidance). Because the Schedule presents only a selected portion ofthe operations of the Organization, it is not intended to and does not present the financial position,change in net assets or cash flows of the Organization.
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. Expenditures represent only the federally funded portions of the program.