Audit 2614

Accounting Policies: Reporting entity: The schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Professional Contract Services, Inc. and Subsidiary (collectively, the Organization) under programs of the federal government for the year ended June 30, 2023. The information in the 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). Since 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 assets or cash flows of the Organization. Basis of presentation: The Schedule presents total federal awards expended for the federal contract and assistance listing number 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). Basis of accounting: The expenditures reported on the Schedule are reported on the accrual basis of accounting for the Organization’s fiscal year. 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. De Minimis Rate Used: N Rate Explanation: The Organization has not elected to use the 10% de minimis indirect cost rate as defined by the Uniform Guidance.