Notes to SEFA
Accounting Policies: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESThe accompanying schedule of expenditures of federal awards includes the federal grant activity of Commission on Economic Opportunity for the Greater Capital Region, Inc. (CEO) and is prepared on the accrual basis of accounting.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). Therefore, some amounts presented in this schedule may differ from amounts presented in or used in the preparation of the basic financial statements.2.NON-CASH ASSISTANCECEO receives WIC Food Instruments plus administrative costs from the New York State Department of Health under its nutrition programs for Women, Infants, and Children Assistance listing number 10.557. The U.S. Department of Agriculture has determined that WIC Food Instruments are property in lieu of money. Therefore, $1,594,537 of WIC Food Instruments have been included in the schedule of federal expenditures of federal awards.3.FEDERAL LOANS AND LOAN GUARANTEESCEO had no federal loans or loan guarantees outstanding at March 31, 2022.4.INSURANCECEO did not participate in any federal insurance programs for the year ended March 31, 2022.
De Minimis Rate Used: N
Rate Explanation: CEO does not have a negotiated indirect cost rate for the year ended March 31, 2022. Administrative costs are included in CEOs grant agreement budgets, and therefore, negotiated rates are not needed. CEO has not elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.