Title: BASIS OF ACCOUNTING
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (schedule) includes the federal grant activity of Maryland Capital Enterprises, Inc. and is presented on the accrual basis of accounting. This schedule reflects expenditures and outstanding loans for all individual federal programs which were active during the fiscal year. The information in this 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 presented in this schedule may differ from amounts presented in, or used in, the preparation of the financial statements
De Minimis Rate Used: N
Rate Explanation: Maryland Capital Enterprises, Inc. has not elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
Expenditures reported on the Schedule of Expenditures of Federal Awards are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance), wherein certain types of expenditures are not allowable or are limited to reimbursement.
Title: BASIS OF ACCOUNTING
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (schedule) includes the federal grant activity of Maryland Capital Enterprises, Inc. and is presented on the accrual basis of accounting. This schedule reflects expenditures and outstanding loans for all individual federal programs which were active during the fiscal year. The information in this 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 presented in this schedule may differ from amounts presented in, or used in, the preparation of the financial statements
De Minimis Rate Used: N
Rate Explanation: Maryland Capital Enterprises, Inc. has not elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
The Organization provided no federal funds to subrecipients during the year.
Title: BASIS OF ACCOUNTING
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (schedule) includes the federal grant activity of Maryland Capital Enterprises, Inc. and is presented on the accrual basis of accounting. This schedule reflects expenditures and outstanding loans for all individual federal programs which were active during the fiscal year. The information in this 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 presented in this schedule may differ from amounts presented in, or used in, the preparation of the financial statements
De Minimis Rate Used: N
Rate Explanation: Maryland Capital Enterprises, Inc. has not elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
Federal grant/pass-through entity identifying numbers are presented when available.
Title: RELATIONSHIP OF SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS TO FINANCIAL STATEMENTS
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (schedule) includes the federal grant activity of Maryland Capital Enterprises, Inc. and is presented on the accrual basis of accounting. This schedule reflects expenditures and outstanding loans for all individual federal programs which were active during the fiscal year. The information in this 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 presented in this schedule may differ from amounts presented in, or used in, the preparation of the financial statements
De Minimis Rate Used: N
Rate Explanation: Maryland Capital Enterprises, Inc. has not elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
The accompanying Schedule of Expenditures of Federal Awards presents the activity of all federal financial assistance program of the Organization. The schedule includes federal expenditure loans received from federal agencies which are to be re-loaned to various enterprises. These loans are allowable expenditures under the various programs but treated as assets in the financial statements. Therefore, the schedule does not present the financial position or results of changes in net assets of Maryland Capital Enterprises, Inc.