Title: Organization and summary of significant Accounting Policies
Accounting Policies: Gather the necessary information, such as the list of awards by federal agency and program. The name of pass through entities and identifying award number with the name of the program. List the total Federal awards expended for each individual federal program. Listed separately are the Recovery Act Programs. The agency know the source of all grants and awards as well as the requirement of the U.S. Office of Management and Budget's (OMB) uniform Administrative Reuirements, Cost Principles and Audit requirement for Federal Awards.
De Minimis Rate Used: N
Rate Explanation: The agency has a NICRA already
Founded in 1966, the agency is a non profit corporation, incorporated in the state of SC. The agency serces more that 37,000 individuals adnd families each uear, with funds received from government and private sources. The Agency's governing Board of Directors, is comprised of Public officals, the poor, the communtiy organziations.
Title: Liquidity and Availability
Accounting Policies: Gather the necessary information, such as the list of awards by federal agency and program. The name of pass through entities and identifying award number with the name of the program. List the total Federal awards expended for each individual federal program. Listed separately are the Recovery Act Programs. The agency know the source of all grants and awards as well as the requirement of the U.S. Office of Management and Budget's (OMB) uniform Administrative Reuirements, Cost Principles and Audit requirement for Federal Awards.
De Minimis Rate Used: N
Rate Explanation: The agency has a NICRA already
Fiancial assets avalable for general expenditure, without restriction by donors or other limitations on use, within one year of the balance sheet date consists of Cash and Grants receivable totally $1,473,394.
Title: Current Vulnerability Due to Certain concentrations
Accounting Policies: Gather the necessary information, such as the list of awards by federal agency and program. The name of pass through entities and identifying award number with the name of the program. List the total Federal awards expended for each individual federal program. Listed separately are the Recovery Act Programs. The agency know the source of all grants and awards as well as the requirement of the U.S. Office of Management and Budget's (OMB) uniform Administrative Reuirements, Cost Principles and Audit requirement for Federal Awards.
De Minimis Rate Used: N
Rate Explanation: The agency has a NICRA already
The Agency maintains its cash blances at a financial institution. At January 31, 2022 there were no uninsured cash balances.
Title: Grants Receivable
Accounting Policies: Gather the necessary information, such as the list of awards by federal agency and program. The name of pass through entities and identifying award number with the name of the program. List the total Federal awards expended for each individual federal program. Listed separately are the Recovery Act Programs. The agency know the source of all grants and awards as well as the requirement of the U.S. Office of Management and Budget's (OMB) uniform Administrative Reuirements, Cost Principles and Audit requirement for Federal Awards.
De Minimis Rate Used: N
Rate Explanation: The agency has a NICRA already
Amount due from grantors at 01/31/2022 is $593,346.
Title: Grant Conditions Fixed Assets
Accounting Policies: Gather the necessary information, such as the list of awards by federal agency and program. The name of pass through entities and identifying award number with the name of the program. List the total Federal awards expended for each individual federal program. Listed separately are the Recovery Act Programs. The agency know the source of all grants and awards as well as the requirement of the U.S. Office of Management and Budget's (OMB) uniform Administrative Reuirements, Cost Principles and Audit requirement for Federal Awards.
De Minimis Rate Used: N
Rate Explanation: The agency has a NICRA already
Notwithstanding audits by independent APA, all items included in this report remain subject to audit by the finding agencies or any other sources providing support. The final audit determination rests with the officials of the funding sources having authority to make and enforce grants.
Title: Mortgages and Notes Payable
Accounting Policies: Gather the necessary information, such as the list of awards by federal agency and program. The name of pass through entities and identifying award number with the name of the program. List the total Federal awards expended for each individual federal program. Listed separately are the Recovery Act Programs. The agency know the source of all grants and awards as well as the requirement of the U.S. Office of Management and Budget's (OMB) uniform Administrative Reuirements, Cost Principles and Audit requirement for Federal Awards.
De Minimis Rate Used: N
Rate Explanation: The agency has a NICRA already
The agency has 4 mortgaage notes payable. 3 with USDA Department of Agriculture Rural Development Admin. The loans are secured by the land and building and is payable over a forty year period with a blance of 7,568,456 and 1 with a local bank with a principal blance of $289,901.
Title: Retirement Plans
Accounting Policies: Gather the necessary information, such as the list of awards by federal agency and program. The name of pass through entities and identifying award number with the name of the program. List the total Federal awards expended for each individual federal program. Listed separately are the Recovery Act Programs. The agency know the source of all grants and awards as well as the requirement of the U.S. Office of Management and Budget's (OMB) uniform Administrative Reuirements, Cost Principles and Audit requirement for Federal Awards.
De Minimis Rate Used: N
Rate Explanation: The agency has a NICRA already
The agency has two defind contribution retirement plans for all eligible employees.
Title: Contingencies
Accounting Policies: Gather the necessary information, such as the list of awards by federal agency and program. The name of pass through entities and identifying award number with the name of the program. List the total Federal awards expended for each individual federal program. Listed separately are the Recovery Act Programs. The agency know the source of all grants and awards as well as the requirement of the U.S. Office of Management and Budget's (OMB) uniform Administrative Reuirements, Cost Principles and Audit requirement for Federal Awards.
De Minimis Rate Used: N
Rate Explanation: The agency has a NICRA already
Grants ofter require the fulfillment of certain conditions as set forthin the insturment of the grant. Failure to fulfill the conditions could result in the return to the grantors. Upon accepting the grant the Agency has agreed to comply with the provision thereof.
Title: In kind contributions
Accounting Policies: Gather the necessary information, such as the list of awards by federal agency and program. The name of pass through entities and identifying award number with the name of the program. List the total Federal awards expended for each individual federal program. Listed separately are the Recovery Act Programs. The agency know the source of all grants and awards as well as the requirement of the U.S. Office of Management and Budget's (OMB) uniform Administrative Reuirements, Cost Principles and Audit requirement for Federal Awards.
De Minimis Rate Used: N
Rate Explanation: The agency has a NICRA already
OCAB's value contributed services and property that are to be used to meet a cost sharing or matching requiement at their fair market valus at the time of contribution. All are used in the program services. The contributions are necessary and reasonalbe for proper accomplishment of project oojectives
Title: Perior Period adjustment
Accounting Policies: Gather the necessary information, such as the list of awards by federal agency and program. The name of pass through entities and identifying award number with the name of the program. List the total Federal awards expended for each individual federal program. Listed separately are the Recovery Act Programs. The agency know the source of all grants and awards as well as the requirement of the U.S. Office of Management and Budget's (OMB) uniform Administrative Reuirements, Cost Principles and Audit requirement for Federal Awards.
De Minimis Rate Used: N
Rate Explanation: The agency has a NICRA already
Net assets without donor restrictions at 01/31/2021 has be adjusted by $960,438. The adjustment relateds to inter fund due from/due to account not being properly reversed in subsequent years disposed fixed assetswer disposed of had not been removed from accounting system.
Title: Subsequent Events
Accounting Policies: Gather the necessary information, such as the list of awards by federal agency and program. The name of pass through entities and identifying award number with the name of the program. List the total Federal awards expended for each individual federal program. Listed separately are the Recovery Act Programs. The agency know the source of all grants and awards as well as the requirement of the U.S. Office of Management and Budget's (OMB) uniform Administrative Reuirements, Cost Principles and Audit requirement for Federal Awards.
De Minimis Rate Used: N
Rate Explanation: The agency has a NICRA already
Management has evaluated subsequent events throught 01/31/2022, the date on which the fianceial statements were available to be issued.