Accounting Policies: NOTE A - BASIS OF PRESENTATIONThe accompanying schedule of expenditures of federal awards includes the federal award activity of HOPE of East Central Illinois, NFP under programs of the federal government for the year ended June 30, 2022. The information 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). NOTE B - SIGNIFICANT ACCOUNTING POLICIESExpenditures reported on the accompanying 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 Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.HOPE has elected to use the 10 percent de minimis indirect cost rate as allowed under Uniform Guidance.NOTE C - INSURANCE COVERAGEHOPE had the following insurance policies in force at June 30, 2022 for the period 11/5/2021 11/5/2022:Secura Insurance:General LiabilityGeneral aggregate limit$3,000,000Products completed operations aggregate limit$3,000,000Personal and advertising injury liability limit$1,000,000Each occurrence limit$1,000,000Damage to premises rented to you limit$100,000Medical expense limit, any one person$10,000Commercial PropertyBuilding coverage limit $4,568,882Business personal property$445,000Deductible per occurrence$1,000Automobile Liability$1,000,000Auto medical payments$5,000Uninsured motorists$1,000,000Underinsured motorists$1,000,000Deductible Comprehensive$500Deductible Collision$1,000Commercial Umbrella LiabilityEach occurrence limit$5,000,000Personal and advertising injury limit$5,000,000Aggregate limit$5,000,000Crime and Fidelity CoverageEmployee theft-blanket$15,000Deductible$500Directors and Officers LiabilityAggregate limit$1,000,000Each occurrence limit$1,000,000Deductible$1,000Cyber Security CoverageFirst party annual aggregate limit$50,000Third party annual aggregate limit$50,000Deductible$1,000Workers CompensationBodily injury by accident (each accident)$500,000Bodily injury by disease (each employee)$500,000Bodily injury by disease (policy limit) $500,000NOTE D - SUBRECIPIENTS No amount was provided to subrecipients by HOPE.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.