Title: Organization
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of the Council and is presented 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 basis financial statements.
De Minimis Rate Used: N
Rate Explanation: The Council has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards presents the activity of all federal award programs of Full Employment Council, Inc. (the Council) for the year ended June 30, 2023. All federal awards received directly from federal agencies, as well as federal awards passed through other governmental agencies, are included in the schedule.
Title: Basis of Accounting
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of the Council and is presented 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 basis financial statements.
De Minimis Rate Used: N
Rate Explanation: The Council has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
The expenditures for each of the federal financial assistance programs are presented in the Schedule on the accounting basis as presented in the financial statements. The accrual basis of accounting incorporates an estimation approach to determine the amount of expenditures incurred if not yet billed by a vendor. Thus, federal programs may present negative amounts on the Schedule as a result of prior year estimates being overstated and/or reimbursements due back to the grantor.
Title: Local Government Contributions
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of the Council and is presented 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 basis financial statements.
De Minimis Rate Used: N
Rate Explanation: The Council has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
Local cost sharing, as defined by Uniform Guidance is required by certain federal grants. The amount of cost sharing varies with each program. Only the federal share of expenditures is presented in the Schedule of Expenditures of Federal Awards.
Title: Additional Audits
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of the Council and is presented 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 basis financial statements.
De Minimis Rate Used: N
Rate Explanation: The Council has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
Grantor agencies reserve the right to conduct additional audits of the Council's grant programs for economy and efficiency and program results which may result in disallowed costs to the Council. However, management does not believe such audits would result in any disallowed costs that would be material to the Council's financial position at June 30, 2023.