Title: Note 1 - Basis of presentation
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such
expenditures are recognized following, as applicable, the cost principles contained in OMB Circular
A-122, "Cost Principles for Non-Profit Corporations" and the cost principles contained in the Uniform
Guidance, wherein certain types of expenditures are not allowable or are limited as to
reimbursement.
De Minimis Rate Used: N
Rate Explanation: UC Independent, Inc. 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 (the "Schedule") includes the
federal award activity of UC Independent, Inc., HUD Project No.: 121-EE136, under programs of the
federal government for the year ended June 30, 2023. 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"). Because the Schedule presents only a selected portion of the
operations of UC Independent, Inc., it is not intended to and does not present the financial position,
changes in net assets, or cash flows of UC Independent, Inc. For the year ended June 30, 2023, no
awards were passed through to sub-recipients.
Title: Note 2 - Summary of significant accounting policies
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such
expenditures are recognized following, as applicable, the cost principles contained in OMB Circular
A-122, "Cost Principles for Non-Profit Corporations" and the cost principles contained in the Uniform
Guidance, wherein certain types of expenditures are not allowable or are limited as to
reimbursement.
De Minimis Rate Used: N
Rate Explanation: UC Independent, Inc. has elected not to use the 10-percent de minimis indirect cost rate allowed
under the Uniform Guidance.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such
expenditures are recognized following, as applicable, the cost principles contained in OMB Circular
A-122, "Cost Principles for Non-Profit Corporations" and the cost principles contained in the Uniform
Guidance, wherein certain types of expenditures are not allowable or are limited as to
reimbursement.
Title: Note 3 – Indirect cost rate
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such
expenditures are recognized following, as applicable, the cost principles contained in OMB Circular
A-122, "Cost Principles for Non-Profit Corporations" and the cost principles contained in the Uniform
Guidance, wherein certain types of expenditures are not allowable or are limited as to
reimbursement.
De Minimis Rate Used: N
Rate Explanation: UC Independent, Inc. has elected not to use the 10-percent de minimis indirect cost rate allowed
under the Uniform Guidance.
UC Independent, Inc. has elected not to use the 10-percent de minimis indirect cost rate allowed
under the Uniform Guidance.
Title: Note 4 - U.S. Department of Housing and
Urban Development forgivable loan program
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such
expenditures are recognized following, as applicable, the cost principles contained in OMB Circular
A-122, "Cost Principles for Non-Profit Corporations" and the cost principles contained in the Uniform
Guidance, wherein certain types of expenditures are not allowable or are limited as to
reimbursement.
De Minimis Rate Used: N
Rate Explanation: UC Independent, Inc. has elected not to use the 10-percent de minimis indirect cost rate allowed
under the Uniform Guidance.
The loan balances outstanding at the beginning of the year are included in the federal expenditures
presented in the Schedule. UC Independent, Inc. received no additional loans during the year. The
loan balance outstanding as of June 30, 2023 consists of:
See Notes to the SEFA for chart/table