Title: NOTE 3: RELATIONSHIP TO FEDERAL FINANCIAL REPORTS
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) presents the federal fund expenditures of all federal award programs of SER-Jobs for Progress of the Texas Gulf Coast, Inc. (SER-Jobs) for the year ended August 31, 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 SER-Jobs, it is not intended to and does not present the financial position, change in net assets, or cash flows of SER-Jobs.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles as found in the Uniform Guidance for federal awards, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: SER-Jobs has not elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance for the fiscal year ended August 31, 2023. SER-Jobs has a negotiated indirect cost rate with the Department of Labor.
Amounts reflected in the financial reports filed with grantor agencies for the programs and the supplementary schedules may not agree because of accruals included in the next report filed with the agencies, matching requirements not included in the Schedule and different program year ends.
Title: NOTE 4: INSURANCE COVERAGE
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) presents the federal fund expenditures of all federal award programs of SER-Jobs for Progress of the Texas Gulf Coast, Inc. (SER-Jobs) for the year ended August 31, 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 SER-Jobs, it is not intended to and does not present the financial position, change in net assets, or cash flows of SER-Jobs.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles as found in the Uniform Guidance for federal awards, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: SER-Jobs has not elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance for the fiscal year ended August 31, 2023. SER-Jobs has a negotiated indirect cost rate with the Department of Labor.
During the year ended August 31, 2023, SER-Jobs maintained the following types of insurance:
• Commercial general liability - $3,000,000 general aggregate.
• Automobile liability - $1,000,000 combined single limit.
• Directors and officer liability (including employment practices) - $1,000,000 aggregate.
• Cyber security liability - $1,000,000 general aggregate.
• Workers’ compensation- $1,000,000 each accident.
• Accident policy - $500,000 per occurrence.
• Life insurance - $300,000 per occurrence.
• Group annuities - $250,000 per occurrence.
Title: NOTE 6: LOANS AND LOAN GURANTEES
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) presents the federal fund expenditures of all federal award programs of SER-Jobs for Progress of the Texas Gulf Coast, Inc. (SER-Jobs) for the year ended August 31, 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 SER-Jobs, it is not intended to and does not present the financial position, change in net assets, or cash flows of SER-Jobs.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles as found in the Uniform Guidance for federal awards, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: SER-Jobs has not elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance for the fiscal year ended August 31, 2023. SER-Jobs has a negotiated indirect cost rate with the Department of Labor.
SER-Jobs did not have any loans or loan guarantee programs required to be reported on the Schedule for the fiscal year ended August 31, 2023.