Title: GENERAL INFORMATION
Accounting Policies: The accompanying schedule of expenditures of federal and city awards is presented using the accrual basis of accounting. The amounts reported in this schedule as expenditures may differ from certain financial reports submitted to federal, state and other funding agencies due to those reports being submitted on either a cash or modified accrual basis of accounting.
De Minimis Rate Used: Y
Rate Explanation: Nueva Esperanza, Inc. has made an election pursuant to 2 CFR Part 200 Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards to receive a 40.2% indirect cost rate. This is the provisional approved indirect rate Nueva Esperanza, Inc. has through the Department of Health and Human Services (“DHHS”) through June 30, 2024. Nueva Esperanza, Inc. has applied for a provisional rate of 34.80% for award periods beginning after June 30, 2022. The rate charged on contracts will not exceed this rate.
The accompanying schedule of expenditures of federal and city awards presents the activities in all the federal financial assistance programs of Nueva Esperanza, Inc. (“NEI”). Financial assistance received directly as well as financial assistance passed through other governmental agencies or not-for-profit organizations are included on the schedule. 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”) and the City of Philadelphia Subrecipient Audit Guide. Because the Schedule presents only a selected portion of the operations of NEI, it is not intended to and does not present the financial position, changes in net assets, or cash flows of NEI.
Title: SCOPE OF AUDIT PURSUANT TO UNIFORM GUIDANCE
Accounting Policies: The accompanying schedule of expenditures of federal and city awards is presented using the accrual basis of accounting. The amounts reported in this schedule as expenditures may differ from certain financial reports submitted to federal, state and other funding agencies due to those reports being submitted on either a cash or modified accrual basis of accounting.
De Minimis Rate Used: Y
Rate Explanation: Nueva Esperanza, Inc. has made an election pursuant to 2 CFR Part 200 Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards to receive a 40.2% indirect cost rate. This is the provisional approved indirect rate Nueva Esperanza, Inc. has through the Department of Health and Human Services (“DHHS”) through June 30, 2024. Nueva Esperanza, Inc. has applied for a provisional rate of 34.80% for award periods beginning after June 30, 2022. The rate charged on contracts will not exceed this rate.
The consolidated financial statements of Nueva Esperanza, Inc. include the accounts and activities of Nueva Esperanza, Inc. and its affiliated entities (the “Organization”). The federal and city award expenditures for three of the Organization’s affiliated entities, Esperanza Academy Charter School, Esperanza Cyber Charter School and Eastern North Philadelphia Workforce Development Corporation in the amounts of $11,273,335, $5,913,199 and $4,723,522, respectively, have not been included in the accompanying schedule of expenditures of federal and city awards for the year ended June 30, 2023. Esperanza Academy Charter School, Esperanza Cyber Charter School and Eastern North Philadelphia Workforce Development Corporation’s federal and city expenditures have been included in Esperanza Academy Charter School, Esperanza Cyber Charter School and Eastern North Philadelphia Workforce Development Corporation’s schedule of expenditures of federal and city awards, which is included in its separate Uniform Guidance single audit for the year ended June 30, 2023 under Employer Identification Number 23-2853988, 45-5472199 and 23-2978010, respectively.
Title: SUBRECIPIENTS
Accounting Policies: The accompanying schedule of expenditures of federal and city awards is presented using the accrual basis of accounting. The amounts reported in this schedule as expenditures may differ from certain financial reports submitted to federal, state and other funding agencies due to those reports being submitted on either a cash or modified accrual basis of accounting.
De Minimis Rate Used: Y
Rate Explanation: Nueva Esperanza, Inc. has made an election pursuant to 2 CFR Part 200 Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards to receive a 40.2% indirect cost rate. This is the provisional approved indirect rate Nueva Esperanza, Inc. has through the Department of Health and Human Services (“DHHS”) through June 30, 2024. Nueva Esperanza, Inc. has applied for a provisional rate of 34.80% for award periods beginning after June 30, 2022. The rate charged on contracts will not exceed this rate.
Subrecipient Amount
Eastern University $ 79,675
Total ALN Number 84.031S 79,675
Centro Familiar Nueva Esperanza 35,494
Detroit Hispanic Development Corporation 37,464
Greater Southwest Development Corporation 39,823
Housing and Family Services of Greater New York, Inc. 150,202
Sandhills Community Action Program Inc. 13,801
Newsed Community Development Corporation, Inc. 25,164
Our Casas Resident Council, Inc. 38,704
Total ALN Number 14.169 340,652
Total subrecipient $ 420,327