Audit 301106

Accounting Policies: Basis of Presentation: The accompanying Schedule of Expenditures of Federal and State Awards (the Schedule) includes the federal and state award activity of El Centro Hispano, Inc. (the Organization) under prorams of the federal government for the year ended June 30, 2023. The information in this schedule is presented in accordance with the requirement of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Admistrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of El Centro Hispano, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of El Centro Hispano, Inc. Summary of Significant Accounting Policies: Expenditures reported on the Schedule of Expenditures of Federal and State Awards are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance and OMB Circular A-122, Cost Principles for Non-Profit Organizations, wherein certain types of expenditures are not allowed or are limited as to reimbursement. Indirect Cost Rate: The Organization has elected not to use the 10% de minimus indirect cost rate as allowed under the Uniform Guidance. De Minimis Rate Used: N Rate Explanation: The Organization has elected not to use the 10% de minimus indirect cost rate as allowed under the Uniform Guidance.