Notes to SEFA
Title: Basis of Accounting
Accounting Policies: Basis of Accounting
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Pass-through entity identifying numbers are presented where available.
Indirect Costs
CAC has elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of CAC 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 CAC, it is not intended to and does not present the financial position, changes in net assets or cash flows of CAC.
Title: Summary of Significant Accounting Policies
Accounting Policies: Basis of Accounting
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Pass-through entity identifying numbers are presented where available.
Indirect Costs
CAC has elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
Basis of Accounting
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance,
wherein certain types of expenditures are not allowable or are limited as to reimbursement. Pass-through entity identifying numbers are presented where available.
Indirect Costs
CAC has elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Title: Reconciliation of Schedule of Expenditures of Federal Awards to the Statement of Activities
Accounting Policies: Basis of Accounting
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Pass-through entity identifying numbers are presented where available.
Indirect Costs
CAC has elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
From time to time, CAC receives grant funding for capital projects. During the year ended June 30, 2023, CAC used Head Start grant funds to purchase a new heating, ventilation and air conditioning unit. This purchase was capitalized in accordance with GAAP but is reported as an expenditure on the SEFA based on grant reporting requirements. See the Notes to the SEFA for chart/table.