Notes to SEFA
Title: Provider Relief Funds (PRF)
Accounting Policies: 1.GENERALThe accompanying Schedule of Expenditures of Federal Awards (the Schedule) has been prepared in accordance with accounting principles generally accepted in the United States of America. Amounts included in the Schedule are actual expenditures for the year ended June 30, 2022. The accompanying Schedule presents the activity of all federal award programs of ADAPT Community Network, Inc. (the Agency). 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 Agencys operations, it is not intended to and does not present the financial position, change in net assets, or cash flows of the Agency. 2.BASIS OF ACCOUNTINGExpenditures 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.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The amount included in the schedule of expenditures of federal awards is based up on the March 31, 2022 and September 30, 2022 PRF reports.