Title: BASIS OF PRESENTATION
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements. Cost Principles and Audit Requirements for Federal Awards (Uniform Guidance), wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: In accordance with the Federal Requirement for the Head Start program, the Organization is in compliance with the 15% maximum administrative costs.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Glen Cove Child Day Care Center, Inc. (the Center) under programs of the federal government for the year ended July 31, 2023. The information in the Schedule is presented in accordance with 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 Glen Cove Child Day Care Center, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of Glen Cove Child Day Care Center, Inc.
Title: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements. Cost Principles and Audit Requirements for Federal Awards (Uniform Guidance), wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: In accordance with the Federal Requirement for the Head Start program, the Organization is in compliance with the 15% maximum administrative costs.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements. Cost
Principles and Audit Requirements for Federal Awards (Uniform Guidance), wherein certain types of expenditures are not allowable or are limited as to reimbursement.
Title: INDIRECT COST RATE
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements. Cost Principles and Audit Requirements for Federal Awards (Uniform Guidance), wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: In accordance with the Federal Requirement for the Head Start program, the Organization is in compliance with the 15% maximum administrative costs.
Glen Cove Child Day Care Center, Inc. has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance. In accordance with the Federal Requirement for the Head Start program, the Organization is in compliance with the 15% maximum administrative costs.
Title: RECONCILIATION OF FINANCIAL STATEMENTS TO FEDERAL AWARDS
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements. Cost Principles and Audit Requirements for Federal Awards (Uniform Guidance), wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: In accordance with the Federal Requirement for the Head Start program, the Organization is in compliance with the 15% maximum administrative costs.
The agency received $319,796 from the county for the day care program, of that amount, only 60% is from Federal funds totaling of $191,877.
Title: MATCHING REQUIREMENT
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements. Cost Principles and Audit Requirements for Federal Awards (Uniform Guidance), wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: In accordance with the Federal Requirement for the Head Start program, the Organization is in compliance with the 15% maximum administrative costs.
The Head Start program met its matching requirement as follows: