Title: Note 1 - Basis of Presentation
Accounting Policies: The Schedule includes the federal award activity of Northern Manhattan Improvement Corporation and Affiliates and is presented on the accrual basis of accounting. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Guidance Requirements, Cost Principles, and Audit requirements for Federal Awards (the “Uniform Guidance”). Because the Schedule presents only a selected portion of the operations of Northern Manhattan Improvement Corporation and Affiliates, it is not intended to, and does not present the financial positions, changes in net assets, or cash flows of Northern Manhattan Improvement Corporation and Affiliates.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The accompanying schedule of expenditures of federal awards (the “Schedule”) presents the activities in all the federal award programs of Northern Manhattan Improvement Corporation and Affiliates. All financial awards received directly from federal agencies as well as financial awards passed through other governmental agencies or not-for-profit organizations are included on the Schedule.
Title: Note 2 - Basis of Accounting
Accounting Policies: The Schedule includes the federal award activity of Northern Manhattan Improvement Corporation and Affiliates and is presented on the accrual basis of accounting. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Guidance Requirements, Cost Principles, and Audit requirements for Federal Awards (the “Uniform Guidance”). Because the Schedule presents only a selected portion of the operations of Northern Manhattan Improvement Corporation and Affiliates, it is not intended to, and does not present the financial positions, changes in net assets, or cash flows of Northern Manhattan Improvement Corporation and Affiliates.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The Schedule includes the federal award activity of Northern Manhattan Improvement Corporation and Affiliates and is presented on the accrual basis of accounting. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Guidance Requirements, Cost Principles, and Audit requirements for Federal Awards (the “Uniform Guidance”). Because the Schedule presents only a selected portion of the operations of Northern Manhattan Improvement Corporation and Affiliates, it is not intended to, and does not present the financial positions, changes in net assets, or cash flows of Northern Manhattan Improvement Corporation and Affiliates.
Title: Note 3 - Indirect Cost Rate
Accounting Policies: The Schedule includes the federal award activity of Northern Manhattan Improvement Corporation and Affiliates and is presented on the accrual basis of accounting. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Guidance Requirements, Cost Principles, and Audit requirements for Federal Awards (the “Uniform Guidance”). Because the Schedule presents only a selected portion of the operations of Northern Manhattan Improvement Corporation and Affiliates, it is not intended to, and does not present the financial positions, changes in net assets, or cash flows of Northern Manhattan Improvement Corporation and Affiliates.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The Northern Manhattan Improvement Corporation and Affiliates have elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Title: Note 4 - Relationship to Basic Financial Statements
Accounting Policies: The Schedule includes the federal award activity of Northern Manhattan Improvement Corporation and Affiliates and is presented on the accrual basis of accounting. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Guidance Requirements, Cost Principles, and Audit requirements for Federal Awards (the “Uniform Guidance”). Because the Schedule presents only a selected portion of the operations of Northern Manhattan Improvement Corporation and Affiliates, it is not intended to, and does not present the financial positions, changes in net assets, or cash flows of Northern Manhattan Improvement Corporation and Affiliates.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Federal award expenditures are reported on the statement of activities as functional and supporting expenses. In certain programs, the expenditures reported in the basic financial statements may differ from the expenditures reported in the schedule of expenditures of federal awards due to program expenditures exceeding grant limitations or capitalization policies required by GAAP.