Title: Sub-Recipients
Accounting Policies: The accompanying schedule of expenditures of federal awards and other financial assistance (the “Schedule”) includes the federal and state award activity of People Inc. under programs of the federal governments 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 Northeast Indiana Works, Inc., it is not intended to and does not present the financial position, changes in net assets or cash flows of People Inc.
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.
De Minimis Rate Used: N
Rate Explanation: People Inc. has not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance, and instead has a rate of 11% with the Department of Health and Human Services.
People Inc. does not have any sub-recipients of federal awards.
Title: Federal Loans Payable
Accounting Policies: The accompanying schedule of expenditures of federal awards and other financial assistance (the “Schedule”) includes the federal and state award activity of People Inc. under programs of the federal governments 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 Northeast Indiana Works, Inc., it is not intended to and does not present the financial position, changes in net assets or cash flows of People Inc.
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.
De Minimis Rate Used: N
Rate Explanation: People Inc. has not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance, and instead has a rate of 11% with the Department of Health and Human Services.
Henderson Building
Federal expenditures for the U.S. Department Agriculture ("USDA") Community Facilities Loans and Grants Cluster program includes the balance of a loan outstanding. This particular loan was funded by a grant from USDA who passed through these funds in the form of a low-interest loan and for which the grantor imposes continuing compliance requirements. Total principal on this loan was $850,000 which was used to finance the food bank building for People Inc. Annual payments of principal and interest of $49,572 are due on this loan.
Balance at July 1, 2022 $ 626,983
Repayments - Principal 24,939
Balance at June 30, 2023 $ 602,044
Title: Federal Loans Payable
Accounting Policies: The accompanying schedule of expenditures of federal awards and other financial assistance (the “Schedule”) includes the federal and state award activity of People Inc. under programs of the federal governments 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 Northeast Indiana Works, Inc., it is not intended to and does not present the financial position, changes in net assets or cash flows of People Inc.
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.
De Minimis Rate Used: N
Rate Explanation: People Inc. has not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance, and instead has a rate of 11% with the Department of Health and Human Services.
Woodstock Building
Federal expenditures for the U.S. Department Agriculture ("USDA") Community Facilities Loans and Grants
Cluster program includes the balance of a loan outstanding. This particular loan was funded by a grant from USDA
who passed through these funds in the form of a low-interest loan and for which the grantor imposes continuing
compliance requirements. Total principal on this loan was $868,000 which was used to finance the food bank
building for People Inc.. Annual payments of principal and interest of $40,836 are due on this loan.
Balance at July 1, 2022 $ 723,881
Repayments - Principal 15,753
Balance at June 30, 2023 $ 708,128