Audit 310816

Title: Note 1 - Bases 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 the Uniform Guidance, wherein certain types of expenditures are not allowable or limited as to reimbursement. Negative amounts shown on the Schedule represent adjusts or credits made in the normal course of business to amounts reported as expenditures in prior years. De Minimis Rate Used: Y Rate Explanation: GMSC has elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance for certain grants that allow the use of the 10% de minimis indirect cost rate. The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) includes the federal grant activity of Greater Miami Service Corps (GMSC/Organization) under programs of the federal government for the year ended September 30th, 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), (formerly OMB Circular A-133). Because the Schedule presents only a selected portion of the operations of GMSC, it is not intended to and does not present the financial position, changes in net assets or cash flows of the Organization.

Title: Note 2 - 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 the Uniform Guidance, wherein certain types of expenditures are not allowable or limited as to reimbursement. Negative amounts shown on the Schedule represent adjusts or credits made in the normal course of business to amounts reported as expenditures in prior years. De Minimis Rate Used: Y Rate Explanation: GMSC has elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance for certain grants that allow the use of the 10% de minimis indirect cost rate. 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 limited as to reimbursement. Negative amounts shown on the Schedule represent adjusts or credits made in the normal course of business to amounts reported as expenditures in prior years.