Audit 31091

Title: GRANTEE CONTRIBUTION Accounting Policies: Basis of PresentationThe accompanying Schedule of Expenditures of Federal and State Awards includes the federal and State grant activity of Coastal Community Action, Inc. under the programs of the federal government and the State of North Carolina for the year ended September 30, 2022. This information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Requirements (CFR) Part 200, Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards. Because the Schedule presents only a selected portion of the operations of Coastal Community Action, Inc., it is not intended to and does not present the financial position, changes in net assets or cash flows of Coastal Community Action, Inc.Summary of Significant Accounting PoliciesExpenditures reported in the Schedule of Expenditures of Federal and State Awards are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. De Minimis Rate Used: N Rate Explanation: TIndirect CostsThe Organization did not elect to use the 10% de minimis cost rate. Instead, the Organization negotiated an indirect cost rate agreement which was approved by the Organization's oversight agency, the U.S. Department of Health and Human Services. This plan and the subsequent results are discussed in Note 15 of the financial statements.he auditee did not use the de minimis cost rate. The Organization contributed the following to federal programs: Head Start $1,188,495 Foster Grandparent-Senior Companion 600 Total Contributions $1,189,095