Title: NOTE 1 – BASIS OF PRESENTATION
Accounting Policies: The accompanying schedule of expenditures of federal awards summarizes the expenditures of the Select Cobb, Inc. (the “Organization”) under the program of the federal government for the year ended December 31, 2023 and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the provisions of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (the “Uniform Guidance”). Expenditures for direct costs are recognized as incurred using the accrual method of accounting and the cost accounting principles contained in the Uniform Guidance. Under these cost principles, certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Did not elect to use de minimis cost rate.
The accompanying schedule of expenditures of federal awards summarizes the expenditures of the Select Cobb, Inc. (the “Organization”) under the program of the federal government for the year ended December 31, 2023 and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the provisions of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (the “Uniform Guidance”).
Title: NOTE 2 – ACCOUNTING PRINCIPLES
Accounting Policies: The accompanying schedule of expenditures of federal awards summarizes the expenditures of the Select Cobb, Inc. (the “Organization”) under the program of the federal government for the year ended December 31, 2023 and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the provisions of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (the “Uniform Guidance”). Expenditures for direct costs are recognized as incurred using the accrual method of accounting and the cost accounting principles contained in the Uniform Guidance. Under these cost principles, certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Did not elect to use de minimis cost rate.
Expenditures for direct costs are recognized as incurred using the accrual method of accounting and the cost accounting principles contained in the Uniform Guidance. Under these cost principles, certain types of expenditures are not allowable or are limited as to reimbursement.
Title: NOTE 3 – INDIRECT COST RATE
Accounting Policies: The accompanying schedule of expenditures of federal awards summarizes the expenditures of the Select Cobb, Inc. (the “Organization”) under the program of the federal government for the year ended December 31, 2023 and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the provisions of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (the “Uniform Guidance”). Expenditures for direct costs are recognized as incurred using the accrual method of accounting and the cost accounting principles contained in the Uniform Guidance. Under these cost principles, certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Did not elect to use de minimis cost rate.
The Organization elected not to use the 10% de minimis cost rate under Title 2 U.S. CFR Part 200, Subpart E, Cost Principles.
Title: NOTE 4 – CONTINGENCIES
Accounting Policies: The accompanying schedule of expenditures of federal awards summarizes the expenditures of the Select Cobb, Inc. (the “Organization”) under the program of the federal government for the year ended December 31, 2023 and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the provisions of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (the “Uniform Guidance”). Expenditures for direct costs are recognized as incurred using the accrual method of accounting and the cost accounting principles contained in the Uniform Guidance. Under these cost principles, certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Did not elect to use de minimis cost rate.
The Organization’s federal program is subject to financial and compliance audits by the grantor agency which, if instances of material noncompliance are found, may result in disallowed expenditures and affect the Organization’s continued participation in specific programs. The amount, if any, of expenditures which may be disallowed by the grantor agency cannot be determined at this time, although the Organization expects such amounts, if any, to be insignificant