Title: BASIS OF PRESENTATION
Accounting Policies: INCOME TAX BASIS
De Minimis Rate Used: N
Rate Explanation: The costs of providing various programs and other activities has been categorized on a functional basis in the Statement of Revenues, Expenses, and Other Changes in Net Assets – Income Tax Basis. The Statement of Functional Expenses – Income Tax Basis presents the natural classification of expenses that are allocated to program or support functions of the Organization. Allocated expenses primarily consist of salaries, wages, and related expenses, travel and meetings, contracted services, web site maintenance, and office supplies. Salaries and related expenses are allocated on salary and wage analysis, and all other expenses are allocated on the basis of time and effort required for program or support services.
The accompanying schedule of expenditures of federal awards includes the federal grant activity of North Central Indiana Regional Planning Council, Inc. and is presented on the income tax basis of accounting. The information in the schedule is presented in accordance with the requirements of OMB Uniform Guidance at 2 CFR 200, Audits of States, Local Governments, and Non-Profit Organizations. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
Title: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: INCOME TAX BASIS
De Minimis Rate Used: N
Rate Explanation: The costs of providing various programs and other activities has been categorized on a functional basis in the Statement of Revenues, Expenses, and Other Changes in Net Assets – Income Tax Basis. The Statement of Functional Expenses – Income Tax Basis presents the natural classification of expenses that are allocated to program or support functions of the Organization. Allocated expenses primarily consist of salaries, wages, and related expenses, travel and meetings, contracted services, web site maintenance, and office supplies. Salaries and related expenses are allocated on salary and wage analysis, and all other expenses are allocated on the basis of time and effort required for program or support services.
Expenditures reported on the Schedule are reported on the income tax basis of accounting. Such expenditures are recognized following the cost principles contained in OMB Circular A-122, Cost Principles for Non-Profit Organizations, wherein certain types of expenditures are not allowable or are limited to reimbursement.
Title: INDIRECT COST RATE
Accounting Policies: INCOME TAX BASIS
De Minimis Rate Used: N
Rate Explanation: The costs of providing various programs and other activities has been categorized on a functional basis in the Statement of Revenues, Expenses, and Other Changes in Net Assets – Income Tax Basis. The Statement of Functional Expenses – Income Tax Basis presents the natural classification of expenses that are allocated to program or support functions of the Organization. Allocated expenses primarily consist of salaries, wages, and related expenses, travel and meetings, contracted services, web site maintenance, and office supplies. Salaries and related expenses are allocated on salary and wage analysis, and all other expenses are allocated on the basis of time and effort required for program or support services.
The North Central Indiana Regional Planning Council, Inc. has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.