Title: Note 2 - Subrecipients
Accounting Policies: Reporting Entity – The Schedule of Expenditures of Federal Awards (the “Schedule”) includes the activity of all federal grant programs administered by The Bridge Over Troubled Waters, Inc. and The Bridge Foundation, Inc. (the “Organization”). The Organization’s activities are defined in Note 1 of their combined financial statements. Basis of Presentation – The Schedule presents total federal awards expended for each individual program in accordance with Government Auditing Standards, issued by the Comptroller General of the United States and the audit requirements of Title 2 U.S. Code of Federal Regulations (“CFR”) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Award (the “Uniform Guidance”). Federal award program titles are presented as entitled in the Assistance Listing Number (the “ALN”). Because the Schedule presents only a selected portion of the operations of the Organization, it is not intended to, and does not, present the financial position, changes in net assets, or cash flows of the Organization. Basis of Accounting – The expenditures for each of the federal financial assistance programs are presented on the accrual basis of accounting, which is defined in Note 2 of the Organization’s basic combined financial statements.
De Minimis Rate Used: N
Rate Explanation: The Organization is subject to negotiated indirect costs rates and, therefore, is not eligible to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
The Organization provided $81,138 of federal awards to subrecipients for the year ended December 31, 2023.
Title: Note 3 - Noncash Assistance
Accounting Policies: Reporting Entity – The Schedule of Expenditures of Federal Awards (the “Schedule”) includes the activity of all federal grant programs administered by The Bridge Over Troubled Waters, Inc. and The Bridge Foundation, Inc. (the “Organization”). The Organization’s activities are defined in Note 1 of their combined financial statements. Basis of Presentation – The Schedule presents total federal awards expended for each individual program in accordance with Government Auditing Standards, issued by the Comptroller General of the United States and the audit requirements of Title 2 U.S. Code of Federal Regulations (“CFR”) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Award (the “Uniform Guidance”). Federal award program titles are presented as entitled in the Assistance Listing Number (the “ALN”). Because the Schedule presents only a selected portion of the operations of the Organization, it is not intended to, and does not, present the financial position, changes in net assets, or cash flows of the Organization. Basis of Accounting – The expenditures for each of the federal financial assistance programs are presented on the accrual basis of accounting, which is defined in Note 2 of the Organization’s basic combined financial statements.
De Minimis Rate Used: N
Rate Explanation: The Organization is subject to negotiated indirect costs rates and, therefore, is not eligible to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
No federal awards were expended in the form of noncash assistance during the year ended December 31, 2023.
Title: Note 4 - Outstanding Loans
Accounting Policies: Reporting Entity – The Schedule of Expenditures of Federal Awards (the “Schedule”) includes the activity of all federal grant programs administered by The Bridge Over Troubled Waters, Inc. and The Bridge Foundation, Inc. (the “Organization”). The Organization’s activities are defined in Note 1 of their combined financial statements. Basis of Presentation – The Schedule presents total federal awards expended for each individual program in accordance with Government Auditing Standards, issued by the Comptroller General of the United States and the audit requirements of Title 2 U.S. Code of Federal Regulations (“CFR”) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Award (the “Uniform Guidance”). Federal award program titles are presented as entitled in the Assistance Listing Number (the “ALN”). Because the Schedule presents only a selected portion of the operations of the Organization, it is not intended to, and does not, present the financial position, changes in net assets, or cash flows of the Organization. Basis of Accounting – The expenditures for each of the federal financial assistance programs are presented on the accrual basis of accounting, which is defined in Note 2 of the Organization’s basic combined financial statements.
De Minimis Rate Used: N
Rate Explanation: The Organization is subject to negotiated indirect costs rates and, therefore, is not eligible to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
There were no outstanding loans in relation to federal awards as of December 31, 2023.
Title: Note 5 - Insurance
Accounting Policies: Reporting Entity – The Schedule of Expenditures of Federal Awards (the “Schedule”) includes the activity of all federal grant programs administered by The Bridge Over Troubled Waters, Inc. and The Bridge Foundation, Inc. (the “Organization”). The Organization’s activities are defined in Note 1 of their combined financial statements. Basis of Presentation – The Schedule presents total federal awards expended for each individual program in accordance with Government Auditing Standards, issued by the Comptroller General of the United States and the audit requirements of Title 2 U.S. Code of Federal Regulations (“CFR”) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Award (the “Uniform Guidance”). Federal award program titles are presented as entitled in the Assistance Listing Number (the “ALN”). Because the Schedule presents only a selected portion of the operations of the Organization, it is not intended to, and does not, present the financial position, changes in net assets, or cash flows of the Organization. Basis of Accounting – The expenditures for each of the federal financial assistance programs are presented on the accrual basis of accounting, which is defined in Note 2 of the Organization’s basic combined financial statements.
De Minimis Rate Used: N
Rate Explanation: The Organization is subject to negotiated indirect costs rates and, therefore, is not eligible to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
Insurance costs totaling $9,162 were expended through federal awards during the year ended December 31, 2023.
Title: Note 6 - Relationship to Federal Financial Reports
Accounting Policies: Reporting Entity – The Schedule of Expenditures of Federal Awards (the “Schedule”) includes the activity of all federal grant programs administered by The Bridge Over Troubled Waters, Inc. and The Bridge Foundation, Inc. (the “Organization”). The Organization’s activities are defined in Note 1 of their combined financial statements. Basis of Presentation – The Schedule presents total federal awards expended for each individual program in accordance with Government Auditing Standards, issued by the Comptroller General of the United States and the audit requirements of Title 2 U.S. Code of Federal Regulations (“CFR”) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Award (the “Uniform Guidance”). Federal award program titles are presented as entitled in the Assistance Listing Number (the “ALN”). Because the Schedule presents only a selected portion of the operations of the Organization, it is not intended to, and does not, present the financial position, changes in net assets, or cash flows of the Organization. Basis of Accounting – The expenditures for each of the federal financial assistance programs are presented on the accrual basis of accounting, which is defined in Note 2 of the Organization’s basic combined financial statements.
De Minimis Rate Used: N
Rate Explanation: The Organization is subject to negotiated indirect costs rates and, therefore, is not eligible to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
The amounts reported in the combined financial statements agree with the amounts reported in the accompanying Schedule which is prepared on the basis explained in Note 2 of the combined financial statements.
Title: Note 8 - Subsequent Events
Accounting Policies: Reporting Entity – The Schedule of Expenditures of Federal Awards (the “Schedule”) includes the activity of all federal grant programs administered by The Bridge Over Troubled Waters, Inc. and The Bridge Foundation, Inc. (the “Organization”). The Organization’s activities are defined in Note 1 of their combined financial statements. Basis of Presentation – The Schedule presents total federal awards expended for each individual program in accordance with Government Auditing Standards, issued by the Comptroller General of the United States and the audit requirements of Title 2 U.S. Code of Federal Regulations (“CFR”) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Award (the “Uniform Guidance”). Federal award program titles are presented as entitled in the Assistance Listing Number (the “ALN”). Because the Schedule presents only a selected portion of the operations of the Organization, it is not intended to, and does not, present the financial position, changes in net assets, or cash flows of the Organization. Basis of Accounting – The expenditures for each of the federal financial assistance programs are presented on the accrual basis of accounting, which is defined in Note 2 of the Organization’s basic combined financial statements.
De Minimis Rate Used: N
Rate Explanation: The Organization is subject to negotiated indirect costs rates and, therefore, is not eligible to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
The Organization’s management has evaluated and disclosed subsequent events through September 26, 2024 the date the combined financial statements and the Schedule were available to be issued.