Title: Note 1 - General
Accounting Policies: The financial statements are prepared on the accrual basis of accounting and in accordance with accounting principles generally accepted in the United States of America and in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and the Audit Requirements for Federal Awards (Uniform Guidance).
De Minimis Rate Used: N
Rate Explanation: The auditee did not electet to use the ten percent (10%) de minimis indirect cost rate.
Central City Economic Opportunity Corporation (CCEOC) was organized to promote and develop economic opportunity to those in need of increased economic opportunity; to promote the education and welfare of the people of the community; and to form special interest groups as it deems necessary to solve special problems of the community.
A summary of the significant accounting policies consistently applied in the preparation of the accompanying financial statements follows:
Basis of Accounting
The financial statements of CCEOC are prepared on the accrual basis of accounting and in accordance with accounting principles generally accepted in the United States of America and in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America, requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Title: Note 2 - Major Federal Programs
Accounting Policies: The financial statements are prepared on the accrual basis of accounting and in accordance with accounting principles generally accepted in the United States of America and in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and the Audit Requirements for Federal Awards (Uniform Guidance).
De Minimis Rate Used: N
Rate Explanation: The auditee did not electet to use the ten percent (10%) de minimis indirect cost rate.
CCEOC’s major federal financial assistance programs for the year ended December 31, 2023 was determined based on guidelines established by the Uniform Guidance. The major program for the year ended December 31, 2023 was the Head Start/Early Head Start program.
Title: Note 3 - Sub-Recipients
Accounting Policies: The financial statements are prepared on the accrual basis of accounting and in accordance with accounting principles generally accepted in the United States of America and in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and the Audit Requirements for Federal Awards (Uniform Guidance).
De Minimis Rate Used: N
Rate Explanation: The auditee did not electet to use the ten percent (10%) de minimis indirect cost rate.
CCEOC did not disburse any federal funds to sub-recipients during the year ended December 31, 2023.
Title: Note 4 - Indirect Cost Rate
Accounting Policies: The financial statements are prepared on the accrual basis of accounting and in accordance with accounting principles generally accepted in the United States of America and in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and the Audit Requirements for Federal Awards (Uniform Guidance).
De Minimis Rate Used: N
Rate Explanation: The auditee did not electet to use the ten percent (10%) de minimis indirect cost rate.
CCEOC has not elected to use the ten percent (10%) de minimis indirect cost rate.
Title: Note 5 - Subsequent Events
Accounting Policies: The financial statements are prepared on the accrual basis of accounting and in accordance with accounting principles generally accepted in the United States of America and in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and the Audit Requirements for Federal Awards (Uniform Guidance).
De Minimis Rate Used: N
Rate Explanation: The auditee did not electet to use the ten percent (10%) de minimis indirect cost rate.
CCEOC is required to evaluate events or transactions that may have occurred after the statement of financial position date for potential recognition or disclosure in the financial statements. CCEOC performed such an evaluation through September 23, 2024, the date which financial statements were available to be issued, and noted no subsequent events or transactions that occurred after the statement of financial position date that required recognition or disclosure.