Audit 323274

Title: Basis of Presentation Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. No federal assistance has been provided to subrecipient. The East Los Angeles Community Union and TELACU Education Foundation did not charge any in-direct costs to any federal programs during the current year. De Minimis Rate Used: N Rate Explanation: The East Los Angeles Community Union and TELACU Education Foundation did not charge any in-direct costs to any federal programs during the current year. The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of The East Los Angeles Community Union and TELACU Education Foundation under programs of the federal government for the year ended December 31, 2023. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some amounts presented in the Schedule may differ from amounts presented in the consolidated financial statements. Because the Schedule presents only a selected portion of the operations of The East Los Angeles Community Union and TELACU Education Foundation, it is not intended to and does not present the financial position, changes in net assets or cash flows of The East Los Angeles Community Union and TELACU Education Foundation. All of The East Los Angeles Community Union and TELACU Education Foundation’s federal awards were in the form of cash assistance for the year ended December 31, 2023. The East Los Angeles Community Union and TELACU Education Foundation had no federally funded insurance programs during the year ended December 31, 2023.