Audit 32702

Title: Summary of Significant Accounting Policies Accounting Policies: The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal award activity of Greenwood-Edgefield-McCormick-Abbeville Commission on Alcohol and Drug Abuse dba Cornerstone under programs of the federal government for the year ended June 30, 2022. The information in this schedule is presented in accordance with the requirements of Title 2 US Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements of Federal Awards (Uniform Guidance). Because the schedule presents only a selected portion of the operations of Greenwood-Edgefield-McCormick-Abbeville Commission on Alcohol and Drug Abuse dba Cornerstone, it is not intended to and does not present the financial position, changes in net position, or cash flows of Cornerstone. 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. The Commission had no payments to subrecipients. De Minimis Rate Used: N Rate Explanation: Greenwood-Edgefield-McCormick-Abbeville Commission on Alcohol and Drug Abuse dba Cornerstone has elected not use the ten percent de minimus indirect cost rate as allowed under the Uniform Guidance. 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. The Commission had no payments to subrecipients.