Notes to SEFA
Title: Basis of Presentation
Accounting Policies: The accompanying schedules of expenditures of federal awards includes the federal grant activity of Community Outreach Services Corporation under programs of the federal government for the years ended December 31, 2022 and 2021. The information in these schedules are 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). Because the Schedules present only a selected portion of the operations of Community Outreach Services Corporation, it is not intended to and does not present the financial position, changes in net assets or cash flows of Community Outreach Services Corporation.
De Minimis Rate Used: N
Rate Explanation: Community Outreach Services Corporation has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying schedules of expenditures of federal awards includes the federal grant activity of Community Outreach Services Corporation under programs of the federal government for the years ended December 31, 2022 and 2021. The information in these schedules are 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). Because the Schedules present only a selected portion of the operations of Community Outreach Services Corporation, it is not intended to and does not present the financial position, changes in net assets or cash flows of Community Outreach Services Corporation.
Title: Summary of Significant Accounting Policies
Accounting Policies: The accompanying schedules of expenditures of federal awards includes the federal grant activity of Community Outreach Services Corporation under programs of the federal government for the years ended December 31, 2022 and 2021. The information in these schedules are 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). Because the Schedules present only a selected portion of the operations of Community Outreach Services Corporation, it is not intended to and does not present the financial position, changes in net assets or cash flows of Community Outreach Services Corporation.
De Minimis Rate Used: N
Rate Explanation: Community Outreach Services Corporation has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Expenditures reported on the Schedules 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. Community Outreach Services Corporation has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.