Title: Summary of Significant Accounting Policies
Accounting Policies: Basis of Presentation
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal award activity of CARE Coalition (the “Organization”) under programs of the federal government for the
year ended June 30, 2024. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Guidance Requirements,
Cost Principles, and Audit Requirements for Federal Awards (“Uniform Guidance”). 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.
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. For cost reimbursement grants, federal awards are considered expended when the transactions occur. For program income, federal awards are
considered expended when funds are received or used.
Indirect Cost Rate
The Organization has elected to not use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The indirect cost rate is negotiated per contract with each grantor. The Organization aims for the 10% de minimis cost rate but several grantors state in their applications what can be used and those rates are generally below 10%, or not provided at all.
Basis of Presentation
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal award activity of CARE Coalition (the “Organization”) under programs of the federal government for the
year ended June 30, 2024. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Guidance Requirements,
Cost Principles, and Audit Requirements for Federal Awards (“Uniform Guidance”). 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.
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. For cost reimbursement grants, federal awards are considered expended when the transactions occur. For program income, federal awards are
considered expended when funds are received or used.
Indirect Cost Rate
The Organization has elected to not use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Title: SBA Economic Injury Disaster Loan Program
Accounting Policies: Basis of Presentation
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal award activity of CARE Coalition (the “Organization”) under programs of the federal government for the
year ended June 30, 2024. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Guidance Requirements,
Cost Principles, and Audit Requirements for Federal Awards (“Uniform Guidance”). 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.
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. For cost reimbursement grants, federal awards are considered expended when the transactions occur. For program income, federal awards are
considered expended when funds are received or used.
Indirect Cost Rate
The Organization has elected to not use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The indirect cost rate is negotiated per contract with each grantor. The Organization aims for the 10% de minimis cost rate but several grantors state in their applications what can be used and those rates are generally below 10%, or not provided at all.
The Organization entered into a long-term debt in 2020 in the amount of $150,000 pursuant to the SBA Economic Injury Disaster Loan program under Sec 2., S.4167 of the CARES Act, which was enacted on
March 27, 2020. Total debt payments made during the year ended June 30, 2024, was $7,692, which was applied to accrued interest incurred during the deferment period.