Title: 3. RELATIONSHIP OF SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS TO FINANCIAL STATEMENTS
Accounting Policies: 1. BASIS OF PRESENTATION
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal grant activity of Los Angeles Conservation Corps, Inc. (the Organization) and is presented using the accrual basis of accounting. 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 this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowed or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Organization has elected not to use the 10% de minimis indirect cost rate as allowed under Uniform Guidance for the year ended June 30, 2024; and instead allocated indirect costs in accordance with its cost allocation plan as allowed by the federal grant programs under Uniform Guidance.
Federal financial assistance is reported in the financial statements of the Organization for the year ended June 30, 2024 as follows:
Total Program Expenditures
FEDERAL GRANTOR /
Pass-through Grantor / Program Title Funded by Federal Awards Funded by Donations and Other
Total
Conservation $ 884,336 $ 17,246,651 $ 18,130,987
After School Programs 159,380 4,631,503 4,790,883
Corpsmember Development 581,600 1,152,363 1,733,963
Total expenditure of programs and federal awards $ 1,625,316 $ 23,030,517 $ 24,655,833
Title: 4. PASS-THROUGH AWARDS
Accounting Policies: 1. BASIS OF PRESENTATION
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal grant activity of Los Angeles Conservation Corps, Inc. (the Organization) and is presented using the accrual basis of accounting. 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 this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowed or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Organization has elected not to use the 10% de minimis indirect cost rate as allowed under Uniform Guidance for the year ended June 30, 2024; and instead allocated indirect costs in accordance with its cost allocation plan as allowed by the federal grant programs under Uniform Guidance.
The Organization receives federal awards from pass-through agencies. The total amount of such pass-through awards is included on the Schedule.
Title: 5. MATCHING FUNDS
Accounting Policies: 1. BASIS OF PRESENTATION
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal grant activity of Los Angeles Conservation Corps, Inc. (the Organization) and is presented using the accrual basis of accounting. 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 this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowed or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Organization has elected not to use the 10% de minimis indirect cost rate as allowed under Uniform Guidance for the year ended June 30, 2024; and instead allocated indirect costs in accordance with its cost allocation plan as allowed by the federal grant programs under Uniform Guidance.
During the year ended June 30, 2024, matching funds were as follows for these contracts:
Name Contract Number Matching Expense
AmeriCorps YouthBuild USA Americorps 16 22NDFMA0090029 $ 12,062
US Department of Labor YouthBuild 20 YB-36432-21-60 A6 41,350
U.S. Dept of Agriculture - Conservation Corps of Long Beach AA211092 170,000
U.S. Dept of Agriculture – Conservation Corps of Long Beach 5352 40,038
U.S. Dept of Agriculture - USDA Forest Service 21-PA-11050100-16 22,760
Total $ 286,210