Title: NOTE A – BASIS OF PRESENTATION
Accounting Policies: NOTE A – BASIS OF PRESENTATION
The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) includes the federal grant activity of Street Law, Inc. 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 Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of Street Law, Inc., it is not intended and does not present the financial position, changes in net assets, or cash flows Street Law, Inc.
NOTE B – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Expenditures reported in 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 expenses are not allowable or are limited as to reimbursement.
NOTE C – RECONCILIATION TO FINANCIAL STATEMENTS
During the 2023 fiscal year, Street Law was awarded multi federal government grants. Total federal grant expenses exceeded total federal grant revenue by $42,254 as a result of a change in the indirect cost rate (i.e., from the provisional rate to the approved rate), which impacted both fiscal years 2023 and 2024.
De Minimis Rate Used: N
Rate Explanation: STREET LAW ELECTED TO USE THE HIGHER COST RATE THAT WAS PROVIDED BY AND UTILIZED FOR GRANTS WITH THE U.S. DEPARTMENT OF JUSTICE AND OTHER FEDERAL AGENCIES RATHER THAN THE TEN PERCENT DE MINIMIS RATE.
The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) includes the federal grant activity of Street Law, Inc. 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 Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of Street Law, Inc., it is not intended and does not present the financial position, changes in net assets, or cash flows Street Law, Inc.
Title: NOTE B – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: NOTE A – BASIS OF PRESENTATION
The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) includes the federal grant activity of Street Law, Inc. 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 Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of Street Law, Inc., it is not intended and does not present the financial position, changes in net assets, or cash flows Street Law, Inc.
NOTE B – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Expenditures reported in 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 expenses are not allowable or are limited as to reimbursement.
NOTE C – RECONCILIATION TO FINANCIAL STATEMENTS
During the 2023 fiscal year, Street Law was awarded multi federal government grants. Total federal grant expenses exceeded total federal grant revenue by $42,254 as a result of a change in the indirect cost rate (i.e., from the provisional rate to the approved rate), which impacted both fiscal years 2023 and 2024.
De Minimis Rate Used: N
Rate Explanation: STREET LAW ELECTED TO USE THE HIGHER COST RATE THAT WAS PROVIDED BY AND UTILIZED FOR GRANTS WITH THE U.S. DEPARTMENT OF JUSTICE AND OTHER FEDERAL AGENCIES RATHER THAN THE TEN PERCENT DE MINIMIS RATE.
Expenditures reported in 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 expenses are not allowable or are limited as to reimbursement.
Title: NOTE C – RECONCILIATION TO FINANCIAL STATEMENTS
Accounting Policies: NOTE A – BASIS OF PRESENTATION
The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) includes the federal grant activity of Street Law, Inc. 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 Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of Street Law, Inc., it is not intended and does not present the financial position, changes in net assets, or cash flows Street Law, Inc.
NOTE B – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Expenditures reported in 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 expenses are not allowable or are limited as to reimbursement.
NOTE C – RECONCILIATION TO FINANCIAL STATEMENTS
During the 2023 fiscal year, Street Law was awarded multi federal government grants. Total federal grant expenses exceeded total federal grant revenue by $42,254 as a result of a change in the indirect cost rate (i.e., from the provisional rate to the approved rate), which impacted both fiscal years 2023 and 2024.
De Minimis Rate Used: N
Rate Explanation: STREET LAW ELECTED TO USE THE HIGHER COST RATE THAT WAS PROVIDED BY AND UTILIZED FOR GRANTS WITH THE U.S. DEPARTMENT OF JUSTICE AND OTHER FEDERAL AGENCIES RATHER THAN THE TEN PERCENT DE MINIMIS RATE.
During the 2023 fiscal year, Street Law was awarded multi federal government grants. Total federal grant expenses exceeded total federal grant revenue by $42,254 as a result of a change in the indirect cost rate (i.e., from the provisional rate to the approved rate), which impacted both fiscal years 2023 and 2024.
Title: NOTE D – INDIRECT COST RATE
Accounting Policies: NOTE A – BASIS OF PRESENTATION
The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) includes the federal grant activity of Street Law, Inc. 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 Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of Street Law, Inc., it is not intended and does not present the financial position, changes in net assets, or cash flows Street Law, Inc.
NOTE B – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Expenditures reported in 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 expenses are not allowable or are limited as to reimbursement.
NOTE C – RECONCILIATION TO FINANCIAL STATEMENTS
During the 2023 fiscal year, Street Law was awarded multi federal government grants. Total federal grant expenses exceeded total federal grant revenue by $42,254 as a result of a change in the indirect cost rate (i.e., from the provisional rate to the approved rate), which impacted both fiscal years 2023 and 2024.
De Minimis Rate Used: N
Rate Explanation: STREET LAW ELECTED TO USE THE HIGHER COST RATE THAT WAS PROVIDED BY AND UTILIZED FOR GRANTS WITH THE U.S. DEPARTMENT OF JUSTICE AND OTHER FEDERAL AGENCIES RATHER THAN THE TEN PERCENT DE MINIMIS RATE.
Street Law, Inc. elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.