Audit 33073

Accounting Policies: Note 1 - Basis of PresentationThe accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal grant activity of Korean Health, Education, Information and Research Center and Subsidiary (the Organization) under programs of the federal government for the year ended December 31, 2022. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) 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 the Organization, it is not intended to and does not present the financial position, changes in net assets or cash flows of the Organization.Note 2 - Summary of Significant Accounting PoliciesExpenditures 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 limited or are limited as to reimbursement. Pass-through entity identifying numbers are presented where available.Note 3 - ContingenciesUnder the terms of federal, state and county grants, additional audits may be requested by the grantor agencies, and certain costs may be questioned as not being appropriate expenditures under the terms of the grants. Such audits could lead to a request for reimbursement to the grantor agencies.Note 4 Relationship to consolidated financial statementsFederal, state, and county award expenditures are reported on the consolidated statement of functional expenses as program services and management and general. In certain programs, the expenditures reported in the consolidated financial statements may differ from the expenditures reported in the schedule of expenditures of Federal, state, and county awards due to program expenditures exceeding grant or contract budget limitations which are not included as Federal, state, and county awards and differences between generally accepted accounting principles and applicable government regulations regarding eligible program expenditures.Note 5 Indirect cost rateThe Organization does not receive any federal indirect costs.Note 6 Subrecipient monitoringKorean Health, Education, Information and Research Center and Subsidiary did not pass through any federal awards to subrecipients during the year ended December 31, 2022. De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate.