Audit 331308

Title: Basis of Accounting Accounting Policies: 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 reimbursements. Chester County Opportunities Industrialization Centers, Inc. has elected not to use the 10-percent de minimus indirect cost rate allowed under the Uniform Guidance. De Minimis Rate Used: N Rate Explanation: Election made by the auditee. The accompanying schedule of expenditures of federal awards includes the federal grant activity of Chester County Opportunities Industrialization Centers, Inc. and is presented on the accrual basis of accounting. The information in this schedule is presented inaccordance 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 Chester County Opportunities Industrialization Centers, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of Chester County Opportunities Industrialization Centers, Inc.