Title: 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of Commission on Economic Opportunity for the Greater Capital Region, Inc. (CEO) and is prepared on 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.
De Minimis Rate Used: N
Rate Explanation: CEO does not have a negotiated indirect cost rate for the year ended March 31, 2024. Administrative costs are included in CEO’s grant agreement budgets, and therefore, negotiated rates are not needed. CEO has not elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards includes the federal grant activity of Commission on Economic Opportunity for the Greater Capital Region, Inc. (CEO) and is prepared on 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.
Title: 2. NON-CASH ASSISTANCE
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of Commission on Economic Opportunity for the Greater Capital Region, Inc. (CEO) and is prepared on 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.
De Minimis Rate Used: N
Rate Explanation: CEO does not have a negotiated indirect cost rate for the year ended March 31, 2024. Administrative costs are included in CEO’s grant agreement budgets, and therefore, negotiated rates are not needed. CEO has not elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
CEO distributes “WIC Food Instruments” from the New York State Department of Health under its nutrition programs for Special Supplemental Nutrition Program for Women, Infants, and Children – Assistance listing number 10.557. The U.S. Department of Agriculture has determined that “WIC Food
Instruments” are “property in lieu of money”. Therefore,$2,240,657 of WIC Food Instruments have been included in the schedule of federal expenditures of federal awards.
Title: 3. FEDERAL LOANS AND LOAN GUARANTEES
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of Commission on Economic Opportunity for the Greater Capital Region, Inc. (CEO) and is prepared on 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.
De Minimis Rate Used: N
Rate Explanation: CEO does not have a negotiated indirect cost rate for the year ended March 31, 2024. Administrative costs are included in CEO’s grant agreement budgets, and therefore, negotiated rates are not needed. CEO has not elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
CEO had no federal loans or loan guarantees outstanding at March 31, 2024.
Title: 4. INSURANCE
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of Commission on Economic Opportunity for the Greater Capital Region, Inc. (CEO) and is prepared on 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.
De Minimis Rate Used: N
Rate Explanation: CEO does not have a negotiated indirect cost rate for the year ended March 31, 2024. Administrative costs are included in CEO’s grant agreement budgets, and therefore, negotiated rates are not needed. CEO has not elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
CEO did not participate in any federal insurance programs for the year ended March 31, 2024.
Title: 5. INDIRECT COST RATES
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of Commission on Economic Opportunity for the Greater Capital Region, Inc. (CEO) and is prepared on 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.
De Minimis Rate Used: N
Rate Explanation: CEO does not have a negotiated indirect cost rate for the year ended March 31, 2024. Administrative costs are included in CEO’s grant agreement budgets, and therefore, negotiated rates are not needed. CEO has not elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
CEO does not have a negotiated indirect cost rate for the year ended March 31, 2024. Administrative costs are included in CEO’s grant agreement budgets, and therefore, negotiated rates are not needed. CEO has not elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.