Title: PA DEPARTMENT OF COMMUNITY AND ECONOMIC DEVELOPMENT ASSISTANCE
Accounting Policies: BASIS OF PRESENTATION
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Bucks County Opportunity Council, 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 Bucks County Opportunity Council, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Bucks County Opportunity Council.
BASIS OF ACCOUNTING
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 reimbursement.
The amounts reported in this Schedule as expenditures may differ from certain financial reports submitted to funding agencies because those reports may be submitted on either a cash or modified accrual basis of accounting.
Expenditures of federal awards are reported on the consolidated statement of activities as operating expenses. In certain programs, the expenditures reported in the basic financial statements differ from the expenditures reported in the Schedule because other program expenditures and expenditures may exceed contract budget limitations, and are therefore not included as expenditures of federal awards.
Federal funding is included in the government line item on the consolidated statement of activities.
De Minimis Rate Used: N
Rate Explanation: Bucks County Opportunity Council, Inc. has not elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Assistance received on a cash basis from the PA Department of Community and Economic Development as of and for the year ended June 30, 2024, is as follows:
Title: FOOD DISTRIBUTION CLUSTER
Accounting Policies: BASIS OF PRESENTATION
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Bucks County Opportunity Council, 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 Bucks County Opportunity Council, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Bucks County Opportunity Council.
BASIS OF ACCOUNTING
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 reimbursement.
The amounts reported in this Schedule as expenditures may differ from certain financial reports submitted to funding agencies because those reports may be submitted on either a cash or modified accrual basis of accounting.
Expenditures of federal awards are reported on the consolidated statement of activities as operating expenses. In certain programs, the expenditures reported in the basic financial statements differ from the expenditures reported in the Schedule because other program expenditures and expenditures may exceed contract budget limitations, and are therefore not included as expenditures of federal awards.
Federal funding is included in the government line item on the consolidated statement of activities.
De Minimis Rate Used: N
Rate Explanation: Bucks County Opportunity Council, Inc. has not elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Emergency Food Assistance Program – Assistance Listing #10.568 and 10.569 and Commodity Supplemental Food Program – Assistance Listing # 10.565
Nonmonetary assistance is report in the schedule of expenditures of federal awards at the fair market value, as determined by State funding agencies, of the commodities received and disbursed.
Bucks County Opportunity distributes commodities received through the Emergency Food Assistance program to pantry providers throughout the County of Bucks’.
The following schedule lists the amounts of commodities distributed to pantry providers for the year ended June 30, 2024:
Title: NONCASH FEDERAL AWARDS EXPENDED
Accounting Policies: BASIS OF PRESENTATION
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Bucks County Opportunity Council, 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 Bucks County Opportunity Council, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Bucks County Opportunity Council.
BASIS OF ACCOUNTING
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 reimbursement.
The amounts reported in this Schedule as expenditures may differ from certain financial reports submitted to funding agencies because those reports may be submitted on either a cash or modified accrual basis of accounting.
Expenditures of federal awards are reported on the consolidated statement of activities as operating expenses. In certain programs, the expenditures reported in the basic financial statements differ from the expenditures reported in the Schedule because other program expenditures and expenditures may exceed contract budget limitations, and are therefore not included as expenditures of federal awards.
Federal funding is included in the government line item on the consolidated statement of activities.
De Minimis Rate Used: N
Rate Explanation: Bucks County Opportunity Council, Inc. has not elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The following represents noncash federal awards expended included in the schedule of expenditures of federal awards: