Title: Note 1 - Basis of Presentation
Accounting Policies: The accompanying Schedule of Expenditures of Federal and Non-federal Awards ("Schedule") presents the activity of all federal award programs of the BANANAS Incorporated ("BANANAS") 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 ("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 BANANAS, it is not intended to and does not present the financial position, changes in net position or cash flows of BANANAS.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimus cost rate.
The accompanying Schedule of Expenditures of Federal and Non-federal Awards ("Schedule") presents the activity of all federal award programs of the BANANAS Incorporated ("BANANAS") 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 ("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 BANANAS, it is not intended to and does not present the financial position, changes in net position or cash flows of BANANAS.
Title: Note 2 - Summary of significant accounting policies
Accounting Policies: The accompanying Schedule of Expenditures of Federal and Non-federal Awards ("Schedule") presents the activity of all federal award programs of the BANANAS Incorporated ("BANANAS") 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 ("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 BANANAS, it is not intended to and does not present the financial position, changes in net position or cash flows of BANANAS.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimus cost rate.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principals contained in the Uniform Guidance, wherein certain types of expenditures may or may not be allowable or may be limited as to reimbursement. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years, such as transfer of expenses incurred in the previous year to a continuing project in the current fiscal year.
Title: Note 3 - Indirect cost rate
Accounting Policies: The accompanying Schedule of Expenditures of Federal and Non-federal Awards ("Schedule") presents the activity of all federal award programs of the BANANAS Incorporated ("BANANAS") 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 ("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 BANANAS, it is not intended to and does not present the financial position, changes in net position or cash flows of BANANAS.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimus cost rate.
BANANAS has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Title: Note 4 - Subrecipients
Accounting Policies: The accompanying Schedule of Expenditures of Federal and Non-federal Awards ("Schedule") presents the activity of all federal award programs of the BANANAS Incorporated ("BANANAS") 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 ("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 BANANAS, it is not intended to and does not present the financial position, changes in net position or cash flows of BANANAS.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimus cost rate.
BANANAS did not provide any federal awards to subrecipients.
Title: Note 5 - Other information
Accounting Policies: The accompanying Schedule of Expenditures of Federal and Non-federal Awards ("Schedule") presents the activity of all federal award programs of the BANANAS Incorporated ("BANANAS") 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 ("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 BANANAS, it is not intended to and does not present the financial position, changes in net position or cash flows of BANANAS.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimus cost rate.
BANANAS did not receive federal insurance, loans, or non-cash assistance during the year ended June 30, 2024.