Title: NOTE B - RELATIONSHIP TO BASIC CONSOLIDATED FINANCIAL STATEMENTS
Accounting Policies: The accompanying schedule of expenditures of federal, state and city awards includes all federal, state and city grant activity of Congreso de Latinos Unidos, Inc. and Affiliates (the “Organization” or “Congreso”). The information in this schedule of expenditures of federal, state and city awards is presented in accordance with the requirements of the Uniform Guidance and the City of Philadelphia Subrecipient Audit Guide. The activities that are funded by the City of Philadelphia with state and city awards and are required to be disclosed by the City of
Philadelphia Subrecipient Audit Guide are also included in the accompanying schedule of expenditures of federal, state and city awards. Because the schedule of expenditures of federal, state and city awards presents only a selected portion of the operations of the Organization, it is not intended to, and does not, present the consolidated financial position, changes in net assets or cash flows of the Organization.
De Minimis Rate Used: N
Rate Explanation: The Organization uses rates noted in grant agreements.
Expenditures reported on the schedule of expenditures of federal, state, and city awards are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, where certain types of expenditures are not allowable or are limited as to reimbursement.
Title: NOTE C - CITY OF PHILADELPHIA, DIVISION OF HOUSING AND COMMUNITY DEVELOPMENT (“DHCD”) SUBRECIPIENT FUNDING
Accounting Policies: The accompanying schedule of expenditures of federal, state and city awards includes all federal, state and city grant activity of Congreso de Latinos Unidos, Inc. and Affiliates (the “Organization” or “Congreso”). The information in this schedule of expenditures of federal, state and city awards is presented in accordance with the requirements of the Uniform Guidance and the City of Philadelphia Subrecipient Audit Guide. The activities that are funded by the City of Philadelphia with state and city awards and are required to be disclosed by the City of
Philadelphia Subrecipient Audit Guide are also included in the accompanying schedule of expenditures of federal, state and city awards. Because the schedule of expenditures of federal, state and city awards presents only a selected portion of the operations of the Organization, it is not intended to, and does not, present the consolidated financial position, changes in net assets or cash flows of the Organization.
De Minimis Rate Used: N
Rate Explanation: The Organization uses rates noted in grant agreements.
The DHCD contract awards included in the accompanying schedule of expenditures of federal, state and city awards do not include subcontract awards.
Title: NOTE D - RECONCILIATION OF EXPENSES TO SCHEDULE OF EXPENDITURES OF FEDERAL, STATE AND CITY AWARDS
Accounting Policies: The accompanying schedule of expenditures of federal, state and city awards includes all federal, state and city grant activity of Congreso de Latinos Unidos, Inc. and Affiliates (the “Organization” or “Congreso”). The information in this schedule of expenditures of federal, state and city awards is presented in accordance with the requirements of the Uniform Guidance and the City of Philadelphia Subrecipient Audit Guide. The activities that are funded by the City of Philadelphia with state and city awards and are required to be disclosed by the City of
Philadelphia Subrecipient Audit Guide are also included in the accompanying schedule of expenditures of federal, state and city awards. Because the schedule of expenditures of federal, state and city awards presents only a selected portion of the operations of the Organization, it is not intended to, and does not, present the consolidated financial position, changes in net assets or cash flows of the Organization.
De Minimis Rate Used: N
Rate Explanation: The Organization uses rates noted in grant agreements.
Governmental grants and contracts per consolidated financial statements $ 17,990,191
Less:
Nongovernmental revenue passed through governmental agencies 1,067,965
Governmental grants and contracts recognized for accrued expenses not recognized on the schedule of expenditures of federal, state and city awards 1 84,263
$16,737,963
Title: NOTE F - FISCAL YEAR JUNE 30, 2023 ADJUSTMENT
Accounting Policies: The accompanying schedule of expenditures of federal, state and city awards includes all federal, state and city grant activity of Congreso de Latinos Unidos, Inc. and Affiliates (the “Organization” or “Congreso”). The information in this schedule of expenditures of federal, state and city awards is presented in accordance with the requirements of the Uniform Guidance and the City of Philadelphia Subrecipient Audit Guide. The activities that are funded by the City of Philadelphia with state and city awards and are required to be disclosed by the City of
Philadelphia Subrecipient Audit Guide are also included in the accompanying schedule of expenditures of federal, state and city awards. Because the schedule of expenditures of federal, state and city awards presents only a selected portion of the operations of the Organization, it is not intended to, and does not, present the consolidated financial position, changes in net assets or cash flows of the Organization.
De Minimis Rate Used: N
Rate Explanation: The Organization uses rates noted in grant agreements.
As a result of a desk review performed by the City of Philadelphia Division of Housing Community Development (“DHCD”), variances were noted related to certain funding amounts recorded at DHCD and at the Organization. These variances are not considered to be material and certain adjustments were made to the schedule for the year ended June 30, 2024 to account for these variances.