Title: SCOPE OF ENTITY
Accounting Policies: Margaret’s Village has elected to use the 10% de minimis indirect cost rate of modified total direct costs allowed by the uniform guidance.
De Minimis Rate Used: Y
Rate Explanation: 10% DE MINIMIS INDIRECT COST RATE
The Margaret’s Village is a not-for-profit corporation incorporated in the State of Illinois.
Programs subject to Single Audit: A schedule of expenditures of federal awards is presented for each federal program related to the following agencies:
• U. S. Department of the Treasury $220,057
• U. S. Department of Housing & Urban Development $264,740
• U. S. Department of Health & Human Services $304,548
Fiscal year audited – Single audit testing procedures were performed for program transactions which occurred during the year ended June 30, 2024.
Title: SUMMARY OF ACCOUNTING POLICIES
Accounting Policies: Margaret’s Village has elected to use the 10% de minimis indirect cost rate of modified total direct costs allowed by the uniform guidance.
De Minimis Rate Used: Y
Rate Explanation: 10% DE MINIMIS INDIRECT COST RATE
The accompanying schedule of expenditures of federal awards includes the federal grant activity of Margaret’s Village and is presented 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. The schedule presents only a selected portion of the operations of Margaret’s Village and accordingly, it is not intended to and does not present the financial position changes in net position or cash flows of Margaret’s Village. Margaret’s Village has elected to use the 10% de minimis indirect cost rate of modified total direct costs allowed by the uniform guidance.
Title: FINDINGS AND NONCOMPLIANCE
Accounting Policies: Margaret’s Village has elected to use the 10% de minimis indirect cost rate of modified total direct costs allowed by the uniform guidance.
De Minimis Rate Used: Y
Rate Explanation: 10% DE MINIMIS INDIRECT COST RATE
There were no findings and noncompliance identified in connection with the 2024 Single Audits
Title: NONCASH AWARDS
Accounting Policies: Margaret’s Village has elected to use the 10% de minimis indirect cost rate of modified total direct costs allowed by the uniform guidance.
De Minimis Rate Used: Y
Rate Explanation: 10% DE MINIMIS INDIRECT COST RATE
Certain federal financial assistance programs do not include cash awards to Margaret’s Village. There are none applicable to the years ended June 30, 2024 and 2023.
Title: SUBRECIPIENT EXPENDITURES
Accounting Policies: Margaret’s Village has elected to use the 10% de minimis indirect cost rate of modified total direct costs allowed by the uniform guidance.
De Minimis Rate Used: Y
Rate Explanation: 10% DE MINIMIS INDIRECT COST RATE
Margaret’s Village does not have sub-recipients. Therefore, there were no sub-recipient expenditures disclosed in the Schedule of Expenditures of Federal Awards for the years ended June 30, 2024 and 2023.
Title: INSURANCE
Accounting Policies: Margaret’s Village has elected to use the 10% de minimis indirect cost rate of modified total direct costs allowed by the uniform guidance.
De Minimis Rate Used: Y
Rate Explanation: 10% DE MINIMIS INDIRECT COST RATE
There was no insurance assistance provided to the Organization to reimburse losses for the years ended June 30, 2024 and 2023.
Title: LOAN AND LOAN GUARANTEES
Accounting Policies: Margaret’s Village has elected to use the 10% de minimis indirect cost rate of modified total direct costs allowed by the uniform guidance.
De Minimis Rate Used: Y
Rate Explanation: 10% DE MINIMIS INDIRECT COST RATE
There were no loans or loan guarantees provided as assistance to the Organization for the years ended June 30, 2024 and 2023.