Title: Note 1 - Basis of Presentation
Accounting Policies: Note 1 - Basis of Presentation: The accompanying Schedule of Expenditures of Federal Awards and State Financial Assistance (the Schedule) summarized the expenditures of Downtown Memphis Ministry, Inc. under programs of the federal and state governments for the year ended June 30, 2024. The schedule is presented using 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). Because the schedule presents only a selected portion of the operations of Downtown Memphis Ministry, Inc., it is not intended to and does not present the financial position, changes in net assets or cash flows of Downtown Memphis Ministry, Inc.
De Minimis Rate Used: N
Rate Explanation: The entity elected not to use it.
The accompanying Schedule of Expenditures of Federal Awards and State Financial Assistance (the Schedule) summarized the expenditures of Downtown Memphis Ministry, Inc. under programs of the federal and state governments for the year ended June 30, 2024. The schedule is presented using 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). Because the schedule presents only a selected portion of the operations of Downtown Memphis Ministry, Inc., it is not intended to and does not present the financial position, changes in net assets or cash flows of Downtown Memphis Ministry, Inc.
Title: Note 2
Accounting Policies: Note 1 - Basis of Presentation: The accompanying Schedule of Expenditures of Federal Awards and State Financial Assistance (the Schedule) summarized the expenditures of Downtown Memphis Ministry, Inc. under programs of the federal and state governments for the year ended June 30, 2024. The schedule is presented using 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). Because the schedule presents only a selected portion of the operations of Downtown Memphis Ministry, Inc., it is not intended to and does not present the financial position, changes in net assets or cash flows of Downtown Memphis Ministry, Inc.
De Minimis Rate Used: N
Rate Explanation: The entity elected not to use it.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
Title: Note 3
Accounting Policies: Note 1 - Basis of Presentation: The accompanying Schedule of Expenditures of Federal Awards and State Financial Assistance (the Schedule) summarized the expenditures of Downtown Memphis Ministry, Inc. under programs of the federal and state governments for the year ended June 30, 2024. The schedule is presented using 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). Because the schedule presents only a selected portion of the operations of Downtown Memphis Ministry, Inc., it is not intended to and does not present the financial position, changes in net assets or cash flows of Downtown Memphis Ministry, Inc.
De Minimis Rate Used: N
Rate Explanation: The entity elected not to use it.
– Indirect costs of $39,286 are included in the accompanying Schedule of Expenditures of Federal Awards and State Financial Assistance for the year ended June 30, 2024.
Title: Note 4
Accounting Policies: Note 1 - Basis of Presentation: The accompanying Schedule of Expenditures of Federal Awards and State Financial Assistance (the Schedule) summarized the expenditures of Downtown Memphis Ministry, Inc. under programs of the federal and state governments for the year ended June 30, 2024. The schedule is presented using 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). Because the schedule presents only a selected portion of the operations of Downtown Memphis Ministry, Inc., it is not intended to and does not present the financial position, changes in net assets or cash flows of Downtown Memphis Ministry, Inc.
De Minimis Rate Used: N
Rate Explanation: The entity elected not to use it.
Downtown Memphis Ministry, Inc. did not elect to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.