Title: Note 1 - Basis of Presentation
Accounting Policies: Expenditures reported on the Schedules are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, and Chapter 10.650, Rules of the Auditor General, wherein certain types of expenditures are not allowable or are limited as to reimbursement, as applicable.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the minimis cost rate
The accompanying Schedules of Expenditures of Federal Awards and State Financial Assistance, Other State Funding and Local Financial Assistance (the “Schedules”) includes the federal, state, other state, and local funding of Center for Family and Child Enrichment, Inc. (the “Center”) under programs of federal, state, and local government for the year ended June 30, 2023. The information in the Schedule of Expenditures of Federal Awards and State Financial Assistance is presented in accordance with the requirements of the Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements of Federal Awards, (Uniform Guidance) and Chapter 10.650, Rules of the Auditor General. Because the Schedules present only a selected portion of the operations, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Center.
Title: Note 2 - Summary of Significant Accounting Policies
Accounting Policies: Expenditures reported on the Schedules are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, and Chapter 10.650, Rules of the Auditor General, wherein certain types of expenditures are not allowable or are limited as to reimbursement, as applicable.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the minimis cost rate
Expenditures reported on the Schedules are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, and Chapter 10.650, Rules of the Auditor General, wherein certain types of expenditures are not allowable or are limited as to reimbursement, as applicable.
Title: Note 3 - Indirect Cost Rate
Accounting Policies: Expenditures reported on the Schedules are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, and Chapter 10.650, Rules of the Auditor General, wherein certain types of expenditures are not allowable or are limited as to reimbursement, as applicable.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the minimis cost rate
The Center elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Title: Note 4 - Contingency
Accounting Policies: Expenditures reported on the Schedules are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, and Chapter 10.650, Rules of the Auditor General, wherein certain types of expenditures are not allowable or are limited as to reimbursement, as applicable.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the minimis cost rate
The grant and contract revenue amounts received are subject to audit and adjustment. If any expenditures or expenses are disallowed by the grantor agencies as a result of such an audit, any claim for reimbursement to the grantor/contract agencies would become a liability of the Center. In the opinion of management, all grant and contract expenditures are in compliance with the terms of the agreements and applicable federal and state laws and other applicable regulations.
Title: Note 5 - Reinvestment Plan
Accounting Policies: Expenditures reported on the Schedules are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, and Chapter 10.650, Rules of the Auditor General, wherein certain types of expenditures are not allowable or are limited as to reimbursement, as applicable.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the minimis cost rate
As discussed in the notes to the financial statements, the Center recorded a refundable advance for excess amounts received from one of their grantor agencies. This amount is reduced from the expenditures shown in the accompanying schedules of federal awards and state financial assistance and other state funding based on a proportional allocation.