Title: Relationship to Financial Statements
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the Schedule) has been prepared in accordance with 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). The purpose of the Schedule is to present a summary of those activities of the Economic Opportunity Program, Inc. of Chemung County (the Organization) funded by the federal government or pass-through entities for the year ended June 30, 2024, using the accrual basis of accounting. For purposes of this Schedule, federal awards include assistance provided by a federal agency directly or indirectly in the form of grants, contracts, cooperative agreements, loans and loan guarantees, and other noncash assistance.
De Minimis Rate Used: N
Rate Explanation: Indirect costs are included in the reported expenditures to the extent they are included in the federal financial reports used as the source for the data presented. The Organization has elected not to use the 10% de minimis indirect cost rate allowed under Uniform Guidance.
Federal award revenues are reported in the Organization’s financial statements as government grants. The Organization’s financial statements are presented using the accrual basis. The Schedule presents only a selected portion of the activities of the Organization. It is not intended to, and does not, present either the financial position, statement of activities, and other changes in net assets of the Organization.
Title: Direct and Indirect Costs
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the Schedule) has been prepared in accordance with 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). The purpose of the Schedule is to present a summary of those activities of the Economic Opportunity Program, Inc. of Chemung County (the Organization) funded by the federal government or pass-through entities for the year ended June 30, 2024, using the accrual basis of accounting. For purposes of this Schedule, federal awards include assistance provided by a federal agency directly or indirectly in the form of grants, contracts, cooperative agreements, loans and loan guarantees, and other noncash assistance.
De Minimis Rate Used: N
Rate Explanation: Indirect costs are included in the reported expenditures to the extent they are included in the federal financial reports used as the source for the data presented. The Organization has elected not to use the 10% de minimis indirect cost rate allowed under Uniform Guidance.
Expenditures for direct and indirect costs are recognized as incurred using the accrual basis of accounting. Certain types of expenditures are not allowable or are limited as to reimbursement.
Title: NONCASH ASSISTANCE
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the Schedule) has been prepared in accordance with 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). The purpose of the Schedule is to present a summary of those activities of the Economic Opportunity Program, Inc. of Chemung County (the Organization) funded by the federal government or pass-through entities for the year ended June 30, 2024, using the accrual basis of accounting. For purposes of this Schedule, federal awards include assistance provided by a federal agency directly or indirectly in the form of grants, contracts, cooperative agreements, loans and loan guarantees, and other noncash assistance.
De Minimis Rate Used: N
Rate Explanation: Indirect costs are included in the reported expenditures to the extent they are included in the federal financial reports used as the source for the data presented. The Organization has elected not to use the 10% de minimis indirect cost rate allowed under Uniform Guidance.
There were no federal awards expended in the form of noncash assistance by the Organization during the year ended June 30, 2024.
Title: INSURANCE
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the Schedule) has been prepared in accordance with 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). The purpose of the Schedule is to present a summary of those activities of the Economic Opportunity Program, Inc. of Chemung County (the Organization) funded by the federal government or pass-through entities for the year ended June 30, 2024, using the accrual basis of accounting. For purposes of this Schedule, federal awards include assistance provided by a federal agency directly or indirectly in the form of grants, contracts, cooperative agreements, loans and loan guarantees, and other noncash assistance.
De Minimis Rate Used: N
Rate Explanation: Indirect costs are included in the reported expenditures to the extent they are included in the federal financial reports used as the source for the data presented. The Organization has elected not to use the 10% de minimis indirect cost rate allowed under Uniform Guidance.
The Organization did not participate in any federal insurance programs as of June 30, 2024.
Title: SUBRECIPIENTS
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the Schedule) has been prepared in accordance with 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). The purpose of the Schedule is to present a summary of those activities of the Economic Opportunity Program, Inc. of Chemung County (the Organization) funded by the federal government or pass-through entities for the year ended June 30, 2024, using the accrual basis of accounting. For purposes of this Schedule, federal awards include assistance provided by a federal agency directly or indirectly in the form of grants, contracts, cooperative agreements, loans and loan guarantees, and other noncash assistance.
De Minimis Rate Used: N
Rate Explanation: Indirect costs are included in the reported expenditures to the extent they are included in the federal financial reports used as the source for the data presented. The Organization has elected not to use the 10% de minimis indirect cost rate allowed under Uniform Guidance.
The Organization did not have any subrecipients during the year ended June 30, 2024.