Title: GENERAL
Accounting Policies: The accompanying schedule of expenditures of federal awards present the activity of all federal awards of the Literacy Assistance Center, Inc. (the “Organization”). All federal awards received directly from federal or state agencies, as well as federal passed through other government agencies, are included in the schedule of expenditures of federal awards. The accompanying schedule of expenditures of federal awards has been prepared on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of the 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 the schedules may differ from amounts presented in or used in the preparation of the basic financial statements. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: Y
Rate Explanation: The Organization has elected to use the ten percent de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards present the activity of all federal awards of the Literacy Assistance Center, Inc. (the “Organization”). All federal awards received directly from federal or state agencies, as well as federal passed through other government agencies, are included in the schedule of expenditures of federal awards.
Title: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: The accompanying schedule of expenditures of federal awards present the activity of all federal awards of the Literacy Assistance Center, Inc. (the “Organization”). All federal awards received directly from federal or state agencies, as well as federal passed through other government agencies, are included in the schedule of expenditures of federal awards. The accompanying schedule of expenditures of federal awards has been prepared on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of the 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 the schedules may differ from amounts presented in or used in the preparation of the basic financial statements. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: Y
Rate Explanation: The Organization has elected to use the ten percent de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards has been prepared on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of the 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 the schedules may differ from amounts presented in or used in the preparation of the basic financial statements.
Pass-through entity identifying numbers are presented where available.
Title: RELATIONSHIP TO FEDERAL FINANCIAL REPORTS
Accounting Policies: The accompanying schedule of expenditures of federal awards present the activity of all federal awards of the Literacy Assistance Center, Inc. (the “Organization”). All federal awards received directly from federal or state agencies, as well as federal passed through other government agencies, are included in the schedule of expenditures of federal awards. The accompanying schedule of expenditures of federal awards has been prepared on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of the 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 the schedules may differ from amounts presented in or used in the preparation of the basic financial statements. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: Y
Rate Explanation: The Organization has elected to use the ten percent de minimis indirect cost rate allowed under the Uniform Guidance.
Amounts reported in the accompanying schedules agree with the amounts reported in the related federal financial reports.
Title: DE MINIMIS INDIRECT COST
Accounting Policies: The accompanying schedule of expenditures of federal awards present the activity of all federal awards of the Literacy Assistance Center, Inc. (the “Organization”). All federal awards received directly from federal or state agencies, as well as federal passed through other government agencies, are included in the schedule of expenditures of federal awards. The accompanying schedule of expenditures of federal awards has been prepared on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of the 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 the schedules may differ from amounts presented in or used in the preparation of the basic financial statements. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: Y
Rate Explanation: The Organization has elected to use the ten percent de minimis indirect cost rate allowed under the Uniform Guidance.
The Organization has elected to use the ten percent de minimis indirect cost rate allowed under the Uniform Guidance.