Title: NOTE 1 – BASIS OF PRESENTATION
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts, if any, shown on the Schedule of Expenditures of Federal Awards represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: Valley Opportunity Council, Inc. has not elected to use the 10 percent deminimus indirect cost rate as allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards includes the federal award activity of Valley Opportunity Council, Inc. under programs of the federal government for the year ended June 30, 2024. 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 portion of the operations of Valley Opportunity Council, Inc. it is not intended to and does not present the financial position, changes in net assets, or cash flows of Valley Opportunity Council, Inc.
Title: NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts, if any, shown on the Schedule of Expenditures of Federal Awards represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: Valley Opportunity Council, Inc. has not elected to use the 10 percent deminimus indirect cost rate as allowed under the Uniform Guidance.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts, if any, shown on the Schedule of Expenditures of Federal Awards represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. Pass-through entity identifying numbers are presented where available.
Title: NOTE 3 – PASS-THROUGH STATE AGENCIES
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts, if any, shown on the Schedule of Expenditures of Federal Awards represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: Valley Opportunity Council, Inc. has not elected to use the 10 percent deminimus indirect cost rate as allowed under the Uniform Guidance.
Expenditures of federal awards for funds passed through state agencies are based on information provided by the Commonwealth of Massachusetts Operational Services Division.
Title: NOTE 4 – FEDERAL NON-CASH ASSISTANCE
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts, if any, shown on the Schedule of Expenditures of Federal Awards represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: Valley Opportunity Council, Inc. has not elected to use the 10 percent deminimus indirect cost rate as allowed under the Uniform Guidance.
Valley Opportunity Council, Inc. received federal noncash assistance in the form of Women/Infants/Children (CFDA Number 10.557) program vouchers and rebates totaling $2,991,538 for the year ended June 30, 2024.
Title: NOTE 5 – LOAN BALANCES AT JUNE 30, 2024
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts, if any, shown on the Schedule of Expenditures of Federal Awards represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: Valley Opportunity Council, Inc. has not elected to use the 10 percent deminimus indirect cost rate as allowed under the Uniform Guidance.
Department of Housing and Urban Development
City of Chicopee Office of Community Development
61-65 Maple Street, Chicopee, Massachusetts $ 100,000
35 Mt. Carmel Avenue, Chicopee, Massachusetts 60,000
226 East Main Street, Chicopee, Massachusetts 76,325
61-65 Maple Street, Chicopee, Massachusetts 114,216
912-916 Chicopee Street, Chicopee, Massachusetts 58,616
226 East Main Street, Chicopee, Massachusetts 125,500
61-65 Maple Street, Chicopee, Massachusetts 195,380
Total Federal Loans Outstanding $ 730,037
Title: NOTE 6 – INDIRECT COST RATE
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts, if any, shown on the Schedule of Expenditures of Federal Awards represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: Valley Opportunity Council, Inc. has not elected to use the 10 percent deminimus indirect cost rate as allowed under the Uniform Guidance.
Valley Opportunity Council, Inc. has not elected to use the 10 percent deminimus indirect cost rate as allowed under the Uniform Guidance.