Title: Summary of Significant Accounting Policies
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of Child Inc. (A Nonprofit Organization) under programs of the federal government for the year ended April 30, 2024. The information in the 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 Child Inc. (A Nonprofit Organization), it is not intended to and does not present the financial position, changes in net assets, or cash flows of Child Inc. (A Nonprofit Organization).
De Minimis Rate Used: N
Rate Explanation: Child Inc has elected not to use the 10% de minimus indirect cost rate.
The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of Child Inc. (A Nonprofit Organization) under programs of the federal government for the year ended April 30, 2024. The information in the 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 Child Inc. (A Nonprofit Organization), it is not intended to and does not present the financial position, changes in net assets, or cash flows of Child Inc. (A Nonprofit Organization).
Title: Basis of Accounting
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of Child Inc. (A Nonprofit Organization) under programs of the federal government for the year ended April 30, 2024. The information in the 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 Child Inc. (A Nonprofit Organization), it is not intended to and does not present the financial position, changes in net assets, or cash flows of Child Inc. (A Nonprofit Organization).
De Minimis Rate Used: N
Rate Explanation: Child Inc has elected not to use the 10% de minimus indirect cost rate.
Expenditures reported on the Schedule of Expenditures of Federal Awards are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Child Inc. (A Nonprofit Organization) has elected not to use the 10% de minimus indirect cost rate as allowed under the Uniform Guidance.
Title: Major Programs
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of Child Inc. (A Nonprofit Organization) under programs of the federal government for the year ended April 30, 2024. The information in the 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 Child Inc. (A Nonprofit Organization), it is not intended to and does not present the financial position, changes in net assets, or cash flows of Child Inc. (A Nonprofit Organization).
De Minimis Rate Used: N
Rate Explanation: Child Inc has elected not to use the 10% de minimus indirect cost rate.
Major programs are identified in the Summary of Auditor’s Results section of the Schedule of Findings and Questioned Costs.
Title: Head Start Cluster
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of Child Inc. (A Nonprofit Organization) under programs of the federal government for the year ended April 30, 2024. The information in the 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 Child Inc. (A Nonprofit Organization), it is not intended to and does not present the financial position, changes in net assets, or cash flows of Child Inc. (A Nonprofit Organization).
De Minimis Rate Used: N
Rate Explanation: Child Inc has elected not to use the 10% de minimus indirect cost rate.
The Organization’s Schedule of Expenditures of Federal Awards for the year ended April 30, 2024 includes expenditures related to a Head Start/Early Head Start grant that had a budget period end date of April 30, 2023. These expenditures were incurred during the year ended April 30, 2024 however the federal grantor allows the Organization to allocate the expenditures to the grant if the obligation is entered into prior to the end of the budget period. The federal grantor classifies obligations as orders placed for property and services, contracts and subawards made, and similar transactions during a given period that require payment during the same or a future period. Unliquidated obligations are obligations entered into by the grant recipient for which an expenditure under accrual basis has not yet been recorded. The total unliquidated obligations as of April 30, 2023 amounted to $675,023 which were incurred during the year ended April 30, 2024.