Title: BASIS OF ACCOUNTING
Accounting Policies: The accompanying schedule of expenditures of federal, state, county and city awards (the “Schedule”) includes the federal, state, county and city award activity of KenCrest Services for the year ended June 30, 2024. All government financial assistance received directly from federal, state, county and city agencies, as well as assistance passed through other governmental agencies or not-for-profit organizations, are included on the schedule. 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 selected portion of the operations of KenCrest Services, it is not intended to, and does not, present the financial position, changes in net assets, or cash flows of KenCrest Services. During the year ended June 30, 2024, KenCrest Services did not pass-through federal funding to subrecipients.
De Minimis Rate Used: N
Rate Explanation: KenCrest Services has not elected to use the 10% de minimis indirect cost rate for federal contracts 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. The amounts reported in this Schedule as expenditures may differ from certain financial reports submitted to funding agencies because those reports may be submitted on either a cash or modified accrual basis of accounting.
Title: RELATIONSHIP TO BASIC FINANCIAL STATEMENTS
Accounting Policies: The accompanying schedule of expenditures of federal, state, county and city awards (the “Schedule”) includes the federal, state, county and city award activity of KenCrest Services for the year ended June 30, 2024. All government financial assistance received directly from federal, state, county and city agencies, as well as assistance passed through other governmental agencies or not-for-profit organizations, are included on the schedule. 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 selected portion of the operations of KenCrest Services, it is not intended to, and does not, present the financial position, changes in net assets, or cash flows of KenCrest Services. During the year ended June 30, 2024, KenCrest Services did not pass-through federal funding to subrecipients.
De Minimis Rate Used: N
Rate Explanation: KenCrest Services has not elected to use the 10% de minimis indirect cost rate for federal contracts allowed under the Uniform Guidance.
Expenditures of federal, state, county and city awards are reported on the statement of activities as operating expenses. In certain programs, the expenditures reported in the basic financial statements differ from the expenditures reported in the Schedule because other program expenditures and expenditures may exceed contract budget limitations, and are therefore not included as expenditures of federal, state, county, and city awards.