Notes to SEFA
Title: Note D - Non-Cash Awards:
Accounting Policies: Note A - Basis of Presentation:
The accompanying schedule of expenditures of federal awards includes the federal award activity of People’s Resource Center. (PRC) 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 selected portion of the operations of PRC, it is not intended to, and does not, represent the financial position, changes in net assets, or cash flows of the PRC.
Note B - Summary of Significant 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 Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: PRC has elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
PRC did not have any outstanding federal loans or loan guarantees or insurance at
June 30, 2024. PRC did receive non-cash contributions of food commodities from Northern Illinois Food Bank totaling $803,924 that were federal funds and are reported on the Schedule of Expenditures of Federal Awards for year ended June 30, 2024.