Title: 1. Basis of Presentation
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of The Queens Borough Public Library and Affiliate (the Library) 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 (CFR) 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 the Library, it is not intended to and does not present the consolidated financial position, changes in net assets, or cash flows of the Library.
De Minimis Rate Used: N
Rate Explanation: The Library has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of The Queens Borough Public Library and Affiliate (the Library) 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 (CFR) 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 the Library, it is not intended to and does not present the consolidated financial position, changes in net assets, or cash flows of the Library.
Title: 2. Summary of Significant Accounting Policies
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of The Queens Borough Public Library and Affiliate (the Library) 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 (CFR) 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 the Library, it is not intended to and does not present the consolidated financial position, changes in net assets, or cash flows of the Library.
De Minimis Rate Used: N
Rate Explanation: The Library has elected not to use the 10% de minimis indirect cost rate 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.
Title: 3. Indirect Cost Rate
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of The Queens Borough Public Library and Affiliate (the Library) 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 (CFR) 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 the Library, it is not intended to and does not present the consolidated financial position, changes in net assets, or cash flows of the Library.
De Minimis Rate Used: N
Rate Explanation: The Library has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The Library has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Title: 4. Subsequent Events
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of The Queens Borough Public Library and Affiliate (the Library) 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 (CFR) 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 the Library, it is not intended to and does not present the consolidated financial position, changes in net assets, or cash flows of the Library.
De Minimis Rate Used: N
Rate Explanation: The Library has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The Library has evaluated subsequent events occurring after the consolidated financial statements date of June 30, 2024, through September 13, 2024, except for our report on the supplemental schedule of expenditures of federal awards, for which the subsequent events date is February 12, 2025, which is the date these consolidated financial statements were available to be issued. No events arose during those periods that would require adjustments or additional disclosures.