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.
De Minimis Rate Used: N
Rate Explanation: The Organization has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) includes the federal grant activity of The Cornerstone of Beaver County (the “Organization”) and is presented on the accrual basis of accounting. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (“CFR”), 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 Organization, it is not intended to and does not present the statements of financial position, activities, and changes in financial position, or cash flows of the Organization for the year ended June 30, 2024.
Title: Note 4 – Sub-Recipients
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.
De Minimis Rate Used: N
Rate Explanation: The Organization has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Of the federal expenditures presented in the schedule, the Organization did not provide federal awards to a sub-recipient.
Title: Note 5 – Budgetary Data
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.
De Minimis Rate Used: N
Rate Explanation: The Organization has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The Organization passed, and had approved by the appropriate agency, budgets for the year ended June 30, 2024.
Title: Note 6 – Contingency
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.
De Minimis Rate Used: N
Rate Explanation: The Organization has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The grant revenue amounts received and expensed are subjected to audit and adjustments. If any expenditures are disallowed by the grantor as a result of such an audit, any claim for reimbursement to the grantor would become a liability of the Organization. In the opinion of management, all grant expenditures are in compliance with the terms of the agreements and applicable federal, state, and local laws and regulations.
Title: Note 7 – Subsequent Events
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.
De Minimis Rate Used: N
Rate Explanation: The Organization has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The Office of Management and Budget (OMB) has increased the Single Audit threshold from $750,000 to $1 million in federal expenditures during an entity's fiscal year. This change was finalized on April 22, 2024, and applies to federal awards issued on or after October 1, 2024. Federal agencies have the option to implement the new threshold earlier, but not before June 21, 2024. This did not have an impact for the single audit for the year ending June 30, 2023.
The Office of Management and Budget (OMB) has revised the Uniform Guidance to increase the de minimis indirect cost rate from 10% to 15%. This change applies to awards executed on or after October 1, 2024. Recipients may elect to use the new 15% de minimis rate for any award executed on or after this date. This did not have an impact for the single audit for the year ending June 30, 2023.
In the 2024 revisions to the Uniform Guidance, the Office of Management and Budget (OMB) updated the thresholds distinguishing between Type A and Type B programs for Single Audits. For entities with total federal expenditures of $34 million or less, the Type A program threshold increased from $750,000 to $1 million. Consequently, programs with expenditures below this threshold are classified as Type B programs. This did not have an impact for the single audit for the year ending June 30, 2023.