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. The organization has elected to use the 10% de minimus cost rate as covered in 2 CFR 200.414(f).
De Minimis Rate Used: Y
Rate Explanation: The organization deems the de minimus cost rate as the most efficient for the allocation of indirect costs.
The accompanying schedule of expenditures of federal awards includes the federal award activity of Project LIFT, Inc. under programs of the federal government for the year ended June 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 Administratve Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the schedule presents only a selected portion of the operations of Project LIFT, INc. it is not intended to and does not present financial position, changes in net assets, or cash flows of Project LIFT, Inc.
Title: Note 2 - Summary of Significant Accounting Policies
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. The organization has elected to use the 10% de minimus cost rate as covered in 2 CFR 200.414(f).
De Minimis Rate Used: Y
Rate Explanation: The organization deems the de minimus cost rate as the most efficient for the allocation of indirect costs.
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 organization has elected to use the 10% de minimus indirect cost rate as covered in 2 CFR 200.414(f).
Title: Note 3 - Program Clusters
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. The organization has elected to use the 10% de minimus cost rate as covered in 2 CFR 200.414(f).
De Minimis Rate Used: Y
Rate Explanation: The organization deems the de minimus cost rate as the most efficient for the allocation of indirect costs.
The Uniform Guidance defines a cluster of programs as a grouping of closely related programs that share common compliance requirements. According to this definition, similar programs deemed to be a cluster of programs are considered to be one program and are tested accordingly.
Title: Note 4 - Sub-Recipient Monitoring
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. The organization has elected to use the 10% de minimus cost rate as covered in 2 CFR 200.414(f).
De Minimis Rate Used: Y
Rate Explanation: The organization deems the de minimus cost rate as the most efficient for the allocation of indirect costs.
Project LIFT, Inc. has provided no federal awards to subrecipients.
Title: Note 5 - Matching Requirement
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. The organization has elected to use the 10% de minimus cost rate as covered in 2 CFR 200.414(f).
De Minimis Rate Used: Y
Rate Explanation: The organization deems the de minimus cost rate as the most efficient for the allocation of indirect costs.
All matching requirements for the contracts in effect from July 1, 2023 through June 30, 2024 have been met by Project LIFT, Inc.
Title: Note 6 - Contingencies
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. The organization has elected to use the 10% de minimus cost rate as covered in 2 CFR 200.414(f).
De Minimis Rate Used: Y
Rate Explanation: The organization deems the de minimus cost rate as the most efficient for the allocation of indirect costs.
Amounts received, or receivable, from grantor agencies are subject to audit and adjustment by grantor agencies. If any expenditures are disallowed as a result of these audits, the claims for reimbursement to the grantor agency would become a liability of Project LIFT, Inc. In the opinion of management, any such adjustment would not be significant.