Title: Note 1: General
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (Schedule) presents the
expenditures for all federal award programs received by The Corporation for the fiscal year ended
August 31, 2024. The information in the Schedule is presented in accordance with the requirements
of Title 2 US Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost
Principles, and Audit Requirements for Federal Awards (Uniform Guidance).
De Minimis Rate Used: N
Rate Explanation: The Corporation 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 (Schedule) presents the
expenditures for all federal award programs received by The Corporation for the fiscal year ended
August 31, 2024. The information in the Schedule is presented in accordance with the requirements
of Title 2 US Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost
Principles, and Audit Requirements for Federal Awards (Uniform Guidance).
Title: Note 2: Basis of Accounting
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (Schedule) presents the
expenditures for all federal award programs received by The Corporation for the fiscal year ended
August 31, 2024. The information in the Schedule is presented in accordance with the requirements
of Title 2 US Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost
Principles, and Audit Requirements for Federal Awards (Uniform Guidance).
De Minimis Rate Used: N
Rate Explanation: The Corporation has elected not to use the 10-percent de minimis indirect cost rate allowed under
the Uniform Guidance.
The accompanying Schedule is presented using the accrual basis of accounting. Such expenditures
are recognized following the cost principles contained in Subpart E of the Uniform Guidance,
wherein certain types of expenditures are not allowable or are limited as to reimbursement.
Title: Note 3: Election to Use 10% de Minimis Indirect Cost Rate
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (Schedule) presents the
expenditures for all federal award programs received by The Corporation for the fiscal year ended
August 31, 2024. The information in the Schedule is presented in accordance with the requirements
of Title 2 US Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost
Principles, and Audit Requirements for Federal Awards (Uniform Guidance).
De Minimis Rate Used: N
Rate Explanation: The Corporation has elected not to use the 10-percent de minimis indirect cost rate allowed under
the Uniform Guidance.
The Corporation has elected not to use the 10-percent de minimis indirect cost rate allowed under
the Uniform Guidance.
Title: Note 4: Relationship to Financial Report Submitted to Grantor Agencies
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (Schedule) presents the
expenditures for all federal award programs received by The Corporation for the fiscal year ended
August 31, 2024. The information in the Schedule is presented in accordance with the requirements
of Title 2 US Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost
Principles, and Audit Requirements for Federal Awards (Uniform Guidance).
De Minimis Rate Used: N
Rate Explanation: The Corporation has elected not to use the 10-percent de minimis indirect cost rate allowed under
the Uniform Guidance.
Variances may occur between the amounts reflected in the financial reports filed with the grantor
agencies and the supplementary schedules. Variances may consist of: timing related to accruals,
matching requirements, and differences in program year ends.
Title: Note 5: Commitments and Contingencies
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (Schedule) presents the
expenditures for all federal award programs received by The Corporation for the fiscal year ended
August 31, 2024. The information in the Schedule is presented in accordance with the requirements
of Title 2 US Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost
Principles, and Audit Requirements for Federal Awards (Uniform Guidance).
De Minimis Rate Used: N
Rate Explanation: The Corporation has elected not to use the 10-percent de minimis indirect cost rate allowed under
the Uniform Guidance.
Federal grants received by The Corporation are subject to review and audit by grantor agencies.
The Corporation’s management believes that the results of such audits will not have a material
effect on the schedule.
Title: Note 6: Reconciliation of Federal Revenues
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (Schedule) presents the
expenditures for all federal award programs received by The Corporation for the fiscal year ended
August 31, 2024. The information in the Schedule is presented in accordance with the requirements
of Title 2 US Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost
Principles, and Audit Requirements for Federal Awards (Uniform Guidance).
De Minimis Rate Used: N
Rate Explanation: The Corporation has elected not to use the 10-percent de minimis indirect cost rate allowed under
the Uniform Guidance.
Federal grant revenues per the Statement of Activities:
Government grants
Less:
E-Rate Revenue
$ 1,971,412
(52,048)
Total expenditures of Federal Awards $ 1,919,364