Audit 344232

Accounting Policies: Note 1 - Basis of Presentation The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of Jefferson-Clarion Head Start, Inc. 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 Part 200, Uniform Administrative Requirements, Cost Principles, and the Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements. Note 2 – Summary of Significant Accounting Policies Expenditures reported on the accompanying schedule of expenditures of federal awards are reported in accordance with generally accepted accounting principles. (GAAP). Indirect Cost Rate The Organization did not elect to use the ten percent (10%) de minimis indirect cost rate for the year ended June 30, 2024. Amounts Passed to Subrecipients The Organization provided federal awards to subrecipients during the year ended June 30, 2024, in the amount of $95,213.00. Fee-for-Service Contracts The Organization recognizes revenue applicable to fee-for-service contracts as services are performed. For presentation on the Schedule of Expenditures of Federal Awards, program expenditures were assumed to be equal to revenue recognized. However, actual expenditures may vary from amounts presented. Federal Loan Guarantee Programs The Organization did not have any federal loan guarantee programs to report for the year ended June 30, 2024, as described in 2 CFR section 200.502(b). Note 3 - Reconciliation - Expenses per Statement of Activities to Schedule of Expenditures of Federal Awards Total Expenses per Statement of Activities $ 7,918,743.24 Less: Nonfederal amounts: (2,923,469.51) Costs charged to federal programs 4,995,273.73 Less: In-kind – federal programs (67,505.93) Less: Depreciation expense – federal programs (53,303.10) Add: Fixed asset purchases – federal programs 268,668.00 Total Expenditures per Schedule of Expenditures of Federal Awards $5,143,132.70 De Minimis Rate Used: N Rate Explanation: N/A