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. Pass-through entity identifying numbers are presented where available. The Agency has not elected to use the 10% de minimis indirect cost rate allowed in the Uniform Guidance.
Property and equipment acquired with Head Start funds in excess of $5,000 are capitalized and depreciated over their estimated useful lives in accordance with GAAP. Such costs are recorded as expenditures on the schedule of expenditures of federal awards when acquired, in accordance with Federal regulation 2 CFR 225, Appendix B(15)(b)(4). During 2024, there were three assets capitalized for the GAAP financial statements and included in federal expenditures on the schedule of expenditures of federal awards.
The totals on the schedule will not agree to the statement of functional expenses as of the year ended June 30, 2024. The schedule includes expenditures for the purchase of fixed assets with Head Start funds that have been capitalized. Also, the statement of functional expenses includes in-kind expenses that are program specific expenses that are not included in the schedule as they are not covered by federal funds.
De Minimis Rate Used: N
Rate Explanation: The Agency has not elected to use the 10% de minimis indirect cost rate allowed in the Uniform Guidance.
The accompanying schedule of expenditures of federal awards is presented on an accrual basis of accounting consistent with the basis of accounting used by the Williamsburg-James City County Community Action Agency, Inc. The schedule includes all known federal funds expended by the Agency 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 of Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some amounts presented in this schedule may differ from amounts presented in or used in the presentation of the basic financial statements.
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. Pass-through entity identifying numbers are presented where available. The Agency has not elected to use the 10% de minimis indirect cost rate allowed in the Uniform Guidance.
Property and equipment acquired with Head Start funds in excess of $5,000 are capitalized and depreciated over their estimated useful lives in accordance with GAAP. Such costs are recorded as expenditures on the schedule of expenditures of federal awards when acquired, in accordance with Federal regulation 2 CFR 225, Appendix B(15)(b)(4). During 2024, there were three assets capitalized for the GAAP financial statements and included in federal expenditures on the schedule of expenditures of federal awards.
The totals on the schedule will not agree to the statement of functional expenses as of the year ended June 30, 2024. The schedule includes expenditures for the purchase of fixed assets with Head Start funds that have been capitalized. Also, the statement of functional expenses includes in-kind expenses that are program specific expenses that are not included in the schedule as they are not covered by federal funds.
De Minimis Rate Used: N
Rate Explanation: The Agency has not elected to use the 10% de minimis indirect cost rate allowed in 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. Pass-through entity identifying numbers are presented where available. The Agency has not elected to use the 10% de minimis indirect cost rate allowed in the Uniform Guidance.
Property and equipment acquired with Head Start funds in excess of $5,000 are capitalized and depreciated over their estimated useful lives in accordance with GAAP. Such costs are recorded as expenditures on the schedule of expenditures of federal awards when acquired, in accordance with Federal regulation 2 CFR 225, Appendix B(15)(b)(4). During 2024, there were three assets capitalized for the GAAP financial statements and included in federal expenditures on the schedule of expenditures of federal awards.
The totals on the schedule will not agree to the statement of functional expenses as of the year ended June 30, 2024. The schedule includes expenditures for the purchase of fixed assets with Head Start funds that have been capitalized. Also, the statement of functional expenses includes in-kind expenses that are program specific expenses that are not included in the schedule as they are not covered by federal funds.
Title: Note 3 – Subrecipient Payments
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. Pass-through entity identifying numbers are presented where available. The Agency has not elected to use the 10% de minimis indirect cost rate allowed in the Uniform Guidance.
Property and equipment acquired with Head Start funds in excess of $5,000 are capitalized and depreciated over their estimated useful lives in accordance with GAAP. Such costs are recorded as expenditures on the schedule of expenditures of federal awards when acquired, in accordance with Federal regulation 2 CFR 225, Appendix B(15)(b)(4). During 2024, there were three assets capitalized for the GAAP financial statements and included in federal expenditures on the schedule of expenditures of federal awards.
The totals on the schedule will not agree to the statement of functional expenses as of the year ended June 30, 2024. The schedule includes expenditures for the purchase of fixed assets with Head Start funds that have been capitalized. Also, the statement of functional expenses includes in-kind expenses that are program specific expenses that are not included in the schedule as they are not covered by federal funds.
De Minimis Rate Used: N
Rate Explanation: The Agency has not elected to use the 10% de minimis indirect cost rate allowed in the Uniform Guidance.
Of the federal expenditures presented in the schedule, the Agency provided federal awards to subrecipients as follows:
Program Title: Diaper Distribution and Research Pilot Assistance Living Number: 93.647 Sub-Recipient: Williamsburg House of Mercy Amount: $17,321