Title: Note 1 – Basis of Presentation
Accounting Policies: The basis of accounting varies by Federal program consistent with the underlying regulations pertaining to each program. The information presented in the Schedule is presented in accordance with requirements of Title 2 U.S. Code of Federal Regulations (CFR), Part 200, Uniform Administrative Requirements, Costs Principles and Audit Requirements (Uniform Guidance). Therefore, some amounts presented in this schedule may differ from amount presented in, or used in preparation of the financial statements.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) presents the activity of Federal award programs administered by Elev8 Baltimore, Inc., which is described in Note 1 to the organization’s accompanying financial statements. The Federal awards included in the schedule were passed through from other government agencies.
Title: Note 2 – Basis of Accounting
Accounting Policies: The basis of accounting varies by Federal program consistent with the underlying regulations pertaining to each program. The information presented in the Schedule is presented in accordance with requirements of Title 2 U.S. Code of Federal Regulations (CFR), Part 200, Uniform Administrative Requirements, Costs Principles and Audit Requirements (Uniform Guidance). Therefore, some amounts presented in this schedule may differ from amount presented in, or used in preparation of the financial statements.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
The basis of accounting varies by Federal program consistent with the underlying regulations pertaining to each program. The information presented in the Schedule is presented in accordance with requirements of Title 2 U.S. Code of Federal Regulations (CFR), Part 200, Uniform Administrative Requirements, Costs Principles and Audit Requirements (Uniform Guidance). Therefore, some amounts presented in this schedule may differ from amount presented in, or used in preparation of the financial statements
Title: Note 3 – Indirect Costs
Accounting Policies: The basis of accounting varies by Federal program consistent with the underlying regulations pertaining to each program. The information presented in the Schedule is presented in accordance with requirements of Title 2 U.S. Code of Federal Regulations (CFR), Part 200, Uniform Administrative Requirements, Costs Principles and Audit Requirements (Uniform Guidance). Therefore, some amounts presented in this schedule may differ from amount presented in, or used in preparation of the financial statements.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
Indirect costs may be included in the reported expenditures to the extent they are included in the Federal financial reports used as the source for the data presented. Elev8’s policy is not to charge Federal award programs with indirect costs, or to charge indirect costs to certain federal award programs, based upon a rate established by the State of Maryland. Elev8 has elected to use the de minimis indirect rate allowed under the Uniform Guidance (currently 10% at June 30, 2023) applied to overall expenditures
Title: Note 4 – Matching Costs
Accounting Policies: The basis of accounting varies by Federal program consistent with the underlying regulations pertaining to each program. The information presented in the Schedule is presented in accordance with requirements of Title 2 U.S. Code of Federal Regulations (CFR), Part 200, Uniform Administrative Requirements, Costs Principles and Audit Requirements (Uniform Guidance). Therefore, some amounts presented in this schedule may differ from amount presented in, or used in preparation of the financial statements.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
Matching costs, such as Elev8’s share of certain program costs, are not included in the reported expenditures.
Title: Note 5 – Subrecipients
Accounting Policies: The basis of accounting varies by Federal program consistent with the underlying regulations pertaining to each program. The information presented in the Schedule is presented in accordance with requirements of Title 2 U.S. Code of Federal Regulations (CFR), Part 200, Uniform Administrative Requirements, Costs Principles and Audit Requirements (Uniform Guidance). Therefore, some amounts presented in this schedule may differ from amount presented in, or used in preparation of the financial statements.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
No amounts were provided to subrecipients.