Audit 344563

Title: NOTE 1 – SIGNIFICANT ACCOUNTING POLICIES Accounting Policies: Basis of presentation – The schedule of expenditures of federal awards (the schedule) is prepared on the accrual basis of accounting. The information in these schedule is presented in accordance with the requirements of Title 2 U. S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Federal expenditures include allowable costs funded by federal grants. Allowable costs are subject to the cost principles of the Uniform Guidance and include costs that are recognized as expenses in The Council’s financial statements in conformity with generally accepted accounting principles. The Council has not elected to use the 10% de minimus cost rate for indirect costs. The Council does not have any subrecipients. Because the schedule presents only a selected portion of the operations of The Council, it is not intended to and does not present the financial position, changes in net assets, or cash flows of The Council. De Minimis Rate Used: N Rate Explanation: The Auditee has not elected to use the 10% de minimus cost rate for indirect costs. Basis of presentation – The schedule of expenditures of federal awards (the schedule) is prepared on the accrual basis of accounting. The information in these schedule is presented in accordance with the requirements of Title 2 U. S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Federal expenditures include allowable costs funded by federal grants. Allowable costs are subject to the cost principles of the Uniform Guidance and include costs that are recognized as expenses in The Council’s financial statements in conformity with generally accepted accounting principles. The Council has not elected to use the 10% de minimus cost rate for indirect costs. The Council does not have any subrecipients. Because the schedule presents only a selected portion of the operations of The Council, it is not intended to and does not present the financial position, changes in net assets, or cash flows of The Council.