Title: 1. Summary of Significant Accounting Policies
Accounting Policies: All Federal grant operations of the Organization are included in the scope of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (the Single Audit or Uniform Guidance). The Single Audit was performed in accordance with the provisions of the OMB Compliance Supplement (the Compliance Supplement). Compliance testing of all requirements, as described in the Compliance Supplement, was performed for the grant programs noted. The program included on the Schedule of Expenditures of Federal Awards represents all Federal Award programs with fiscal year 2024, cash or noncash expenditure activities. For our single audit testing, we tested 28% of total federal expenditures.
De Minimis Rate Used: N
Rate Explanation: The financial statements report certain categories of expenses that are attributed to more than on program or supporting function. Therefore, expenses require allocation on a reasonable basis that is consistently applied. The expenses that are allocated include consultants, payroll taxes and employee benefits, salaries and wages, and travel, which are allocated on the basis of estimates of time and effort. Depreciation, insurance, rent, repairs and maintenance, supplies, and utilities are allocated based on an estimate of usage by functional area.
All Federal grant operations of the Organization are included in the scope of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (the Single Audit or Uniform Guidance). The Single Audit was performed in accordance with the provisions of the OMB Compliance Supplement (the Compliance Supplement). Compliance testing of all requirements, as described in the Compliance Supplement, was performed for the grant programs noted. The program included on the Schedule of Expenditures of Federal Awards represents all Federal Award programs with fiscal year 2024, cash or noncash expenditure activities. For our single audit testing, we tested 28% of total federal expenditures.
Title: 2. Basis of Presentation
Accounting Policies: All Federal grant operations of the Organization are included in the scope of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (the Single Audit or Uniform Guidance). The Single Audit was performed in accordance with the provisions of the OMB Compliance Supplement (the Compliance Supplement). Compliance testing of all requirements, as described in the Compliance Supplement, was performed for the grant programs noted. The program included on the Schedule of Expenditures of Federal Awards represents all Federal Award programs with fiscal year 2024, cash or noncash expenditure activities. For our single audit testing, we tested 28% of total federal expenditures.
De Minimis Rate Used: N
Rate Explanation: The financial statements report certain categories of expenses that are attributed to more than on program or supporting function. Therefore, expenses require allocation on a reasonable basis that is consistently applied. The expenses that are allocated include consultants, payroll taxes and employee benefits, salaries and wages, and travel, which are allocated on the basis of estimates of time and effort. Depreciation, insurance, rent, repairs and maintenance, supplies, and utilities are allocated based on an estimate of usage by functional area.
The accompanying schedule of expenditures of federal awards includes the federal grant activity of Union Baptist Church-School, Inc. under programs of the federal government 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 Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. Because the schedule present only a selected portion of the operations of UBCS, it is not intended to and does not present the statement of financial position, changes in net assets, or cash flows of Union Baptist Church-School, Inc.