Title: NOTE 1 – BASIS OF PRESENTATION
Accounting Policies: NOTE 1 – BASIS OF PRESENTATION
The accompanying schedule of expenditures of federal awards summarizes the expenditures of the
Organization under programs of the federal government for the year ended June 30, 2024 and is
presented on the accrual basis of accounting. The information in this schedule is presented in
accordance with the provisions 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). 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 – ACCOUNTING PRINCIPLES
Expenditures for direct costs are recognized as incurred using the accrual method of accounting
and the cost accounting principles contained in the Uniform Guidance. Under these cost principles,
certain types of expenditures are not allowable or are limited as to reimbursement.
NOTE 3 – INDIRECT COST RATE
The Organization has elected not to use the 10-percent de minimis indirect cost rate under Title 2
U.S. CFR Part 200, Subpart E, Cost Principles.
NOTE 4 – LOANS
Federal expenditures for the Community Development Block Grant includes $216,921 in loans
expended during the year ending June 30, 2023 and outstanding at June 30, 2024 for which the
grantor imposes continuing compliance requirements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The accompanying schedule of expenditures of federal awards summarizes the expenditures of the
Organization under programs of the federal government for the year ended June 30, 2024 and is
presented on the accrual basis of accounting. The information in this schedule is presented in
accordance with the provisions 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). Therefore, some amounts presented in this schedule may differ from amounts
presented in, or used in the preparation of, the basic financial statements.
Title: NOTE 2 – ACCOUNTING PRINCIPLES
Accounting Policies: NOTE 1 – BASIS OF PRESENTATION
The accompanying schedule of expenditures of federal awards summarizes the expenditures of the
Organization under programs of the federal government for the year ended June 30, 2024 and is
presented on the accrual basis of accounting. The information in this schedule is presented in
accordance with the provisions 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). 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 – ACCOUNTING PRINCIPLES
Expenditures for direct costs are recognized as incurred using the accrual method of accounting
and the cost accounting principles contained in the Uniform Guidance. Under these cost principles,
certain types of expenditures are not allowable or are limited as to reimbursement.
NOTE 3 – INDIRECT COST RATE
The Organization has elected not to use the 10-percent de minimis indirect cost rate under Title 2
U.S. CFR Part 200, Subpart E, Cost Principles.
NOTE 4 – LOANS
Federal expenditures for the Community Development Block Grant includes $216,921 in loans
expended during the year ending June 30, 2023 and outstanding at June 30, 2024 for which the
grantor imposes continuing compliance requirements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Expenditures for direct costs are recognized as incurred using the accrual method of accounting
and the cost accounting principles contained in the Uniform Guidance. Under these cost principles,
certain types of expenditures are not allowable or are limited as to reimbursement.
Title: NOTE 3 – INDIRECT COST RATE
Accounting Policies: NOTE 1 – BASIS OF PRESENTATION
The accompanying schedule of expenditures of federal awards summarizes the expenditures of the
Organization under programs of the federal government for the year ended June 30, 2024 and is
presented on the accrual basis of accounting. The information in this schedule is presented in
accordance with the provisions 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). 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 – ACCOUNTING PRINCIPLES
Expenditures for direct costs are recognized as incurred using the accrual method of accounting
and the cost accounting principles contained in the Uniform Guidance. Under these cost principles,
certain types of expenditures are not allowable or are limited as to reimbursement.
NOTE 3 – INDIRECT COST RATE
The Organization has elected not to use the 10-percent de minimis indirect cost rate under Title 2
U.S. CFR Part 200, Subpart E, Cost Principles.
NOTE 4 – LOANS
Federal expenditures for the Community Development Block Grant includes $216,921 in loans
expended during the year ending June 30, 2023 and outstanding at June 30, 2024 for which the
grantor imposes continuing compliance requirements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The Organization has elected not to use the 10-percent de minimis indirect cost rate under Title 2
U.S. CFR Part 200, Subpart E, Cost Principles.
Title: NOTE 4 – LOANS
Accounting Policies: NOTE 1 – BASIS OF PRESENTATION
The accompanying schedule of expenditures of federal awards summarizes the expenditures of the
Organization under programs of the federal government for the year ended June 30, 2024 and is
presented on the accrual basis of accounting. The information in this schedule is presented in
accordance with the provisions 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). 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 – ACCOUNTING PRINCIPLES
Expenditures for direct costs are recognized as incurred using the accrual method of accounting
and the cost accounting principles contained in the Uniform Guidance. Under these cost principles,
certain types of expenditures are not allowable or are limited as to reimbursement.
NOTE 3 – INDIRECT COST RATE
The Organization has elected not to use the 10-percent de minimis indirect cost rate under Title 2
U.S. CFR Part 200, Subpart E, Cost Principles.
NOTE 4 – LOANS
Federal expenditures for the Community Development Block Grant includes $216,921 in loans
expended during the year ending June 30, 2023 and outstanding at June 30, 2024 for which the
grantor imposes continuing compliance requirements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Federal expenditures for the Community Development Block Grant includes $216,921 in loans
expended during the year ending June 30, 2023 and outstanding at June 30, 2024 for which the
grantor imposes continuing compliance requirements.