Title: NOTE 1 – BASIS OF PRESENTATION
Accounting Policies: Expenditures shown 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. The Organization establishes hydroponic installations within various public schools and provides on-going support and instructional materials to the schools to incorporate the installation into each school’s educational curriculum. In developing its grant budget, the Organization established a budget for each installation of $31,900 and an additional $8,100 for ongoing support. The U.S. Department of Education is billed based upon the percentage of completion of each installation, up to the agreed upon $40,000 per school.
De Minimis Rate Used: Y
Rate Explanation: The Organization has elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) includes the federal award activity of New York Sun Works, Inc. (the “Organization”), 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 (the “Uniform Guidance”). Because the Schedule presents only a selected portion of the operations of the Organization, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Organization.
Title: NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: Expenditures shown 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. The Organization establishes hydroponic installations within various public schools and provides on-going support and instructional materials to the schools to incorporate the installation into each school’s educational curriculum. In developing its grant budget, the Organization established a budget for each installation of $31,900 and an additional $8,100 for ongoing support. The U.S. Department of Education is billed based upon the percentage of completion of each installation, up to the agreed upon $40,000 per school.
De Minimis Rate Used: Y
Rate Explanation: The Organization has elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Expenditures shown 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. The Organization establishes hydroponic installations within various public schools and provides on-going support and instructional materials to the schools to incorporate the installation into each school’s educational curriculum. In developing its grant budget, the Organization established a budget for each installation of $31,900 and an additional $8,100 for ongoing support. The U.S. Department of Education is billed based upon the percentage of completion of each installation, up to the agreed upon $40,000 per school.
Title: NOTE 3 – INDIRECT COST RATE
Accounting Policies: Expenditures shown 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. The Organization establishes hydroponic installations within various public schools and provides on-going support and instructional materials to the schools to incorporate the installation into each school’s educational curriculum. In developing its grant budget, the Organization established a budget for each installation of $31,900 and an additional $8,100 for ongoing support. The U.S. Department of Education is billed based upon the percentage of completion of each installation, up to the agreed upon $40,000 per school.
De Minimis Rate Used: Y
Rate Explanation: The Organization has elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The Organization has elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Title: NOTE 4 – SUBRECIPIENTS
Accounting Policies: Expenditures shown 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. The Organization establishes hydroponic installations within various public schools and provides on-going support and instructional materials to the schools to incorporate the installation into each school’s educational curriculum. In developing its grant budget, the Organization established a budget for each installation of $31,900 and an additional $8,100 for ongoing support. The U.S. Department of Education is billed based upon the percentage of completion of each installation, up to the agreed upon $40,000 per school.
De Minimis Rate Used: Y
Rate Explanation: The Organization has elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
During the year ended June 30, 2024, the Organization passed through to a subrecipient $10,284 of the Food and Agriculture Service Learning Program funds as disclosed in the Schedule.
Title: NOTE 5 – NON-CASH ASSISTANCE AND OTHER
Accounting Policies: Expenditures shown 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. The Organization establishes hydroponic installations within various public schools and provides on-going support and instructional materials to the schools to incorporate the installation into each school’s educational curriculum. In developing its grant budget, the Organization established a budget for each installation of $31,900 and an additional $8,100 for ongoing support. The U.S. Department of Education is billed based upon the percentage of completion of each installation, up to the agreed upon $40,000 per school.
De Minimis Rate Used: Y
Rate Explanation: The Organization has elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The Organization did not receive any non-cash assistance, federal loans, or federally funded insurance during the year ended June 30, 2024.