Title: NOTE 1 – BASIS OF PRESENTATION
Accounting Policies: This Schedule is prepared from the Company’s accounting records and is not intended to present financial position or the results of operations. The financial transactions are recorded by the Company in accordance with the terms and conditions of the grants, which are consistent with United States Generally Accepted Accounting Principles (GAAP). Expenditures are recognized in the accounting period in which the liability is incurred, if measurable or when actually paid.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the minimis cost rate.
The accompanying Schedule of Expenditure of Federal Awards (“the Schedule”) includes the federal award activity of the Company under program 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 (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the schedule presents only a selected portion of the operations of the Program, it is not intended to and does not present the financial position, retained earnings or cash flows of the Company.
Title: NOTE 2 – SCHEDULE NOT IN AGREEMENT WITH OTHER FEDERAL AWARD REPORTING
Accounting Policies: This Schedule is prepared from the Company’s accounting records and is not intended to present financial position or the results of operations. The financial transactions are recorded by the Company in accordance with the terms and conditions of the grants, which are consistent with United States Generally Accepted Accounting Principles (GAAP). Expenditures are recognized in the accounting period in which the liability is incurred, if measurable or when actually paid.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the minimis cost rate.
The information included in the Schedule may not fully agree with other federal awards reports submitted directly to federal granting agencies or pass-through entities because, among other reasons, the award reports (a) may be prepared for a different fiscal period and (b) may include cumulative (from previous years) data rather the data from the current year only.
Title: NOTE 4 – FEDERAL CFDA NUMBERS
Accounting Policies: This Schedule is prepared from the Company’s accounting records and is not intended to present financial position or the results of operations. The financial transactions are recorded by the Company in accordance with the terms and conditions of the grants, which are consistent with United States Generally Accepted Accounting Principles (GAAP). Expenditures are recognized in the accounting period in which the liability is incurred, if measurable or when actually paid.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the minimis cost rate.
The CFDA numbers included in this Schedule were determined based on the program name, review of grant contract information and the OMB Catalog of Federal Domestic Assistance (CFDA).
Title: NOTE 5 – PASS-THROUGH AWARDS
Accounting Policies: This Schedule is prepared from the Company’s accounting records and is not intended to present financial position or the results of operations. The financial transactions are recorded by the Company in accordance with the terms and conditions of the grants, which are consistent with United States Generally Accepted Accounting Principles (GAAP). Expenditures are recognized in the accounting period in which the liability is incurred, if measurable or when actually paid.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the minimis cost rate.
The Company is classified as a sub-recipient. A sub-recipient is an entity that expands federal awards that are received from a pass-through entity to carry out the purpose of a federal program. OMB Circular A-133 requires the Schedule to include the name of the pass-through entity and identifying number assigned by the pass-through entity for federal awards received as a sub-recipient. Pass-through numbers identified in the Schedule as N/AV are not available.
Title: NOTE 6 – RESTRICTIONS
Accounting Policies: This Schedule is prepared from the Company’s accounting records and is not intended to present financial position or the results of operations. The financial transactions are recorded by the Company in accordance with the terms and conditions of the grants, which are consistent with United States Generally Accepted Accounting Principles (GAAP). Expenditures are recognized in the accounting period in which the liability is incurred, if measurable or when actually paid.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the minimis cost rate.
Each Federal Program has its own restrictions. Those restrictions are included in the OMB Catalog of Federal Domestic Assistance (CFDA).
Title: NOTE 9 – GENERAL OBJECTIVES PER FEDERAL FINANCIAL AWARDS
Accounting Policies: This Schedule is prepared from the Company’s accounting records and is not intended to present financial position or the results of operations. The financial transactions are recorded by the Company in accordance with the terms and conditions of the grants, which are consistent with United States Generally Accepted Accounting Principles (GAAP). Expenditures are recognized in the accounting period in which the liability is incurred, if measurable or when actually paid.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the minimis cost rate.
1. WIOA Adult Program (CFDA # 17.258)/Pass-Through Grantor – Department of Economic Development and Commerce/Objectives/To provide a wide variety of workforce development activities to help job applicants, displaced workers, and youth in and out of school access new employments opportunities, education, training and support services to be successful in the job market. The purpose of these activities is to promote the increase of employment opportunities, job retention, and occupational skills of the participants. To sustain and increase the work force, reduce dependence on public assistance and develop states productivity by generating jobs.