Title: Basis of Presentation
Accounting Policies: Expenditures reported on the schedule are reported on the accrual basis of accounting (i.e., when the liability is incurred). 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.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis rate.
The accompanying schedule of expenditures of federal awards (the “schedule”) includes the federal award activity of the Bright Star Community Outreach Corporation under programs of the federal government for the year ending 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 (Uniform Guidance). Because the schedule presents only a selected portion of the operations of the Bright Star Community Outreach Corporation, it is not intended to and does not present the financial position, changes in net position or cash flows of the Bright Star Community Outreach Corporation.
Title: Summary of Significant Accounting Policies
Accounting Policies: Expenditures reported on the schedule are reported on the accrual basis of accounting (i.e., when the liability is incurred). 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.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis rate.
Expenditures reported on the schedule are reported on the accrual basis of accounting (i.e., when the liability is incurred). 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.
Title: Indirect Cost Rate
Accounting Policies: Expenditures reported on the schedule are reported on the accrual basis of accounting (i.e., when the liability is incurred). 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.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis rate.
The Bright Star Community Outreach Corporation has not elected to use the 10% de minimis cost rate allowed under the Uniform Guidance.
Title: Subrecipients
Accounting Policies: Expenditures reported on the schedule are reported on the accrual basis of accounting (i.e., when the liability is incurred). 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.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis rate.
There were no subrecipients for the fiscal year ending June 30, 2024.
Title: Noncash Transactions
Accounting Policies: Expenditures reported on the schedule are reported on the accrual basis of accounting (i.e., when the liability is incurred). 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.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis rate.
There were no federal noncash transactions for the fiscal year ending June 30, 2024.
Title: Other Information
Accounting Policies: Expenditures reported on the schedule are reported on the accrual basis of accounting (i.e., when the liability is incurred). 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.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis rate.
Bright Star Community Outreach did not spend any federal award dollars on insurance. There were no outstanding federal award loans or loan guarantees at June 30, 2024. Bright Star Community Outreach did have grants with matching expenditures. In accordance with the Uniform Guidance, those amounts were not included on the SEFA.