Title: Note 1. Basis of Presentation
Accounting Policies: The accompanying schedule of expenditures of federal awards (the "Schedule") presents the activity of all federal financial assistance programs of the Villa of Hope and Villa of Hope Foundation (the "Organization"). 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). The Organization's reporting entity is defined in the notes to the Organization's financial statements. All federal financial assistance received directly from federal agencies as well as federal financial assistance passed through other government agencies are included on the Schedule. The amounts reported as federal expenditures generally were obtained from federal financial reports for the applicable program and period. The amounts reported in these federal financial reports are prepared from records maintained for each program. These records are periodically reconciled to the general ledger which is the source of the consolidated financial statements.
De Minimis Rate Used: Y
Rate Explanation: Expenditures reported on the Schedule are reported on the accrual basis of accounting, which is described in the notes to the Organization's financial statements. 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. In certain cases, the Organization uses an approved indirect cost allocation rate prepared by a third party, otherwise the Organization has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the "Schedule") presents the activity of all federal financial assistance programs of the Villa of Hope and Villa of Hope Foundation (the "Organization"). 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). The Organization's reporting entity is defined in the notes to the Organization's financial statements. All federal financial assistance received directly from federal agencies as well as federal financial assistance passed through other government agencies are included on the Schedule. The amounts reported as federal expenditures generally were obtained from federal financial reports for the applicable program and period. The amounts reported in these federal financial reports are prepared from records maintained for each program. These records are periodically reconciled to the general ledger which is the source of the consolidated financial statements.
Title: Note 2. Summary of Significant Accounting Policies
Accounting Policies: The accompanying schedule of expenditures of federal awards (the "Schedule") presents the activity of all federal financial assistance programs of the Villa of Hope and Villa of Hope Foundation (the "Organization"). 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). The Organization's reporting entity is defined in the notes to the Organization's financial statements. All federal financial assistance received directly from federal agencies as well as federal financial assistance passed through other government agencies are included on the Schedule. The amounts reported as federal expenditures generally were obtained from federal financial reports for the applicable program and period. The amounts reported in these federal financial reports are prepared from records maintained for each program. These records are periodically reconciled to the general ledger which is the source of the consolidated financial statements.
De Minimis Rate Used: Y
Rate Explanation: Expenditures reported on the Schedule are reported on the accrual basis of accounting, which is described in the notes to the Organization's financial statements. 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. In certain cases, the Organization uses an approved indirect cost allocation rate prepared by a third party, otherwise the Organization has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Expenditures reported on the Schedule are reported on the accrual basis of accounting, which is described in the notes to the Organization's financial statements. 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. In certain cases, the Organization uses an approved indirect cost allocation rate prepared by a third party, otherwise the Organization has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Title: Note 3. Scope of Audit
Accounting Policies: The accompanying schedule of expenditures of federal awards (the "Schedule") presents the activity of all federal financial assistance programs of the Villa of Hope and Villa of Hope Foundation (the "Organization"). 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). The Organization's reporting entity is defined in the notes to the Organization's financial statements. All federal financial assistance received directly from federal agencies as well as federal financial assistance passed through other government agencies are included on the Schedule. The amounts reported as federal expenditures generally were obtained from federal financial reports for the applicable program and period. The amounts reported in these federal financial reports are prepared from records maintained for each program. These records are periodically reconciled to the general ledger which is the source of the consolidated financial statements.
De Minimis Rate Used: Y
Rate Explanation: Expenditures reported on the Schedule are reported on the accrual basis of accounting, which is described in the notes to the Organization's financial statements. 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. In certain cases, the Organization uses an approved indirect cost allocation rate prepared by a third party, otherwise the Organization has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
All significant federal award operations of the Organization for the year ended June 30, 2024 are included in the scope of the Single Audit.
Title: Note 4. Period of Audit
Accounting Policies: The accompanying schedule of expenditures of federal awards (the "Schedule") presents the activity of all federal financial assistance programs of the Villa of Hope and Villa of Hope Foundation (the "Organization"). 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). The Organization's reporting entity is defined in the notes to the Organization's financial statements. All federal financial assistance received directly from federal agencies as well as federal financial assistance passed through other government agencies are included on the Schedule. The amounts reported as federal expenditures generally were obtained from federal financial reports for the applicable program and period. The amounts reported in these federal financial reports are prepared from records maintained for each program. These records are periodically reconciled to the general ledger which is the source of the consolidated financial statements.
De Minimis Rate Used: Y
Rate Explanation: Expenditures reported on the Schedule are reported on the accrual basis of accounting, which is described in the notes to the Organization's financial statements. 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. In certain cases, the Organization uses an approved indirect cost allocation rate prepared by a third party, otherwise the Organization has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Audit testing procedures were performed for transactions occurring during the year ended June 30, 2024. Grant information is indicated in the schedule of expenditures of federal awards.
Title: Note 5. Subrecipients
Accounting Policies: The accompanying schedule of expenditures of federal awards (the "Schedule") presents the activity of all federal financial assistance programs of the Villa of Hope and Villa of Hope Foundation (the "Organization"). 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). The Organization's reporting entity is defined in the notes to the Organization's financial statements. All federal financial assistance received directly from federal agencies as well as federal financial assistance passed through other government agencies are included on the Schedule. The amounts reported as federal expenditures generally were obtained from federal financial reports for the applicable program and period. The amounts reported in these federal financial reports are prepared from records maintained for each program. These records are periodically reconciled to the general ledger which is the source of the consolidated financial statements.
De Minimis Rate Used: Y
Rate Explanation: Expenditures reported on the Schedule are reported on the accrual basis of accounting, which is described in the notes to the Organization's financial statements. 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. In certain cases, the Organization uses an approved indirect cost allocation rate prepared by a third party, otherwise the Organization has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
No amounts were provided to subrecipients.