Title: Basis of Presentation
Accounting Policies: Expenditures reported 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.
De Minimis Rate Used: Both
Rate Explanation: The Center uses the 10% de minimis indirect cost rate allowed under the Uniform Guidance for the Early Education Services Congressional Grant. For all other programs, the Center has elected not 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 Northside Center for Child Development, Inc. and Northside Center for Child Development Day School (collectively, the Center) 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 (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 Center, it is not intended to and does not present the combined financial position, changes in net assets, or cash flows of the Center.
Title: Summary of Significant Accounting Policies
Accounting Policies: Expenditures reported 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.
De Minimis Rate Used: Both
Rate Explanation: The Center uses the 10% de minimis indirect cost rate allowed under the Uniform Guidance for the Early Education Services Congressional Grant. For all other programs, the Center has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Expenditures reported 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.
Title: Indirect Cost Rate
Accounting Policies: Expenditures reported 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.
De Minimis Rate Used: Both
Rate Explanation: The Center uses the 10% de minimis indirect cost rate allowed under the Uniform Guidance for the Early Education Services Congressional Grant. For all other programs, the Center has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The Center uses the 10% de minimis indirect cost rate allowed under the Uniform Guidance for the Early Education Services Congressional Grant.
For all other programs, the Center has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Title: Entities Included in the Schedule
Accounting Policies: Expenditures reported 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.
De Minimis Rate Used: Both
Rate Explanation: The Center uses the 10% de minimis indirect cost rate allowed under the Uniform Guidance for the Early Education Services Congressional Grant. For all other programs, the Center has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying Schedule includes the following entities as identified by individual tax identification number (TIN) and entity name:
TIN Entity Name
131656679 Northside Center for Child Development, Inc.
132989538 Northside Center for Child Development Day School
Title: Subsequent Events
Accounting Policies: Expenditures reported 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.
De Minimis Rate Used: Both
Rate Explanation: The Center uses the 10% de minimis indirect cost rate allowed under the Uniform Guidance for the Early Education Services Congressional Grant. For all other programs, the Center has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The Center has evaluated subsequent events occurring after the combined financial statement date of June 30, 2024 through November 27, 2024, except for our report on the supplemental schedule of expenditures of federal awards, for which the subsequent events date is March 25, 2025, which is the date these combined financial statements were available to be issued. No events arose during the period that would require adjustments or additional disclosures.