Audit 349735

Accounting Policies: 1. Reporting Entity Clyde Malone Community Center (the Center) is a non-profit organization located in Lincoln, Nebraska, and its mission is to honor and strengthen the African American community in Lincoln and Lancaster County by serving as a cornerstone for educational, cultural, and advocacy programs for all people. 2. Basis of Accounting The schedule of expenditures of federal awards is presented on the accrual basis of accounting. 3. Basis of Presentation The accompanying schedule presents expenditures paid for each federal award program in accordance with the Office of Management and Budget (OMB) Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Federal programs are reported as presented in the Assistance Listing Catalogs whenever possible. 4. Contingencies During the normal course of business, the Center receives funds from the United States Government for program services. Substantially all of these funds are subject to future audit by various federal and state agencies, however, it is management’s opinion that resulting adjustments, if any, would not have a material effect upon the accompanying financial statements. 5. De Minimis Indirect Cost Rate The Center has elected not to charge the 10% de minimis indirect cost rate to its federal award programs. De Minimis Rate Used: N Rate Explanation: The Center has elected not to charge the 10% de minimis indirect cost rate to its federal award programs.