Notes to SEFA
Title: NET ASSETS WITH DONOR RESTRICTIONS
Accounting Policies: The accompanying schedule of federal awards includes the federal grant activity of the Good News Mountaineer Garage, Inc. (Garage) and is presented on the accrual basis of accounting. 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.
De Minimis Rate Used: N
Rate Explanation: For the purposes of charging indirect costs to deferral awards, the Garage has not elected to use the 10 percent de minimus cost rate as permitted by section 200.414 of the Uniform Guidance.
As of June 30, 2024, the Garage delivered 120 of the required 200 vehicles. The West Virginia Department of Health and Human Resources has extended the grant period for delivery of the vehicles. As of the date of the auditor’s report, the Garage has delivered all of the remaining vehicles to qualified clients. At June 30, 2024 the temporary restricted balance for the remaining cars to be delivered was $286,320.
Title: INSURANCE
Accounting Policies: The accompanying schedule of federal awards includes the federal grant activity of the Good News Mountaineer Garage, Inc. (Garage) and is presented on the accrual basis of accounting. 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.
De Minimis Rate Used: N
Rate Explanation: For the purposes of charging indirect costs to deferral awards, the Garage has not elected to use the 10 percent de minimus cost rate as permitted by section 200.414 of the Uniform Guidance.
Of the federal expenditures presented in the schedule, the Garage spent $18,718 on insurance coverage. Liability insurance provides coverage up to $1,000,000 subject to $2,500 deductible for each occurrence of comprehensive general, personal injury, professional, stop gap, wrongful act, comprehensive auto, auto physical damage, and garage keepers. Property insurance provides coverage for the stated value of real and personal property, subject to $2,500 deductible for each occurrence.