Title: Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule are reported on the modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance), wherein certain types of expenditures are not allowable or are limited as to reimbursement. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: YDI has received a Negotiated Indirect Cost Agreement for fiscal years ending June 30, 2024 and 2023. As such, under the Uniform Guidance, YDI is no longer eligible to use the de minimis rate of 10%.
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal grant activity of Youth Development, Inc. (YDI) under programs of the federal government for the year ended June 30, 2024. Because the Schedule presents only a selected portion of the operations of YDI, it is not intended to and does not present the financial position, changes in net assets, or cash flows of YDI.
Title: Summary of Significant Accounting Policies
Accounting Policies: Expenditures reported on the Schedule are reported on the modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance), wherein certain types of expenditures are not allowable or are limited as to reimbursement. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: YDI has received a Negotiated Indirect Cost Agreement for fiscal years ending June 30, 2024 and 2023. As such, under the Uniform Guidance, YDI is no longer eligible to use the de minimis rate of 10%.
Expenditures reported on the Schedule are reported on the modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance), wherein certain types of expenditures are not allowable or are limited as to reimbursement. Pass-through entity identifying numbers are presented where available.
Title: Indirect Cost Rate
Accounting Policies: Expenditures reported on the Schedule are reported on the modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance), wherein certain types of expenditures are not allowable or are limited as to reimbursement. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: YDI has received a Negotiated Indirect Cost Agreement for fiscal years ending June 30, 2024 and 2023. As such, under the Uniform Guidance, YDI is no longer eligible to use the de minimis rate of 10%.
YDI has received a Negotiated Indirect Cost Agreement for fiscal years ending June 30, 2024 and 2023. As such, under the Uniform Guidance, YDI is no longer eligible to use the de minimis rate of 10%.
Title: Child Care Stabilization Grants
Accounting Policies: Expenditures reported on the Schedule are reported on the modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance), wherein certain types of expenditures are not allowable or are limited as to reimbursement. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: YDI has received a Negotiated Indirect Cost Agreement for fiscal years ending June 30, 2024 and 2023. As such, under the Uniform Guidance, YDI is no longer eligible to use the de minimis rate of 10%.
During fiscal year 2024, YDI was the recipient of child care stabilization grants in the total amount of $1,974,991. The State of New Mexico Early Childhood Education and Care Department (ECECD) was allocated COVID-19 pandemic relief funding from the federal government for these stabilization grants to ensure child care providers remain open and child care is available for all families. This has included administering funding received via the American Rescue Plan Act (ARPA) Child Care Stabilization Funds to invest in New Mexico’s child care system.
According to the 2024 OMB Compliance Supplement, child care stabilization funds included in ARPA are for the benefit of qualified child care providers and are considered payments made to beneficiaries of a federal program. Qualified providers, which includes YDI’s Head Start centers, receiving ARPA stabilization funds are therefore not categorized as “subrecipients” as defined at 45 CFR 75.2 but instead as beneficiaries. As a result, YDI has not included the expenditure of these child care stabilization grants as federal awards expended in the Schedule.