Audit 351097

Title: Basis of Presentation Accounting Policies: Expenditures reported on the Schedule are reported using the same accounting policies and basis of accounting as the basic 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. De Minimis Rate Used: N Rate Explanation: The Organization does not use the ten-percent de minimis indirect cost rate. Instead, directly identifiable expenses are charged to programs and supporting services when incurred. Expenses related to more than one function are charged to programs and supporting services on the basis of management’s judgment. Management and administrative expenses include those expenses that are not directly identifiable with any other specific function but provide for the overall support and direction of the Organization. The accompanying supplementary schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Fayette County Child Development, Inc. under programs of the federal government for the year ended July 31, 2024. 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). Because the Schedule presents only a selected portion of the operations of Fayette County Child Development, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of Fayette County Child Development, Inc.