Title: Basis of Presentation
Accounting Policies: Expenditures reported on the accompanying schedule of expenditures of federal awards 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: Y
Rate Explanation: HOPE has elected to use the 10 percent de minimis indirect cost rate as allowed under Uniform Guidance.
The accompanying schedule of expenditures of federal awards includes the federal award activity of HOPE of East Central Illinois, NFP under programs of the federal government for the year ended June 30, 2024. The information 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).
Title: Significant Accounting Policies
Accounting Policies: Expenditures reported on the accompanying schedule of expenditures of federal awards 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: Y
Rate Explanation: HOPE has elected to use the 10 percent de minimis indirect cost rate as allowed under Uniform Guidance.
Expenditures reported on the accompanying schedule of expenditures of federal awards 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: Insurance Covereage
Accounting Policies: Expenditures reported on the accompanying schedule of expenditures of federal awards 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: Y
Rate Explanation: HOPE has elected to use the 10 percent de minimis indirect cost rate as allowed under Uniform Guidance.
HOPE had the following insurance policies in force at June 30, 2024 for the period November 5, 2023 – November 5, 2024 Secura Insurance:
General Liability
General aggregate limit $ 3,000,000
Products – completed operations aggregate limit $ 3,000,000
Personal and advertising injury liability limit $ 1,000,000
Each occurrence limit $ 1,000,000
Damage to premises rented to you limit $ 100,000
Medical expense limit, any one person $ 10,000
Commercial Property
Building coverage limit $ 3,282,693
Business personal property $ 1,370,000
Deductible per occurrence $ 1,000
Automobile
Liability $ 1,000,000
Auto medical payments $ 5,000
Uninsured motorists $ 1,000,000
Underinsured motorists $ 1,000,000
Deductible – Comprehensive $ 500
Deductible – Collision $ 1,000
Commercial Umbrella Liability
Each occurrence limit $ 5,000,000
Personal and advertising injury limit $ 5,000,000
Aggregate limit $ 5,000,000
Crime and Fidelity Coverage
Employee theft-blanket $ 15,000
Deductible $ 500
Directors and Officers Liability
Aggregate limit $ 1,000,000
Each occurrence limit $ 1,000,000
Deductible $ 1,000
Cyber Security Coverage
First party annual aggregate limit $ 50,000
Third party annual aggregate limit $ 50,000
Deductible $ 1,000
Workers Compensation
Bodily injury by accident (each accident) $ 500,000
Bodily injury by disease (each employee) $ 500,000
Bodily injury by disease (policy limit) $ 500,000
Title: Subrecipients
Accounting Policies: Expenditures reported on the accompanying schedule of expenditures of federal awards 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: Y
Rate Explanation: HOPE has elected to use the 10 percent de minimis indirect cost rate as allowed under Uniform Guidance.
No amount was provided to subrecipients by HOPE.