Title: Note A – Basis of Presentation
Accounting Policies: Expenditures reported in the 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: N
Rate Explanation: United Against Poverty, Inc. has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards includes the federal grant activity of United Against Poverty, Inc. 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 (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
Title: Note B – Summary of Significant Accounting Policies
Accounting Policies: Expenditures reported in the 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: N
Rate Explanation: United Against Poverty, Inc. has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Expenditures reported in the 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: Note C – Balance of Previously Awarded Notes Payable - Forgivable
Accounting Policies: Expenditures reported in the 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: N
Rate Explanation: United Against Poverty, Inc. has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The Organization maintains a $513,700 mortgage note with the City of Orlando, dated March 15, 2018. The loan is made through the federal Community Development Block Grant and does not accrue interest. The note matures with forgiveness of all principal on September 30, 2024, subject to full compliance with restrictive use and other covenants under the CDBG agreement. The mortgage loan was used to purchase commercial land and building in Orlando, Florida.
Title: Note D – Balance of Currently Awarded Notes Payable - Forgivable
Accounting Policies: Expenditures reported in the 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: N
Rate Explanation: United Against Poverty, Inc. has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The Organization maintains a $130,958 mortgage note with the City of Orlando, dated November 13, 2023. The loan is made through the federal Community Development Block Grant and does not accrue interest. The note matures with forgiveness of all principal on September 30, 2029, subject to full compliance with restrictive use and other covenants under the CDBG agreement. The mortgage loan was used to purchase refrigeration and cooling equipment in Orlando, Florida.
Title: Note E – De Minimis Indirect Cost Rate
Accounting Policies: Expenditures reported in the 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: N
Rate Explanation: United Against Poverty, Inc. has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
United Against Poverty, Inc. has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.