Audit 358019

Title: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Accounting Policies: Expenditures reported on the Schedule 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. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. Early Learning Coalition of St. Lucie County, Inc. has elected not to use the 10-percent indirect de minimis rate allowed under Uniform Guidance. De Minimis Rate Used: N Rate Explanation: THE COALITION UTILIZES OTHER COST ACCUMULATORS ("OCA") PER DEPARTMENT OF EARLY LEARNING GUIDANCE Expenditures reported on the Schedule 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. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. Early Learning Coalition of St. Lucie County, Inc. has elected not to use the 10-percent indirect de minimis rate allowed under Uniform Guidance.