Title: Note 1 - Basis of Presentation
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 limited or are limited as to
reimbursement. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The Organization does not incur any federal indirect costs.
The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal
grant activity of Korean Health, Education, Information and Research Center and Subsidiary (the
“Organization”) under programs of the federal government for the year ended December 31, 2024.
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 (Uniform Guidance). Because the Schedule presents
only a selected portion of the operations of the Organization, it is not intended to and does not
present the financial position, changes in net assets or cash flows of the Organization.
Title: Note 2 - 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 limited or are limited as to
reimbursement. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The Organization does not incur any federal indirect costs.
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 limited or are limited as to
reimbursement. Pass-through entity identifying numbers are presented where available.
Title: Note 3 - Contingencies
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 limited or are limited as to
reimbursement. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The Organization does not incur any federal indirect costs.
Under the terms of federal, state and county grants, additional audits may be requested by the
grantor agencies, and certain costs may be questioned as not being appropriate expenditures under
the terms of the grants. Such audits could lead to a request for reimbursement to the grantor
agencies.
Title: Note 4 – Relationship to consolidated financial statements
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 limited or are limited as to
reimbursement. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The Organization does not incur any federal indirect costs.
Federal, state, and county award expenditures are reported on the consolidated statement of
functional expenses as program services and management and general. In certain programs, the
expenditures reported in the consolidated financial statements may differ from the expenditures
reported in the schedule of expenditures of Federal, state, and county awards due to program
expenditures exceeding grant or contract budget limitations which are not included as Federal,
state, and county awards and differences between generally accepted accounting principles and
applicable government regulations regarding eligible program expenditures.
Title: Note 5 – Indirect cost rate
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 limited or are limited as to
reimbursement. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The Organization does not incur any federal indirect costs.
The Organization does not incur any federal indirect costs.
Title: Note 6 – Subrecipient monitoring
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 limited or are limited as to
reimbursement. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The Organization does not incur any federal indirect costs.
Korean Health, Education, Information and Research Center and Subsidiary did not pass through
any federal awards to subrecipients during the year ended December 31, 2024.