Title: Note 1 - Basis of presentation
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of Virginia Child Care Resource and Referral Network, Inc. under programs of the federal government for the year ended June 30, 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), and Legal Services Corporation Audit Guide and Compliance Supplements. Because the Schedule presents only a selected portion of the operations of Virginia Child Care Resource and Referral Network, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of Virginia Child Care Resource and Referral Network, Inc.
De Minimis Rate Used: Y
Rate Explanation: Virginia Child Care Resource and Referral Network, Inc. has elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of Virginia Child Care Resource and Referral Network, Inc. under programs of the federal government for the year ended June 30, 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), and Legal Services Corporation Audit Guide and Compliance Supplements. Because the Schedule presents only a selected portion of the operations of Virginia Child Care Resource and Referral Network, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of Virginia Child Care Resource and Referral Network, Inc.
Title: Note 2 - Summary of significant accounting policies
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of Virginia Child Care Resource and Referral Network, Inc. under programs of the federal government for the year ended June 30, 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), and Legal Services Corporation Audit Guide and Compliance Supplements. Because the Schedule presents only a selected portion of the operations of Virginia Child Care Resource and Referral Network, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of Virginia Child Care Resource and Referral Network, Inc.
De Minimis Rate Used: Y
Rate Explanation: Virginia Child Care Resource and Referral Network, Inc. has elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform 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 Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards or OMB Circular A-122, Cost Principles for Non-profit Organizations, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Virginia Child Care Resource and Referral Network, Inc. has elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Title: Note 3 - Reconciliation to financial statements
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of Virginia Child Care Resource and Referral Network, Inc. under programs of the federal government for the year ended June 30, 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), and Legal Services Corporation Audit Guide and Compliance Supplements. Because the Schedule presents only a selected portion of the operations of Virginia Child Care Resource and Referral Network, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of Virginia Child Care Resource and Referral Network, Inc.
De Minimis Rate Used: Y
Rate Explanation: Virginia Child Care Resource and Referral Network, Inc. has elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
A reconciliation of total expenditures as listed in the schedule of federal awards to the total expenses listed on the statement of activities, included in the basic 2024 financial statements, follows:Total expenditures per statement of functional expenses
on the statement of activities $ 2 399 830
Less: non-federal expenditures for grants 72 970
Total expenditures per Schedule of Expenditures of Federal Awards $ 2 326 860
Title: Note 4 - Sub-grants
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of Virginia Child Care Resource and Referral Network, Inc. under programs of the federal government for the year ended June 30, 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), and Legal Services Corporation Audit Guide and Compliance Supplements. Because the Schedule presents only a selected portion of the operations of Virginia Child Care Resource and Referral Network, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of Virginia Child Care Resource and Referral Network, Inc.
De Minimis Rate Used: Y
Rate Explanation: Virginia Child Care Resource and Referral Network, Inc. has elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Virginia Child Care Resource and Referral Network, Inc. distributes grants to local Organizations in the following regions as follows: Childsavers / MCGC $ 164 615
The Childcare Network 164 435
$ 329 050