Notes to SEFA
Title: Contingencies
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of Unity Partners (the Organization) and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements Government Auditing Standards issued by the Comptroller General of the United States (the Uniform Guidance). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements. The Schedule of Expenditures of Federal Awards is presented using the accrual basis of accounting. The accrual basis of accounting in described in Note 1 of the financial statements note disclosures.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Allowable expenditures of federal awards are subject to audit and adjustment by grantor agencies. Any disallowed claims, including amounts already collected, may constitute a liability of the Organization.
Title: Insurance in Effect
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of Unity Partners (the Organization) and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements Government Auditing Standards issued by the Comptroller General of the United States (the Uniform Guidance). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements. The Schedule of Expenditures of Federal Awards is presented using the accrual basis of accounting. The accrual basis of accounting in described in Note 1 of the financial statements note disclosures.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
For the year ended August 31, 2022, the following insurance was in effect:General liability$1,000,000Commercial auto liability$1,000,000Directors & officers$1,000,000Fidelity bond$ 50,000Volunteers$ 25,000Commercial property fire Coverage varies, but sufficient to cover contents