Audit 36037

Accounting Policies: MANAGEMENT, TRAINING AND CONSULTING CORPORATIONNotes to the Schedule of Expenditures of Federal AwardsJune 30, 2022NOTE 1 Basis of PresentationThe accompanying schedule of expenditures of federal awards includes the federal grant activity of Management, Training and Consulting Corporation 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 Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some amounts presented in this schedule may differ from amounts presented in or used in the preparation of the financial statements.Federal programs in titles are reported as presented in the Catalog of Federal Domestic Assistance (CFDA), whenever possible. Management, Training and Consulting Corporation elected to use the 10% de minimis cost rate as covered in 200.414 Indirect (F&A) costs. NOTE 2 Sub-recipientsOf the federal expenditures presented in the schedule, Management, Training and Consulting Corporation provided federal awards to a sub-recipient through the Work Force Investment Act Grant in the amount of $35,000. Management, Training and Consulting Corporation also received money as a sub-recipient from Greater Egypt Regional Planning and Development Corporation in the amount of $30,113.NOTE 3 Non-Cash AssistanceManagement, Training and Consulting Corporation received no non-cash assistance during the year ended June 30, 2022.NOTE 4 Loans OutstandingManagement, Training and Consulting Corporation had no loans outstanding as of June 30, 2022.NOTE 5 Insurance CoverageSignificant losses are covered by commercial insurance for all major programs: property, liability, and workers compensation. During the year ended June 30, 2022, there were no significant reductions in coverage. Also, there have been no settlement amounts which have exceeded insurance coverage in the past three years.20 De Minimis Rate Used: Y Rate Explanation: The auditee used the de minimis cost rate.