Title: NOTE 1 – BASIS OF PRESENTATION
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (“Schedule”) includes the federal grant activity of Educational Opportunities for Children and Families and is presented on the accrual basis of accounting, consistent with generally accepted accounting principles. The information in this schedule is presented in accordance with requirements of the Title 2 CFR 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 basic financial statements.
De Minimis Rate Used: N
Rate Explanation: EOCF has not used the 10% de minimis indirect cost rate under the Uniform Guidance.
The accompanying Schedule of Expenditures of Federal Awards (“Schedule”) includes the federal grant activity of Educational Opportunities for Children and Families and is presented on the accrual basis of accounting, consistent with generally accepted accounting principles. The information in this schedule is presented in accordance with requirements of the Title 2 CFR 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 basic financial statements.
Title: NOTE 2 – MATCHING REQUIREMENT
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (“Schedule”) includes the federal grant activity of Educational Opportunities for Children and Families and is presented on the accrual basis of accounting, consistent with generally accepted accounting principles. The information in this schedule is presented in accordance with requirements of the Title 2 CFR 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 basic financial statements.
De Minimis Rate Used: N
Rate Explanation: EOCF has not used the 10% de minimis indirect cost rate under the Uniform Guidance.
EOCF accounts for the non-federal share requirements by the Department of Health and Human Services through inclusion of in-kind contributions and cash donations received. While some of these contributions are not considered to be in accordance with generally accepted accounting principles (GAAP), management asserts they have been allowable by the granting agency.
Title: NOTE 3 – MAJOR AND NONMAJOR FEDERAL FINANCIAL ASSISTANCE PROGRAMS
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (“Schedule”) includes the federal grant activity of Educational Opportunities for Children and Families and is presented on the accrual basis of accounting, consistent with generally accepted accounting principles. The information in this schedule is presented in accordance with requirements of the Title 2 CFR 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 basic financial statements.
De Minimis Rate Used: N
Rate Explanation: EOCF has not used the 10% de minimis indirect cost rate under the Uniform Guidance.
Federal financial assistance programs with identical assistance (AL) numbers are combined in determining whether the programs are major or nonmajor. Type A federal assistance programs are those with combined expenditures of $750,000 or more during a fiscal year. Type B federal financial assistance programs are those with combined expenditures of less than $750,000 during a fiscal year.
Title: NOTE 4 – INDIRECT COST RATE
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (“Schedule”) includes the federal grant activity of Educational Opportunities for Children and Families and is presented on the accrual basis of accounting, consistent with generally accepted accounting principles. The information in this schedule is presented in accordance with requirements of the Title 2 CFR 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 basic financial statements.
De Minimis Rate Used: N
Rate Explanation: EOCF has not used the 10% de minimis indirect cost rate under the Uniform Guidance.
EOCF has not used the 10% de minimis indirect cost rate under the Uniform Guidance.
Title: NOTE 5 – LOAN PROGRAM
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (“Schedule”) includes the federal grant activity of Educational Opportunities for Children and Families and is presented on the accrual basis of accounting, consistent with generally accepted accounting principles. The information in this schedule is presented in accordance with requirements of the Title 2 CFR 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 basic financial statements.
De Minimis Rate Used: N
Rate Explanation: EOCF has not used the 10% de minimis indirect cost rate under the Uniform Guidance.
Forgivable loans and other federal loans (collectively "Loans") outstanding at the beginning of the year and Loans made during the year are included in the federal expenditures presented in the Schedule.
The balance of Loans outstanding at October 31, 2024 consists of:
AL Number Program Name Outstanding Balance at October 31, 2024
14.218 Community Development BlockGrant - forgivable Loan $25,000
14.218 Community Development BlockGrant - traditional Loan $17,461