Title: Note 1- Basis of Presentation
Accounting Policies: The Schedule of expenditures of federal awards includes the federal grant activity of the Economic Council for Helping Others, Inc 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). Some amounts presented in this schedule may differ from amounts presented in, or used in preparation of, the consolidated financial statements.
De Minimis Rate Used: N
Rate Explanation: The Agency did not use the 10 percent de minimis indirect cost rate.
The Schedule of expenditures of federal awards includes the federal grant activity of the Economic Council for Helping Others, Inc 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). Some amounts presented in this schedule may differ from amounts presented in, or used in preparation of, the consolidated financial statements.
Title: Note 2- Sub recipients
Accounting Policies: The Schedule of expenditures of federal awards includes the federal grant activity of the Economic Council for Helping Others, Inc 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). Some amounts presented in this schedule may differ from amounts presented in, or used in preparation of, the consolidated financial statements.
De Minimis Rate Used: N
Rate Explanation: The Agency did not use the 10 percent de minimis indirect cost rate.
The Agency did not provide any federal funds to sub recipients during the year.
Title: Note 3- Non-Cash Assistance and Loan Guarantees
Accounting Policies: The Schedule of expenditures of federal awards includes the federal grant activity of the Economic Council for Helping Others, Inc 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). Some amounts presented in this schedule may differ from amounts presented in, or used in preparation of, the consolidated financial statements.
De Minimis Rate Used: N
Rate Explanation: The Agency did not use the 10 percent de minimis indirect cost rate.
Non-cash assistance recorded in the Schedule consists of food commodities donated by the USDA (The Emergency Food Assistance Program, or TEFAP, CFDA 10.569) and passed through the New Mexico Human Services Department to the Agency. The donated food commodities are valued at the estimated fair value of $1.70 per pound (as valued by Feeding America). The Agency's accounting policy for donated inventories is more fully described in Note 2 to the consolidated financial statements and follows accounting principles generally accepted in the United States of America. Donated food commodities inventory at September 30, 2022, including both TEFAP and CSFP food commodities, is reported in the consolidated financial statements (Note 10) at $530,291 using an estimated fair value of $1.7 per pound. The USDA's cost of the donated food commodities in inventory at September 30, 2022 was $451,640. The USDA's cost of commodities distributed during the fiscal year ended September 30, 2022 was $2,799,997.
Title: Note 4- Indirect Cost Rate
Accounting Policies: The Schedule of expenditures of federal awards includes the federal grant activity of the Economic Council for Helping Others, Inc 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). Some amounts presented in this schedule may differ from amounts presented in, or used in preparation of, the consolidated financial statements.
De Minimis Rate Used: N
Rate Explanation: The Agency did not use the 10 percent de minimis indirect cost rate.
The Agency did not use the 10 percent de minimis indirect cost rate.