Title: Note 1 - Basis of Presentation and Significant Accounting Policies
Accounting Policies: The accompanying schedule of expenditures of federal awards (the ‘‘Schedule’’) includes the federal grant activity of Family Christian Association of America, 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 (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: FCAA has elected to not use the 10% de minimus indirect cost rate for its federal programs for the year ended December 31, 2024. The indirect cost rates used by FCAA’s federal programs are determined by the relevant federal agency.
The accompanying schedule of expenditures of federal awards (the ‘‘Schedule’’) includes the federal grant activity of Family Christian Association of America, 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 (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 - Contingency
Accounting Policies: The accompanying schedule of expenditures of federal awards (the ‘‘Schedule’’) includes the federal grant activity of Family Christian Association of America, 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 (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: FCAA has elected to not use the 10% de minimus indirect cost rate for its federal programs for the year ended December 31, 2024. The indirect cost rates used by FCAA’s federal programs are determined by the relevant federal agency.
Amounts received and receivable from grantor agencies are subject to audit and adjustment by those agencies. Any disallowed claims, including amounts already received, might constitute a liability of FCAA for the return of those funds. In the opinion of management, all grant expenditures were in compliance with the terms of the grant agreements and applicable federal laws and obligations
Title: Note 3 - Indirect Cost Rates
Accounting Policies: The accompanying schedule of expenditures of federal awards (the ‘‘Schedule’’) includes the federal grant activity of Family Christian Association of America, 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 (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: FCAA has elected to not use the 10% de minimus indirect cost rate for its federal programs for the year ended December 31, 2024. The indirect cost rates used by FCAA’s federal programs are determined by the relevant federal agency.
FCAA has elected to not use the 10% de minimus indirect cost rate for its federal programs for the year ended December 31, 2024. The indirect cost rates used by FCAA’s federal programs are determined by the relevant federal agency
Title: Note 4 - Capital Improvement
Accounting Policies: The accompanying schedule of expenditures of federal awards (the ‘‘Schedule’’) includes the federal grant activity of Family Christian Association of America, 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 (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: FCAA has elected to not use the 10% de minimus indirect cost rate for its federal programs for the year ended December 31, 2024. The indirect cost rates used by FCAA’s federal programs are determined by the relevant federal agency.
FCAA did not spend any funds for the years ended December 31, 2024 and 2023, on capital improvement for the Activity Youth and Family Development Complex located at 13850 NW 26th Avenue, Opa-Locka, Florida 33054. As of December 31, 2024, approximately $473,000 of total expenses incurred for this project were pending reimbursement by the grantor, Miami-Dade County.