Title: GENERAL INFORMATION
Accounting Policies: The accompanying Schedule of Expenditures of Federal and State Awards is presented using the accrual basis of accounting. The amounts recognized following the cost principles contained in Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards and/or 2 CFR Part 200, Cost Principles for Non- profit Organizations where certain types of expenditures are not allowable or are limited as to reimbursement. If present, negative amounts reflected in the schedule represent adjustments or credit resulting from the normal course of business to amounts reported as expenditures in prior years. The amounts reported in this schedule as expenditures may differ from certain financial reports submitted to federal and state funding agencies due to those reports being submitted on either a cash or modified accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: EmPoWER Somerset, Inc., has elected not to use the 10% de minimus indirect cost rates as allowed under Uniform Guidance.
The accompanying Schedule of Expenditures of Federal and State Awards includes the federal and state awards activity of EmPoWER Somerset, Inc., under programs of the federal and state government for the year ended December 31, 2024. All financial awards received directly from federal and state agencies as well as financial awards passed through other governmental agencies or not-for-profit organizations are included on the schedule. The information in the 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). Because the Schedule presents only a selected portion of the operations of EmPoWER Somerset, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of EmPoWER Somerset, Inc.
Title: BASIS OF ACCOUNTING
Accounting Policies: The accompanying Schedule of Expenditures of Federal and State Awards is presented using the accrual basis of accounting. The amounts recognized following the cost principles contained in Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards and/or 2 CFR Part 200, Cost Principles for Non- profit Organizations where certain types of expenditures are not allowable or are limited as to reimbursement. If present, negative amounts reflected in the schedule represent adjustments or credit resulting from the normal course of business to amounts reported as expenditures in prior years. The amounts reported in this schedule as expenditures may differ from certain financial reports submitted to federal and state funding agencies due to those reports being submitted on either a cash or modified accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: EmPoWER Somerset, Inc., has elected not to use the 10% de minimus indirect cost rates as allowed under Uniform Guidance.
The accompanying Schedule of Expenditures of Federal and State Awards is presented using the accrual basis of accounting. The amounts recognized following the cost principles contained in Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards and/or 2 CFR Part 200, Cost Principles for Non- profit Organizations where certain types of expenditures are not allowable or are limited as to reimbursement. If present, negative amounts reflected in the schedule represent adjustments or credit resulting from the normal course of business to amounts reported as expenditures in prior years. The amounts reported in this schedule as expenditures may differ from certain financial reports submitted to federal and state funding agencies due to those reports being submitted on either a cash or modified accrual basis of accounting.
Title: RELATIONSHIP TO BASIC FINANCIAL STATEMENTS
Accounting Policies: The accompanying Schedule of Expenditures of Federal and State Awards is presented using the accrual basis of accounting. The amounts recognized following the cost principles contained in Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards and/or 2 CFR Part 200, Cost Principles for Non- profit Organizations where certain types of expenditures are not allowable or are limited as to reimbursement. If present, negative amounts reflected in the schedule represent adjustments or credit resulting from the normal course of business to amounts reported as expenditures in prior years. The amounts reported in this schedule as expenditures may differ from certain financial reports submitted to federal and state funding agencies due to those reports being submitted on either a cash or modified accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: EmPoWER Somerset, Inc., has elected not to use the 10% de minimus indirect cost rates as allowed under Uniform Guidance.
Federal and State Award expenditures are reported on the Statement of Functional Expenses as program services. In certain programs, the expenditures reported in the financial statements may differ from the expenditures reported in the Schedule of Expenditures of Federal and State Awards due to program expenditures exceeding grant or contract budget limitations, matching or in-kind contributions or capitalization policies required under accounting principles generally accepted in the United States of America.
Title: INDIRECT COST RATE
Accounting Policies: The accompanying Schedule of Expenditures of Federal and State Awards is presented using the accrual basis of accounting. The amounts recognized following the cost principles contained in Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards and/or 2 CFR Part 200, Cost Principles for Non- profit Organizations where certain types of expenditures are not allowable or are limited as to reimbursement. If present, negative amounts reflected in the schedule represent adjustments or credit resulting from the normal course of business to amounts reported as expenditures in prior years. The amounts reported in this schedule as expenditures may differ from certain financial reports submitted to federal and state funding agencies due to those reports being submitted on either a cash or modified accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: EmPoWER Somerset, Inc., has elected not to use the 10% de minimus indirect cost rates as allowed under Uniform Guidance.
EmPoWER Somerset, Inc., has elected not to use the 10% de minimus indirect cost rates as allowed under Uniform Guidance.