Title: NOTE A – BASIS OF PRESENTATION
Accounting Policies: NOTE B – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Expenditures reported in the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein, certain types of expenses are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: STREET LAW USED THE COST RATE OF 36.61% THAT WAS UTILIZED FOR GRANTS WITH THE U.S. DEPARTMENT OF JUSTICE AND OTHER FEDERAL AGENCIES. STREET LAW ELECTED TO USE THE HIGHER COST RATE OF 36.61% OVER THE TEN PERCENT DE MINIMIS RATE.
The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) includes the federal grant activity of Street Law, Inc. under programs of the federal government for the year ended June 30, 2023. 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). Because the Schedule presents only a selected portion of the operations of Street Law, Inc., it is not intended and does not present the financial position, changes in net assets, or cash flows Street Law, Inc.
Title: NOTE B – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: NOTE B – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Expenditures reported in the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein, certain types of expenses are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: STREET LAW USED THE COST RATE OF 36.61% THAT WAS UTILIZED FOR GRANTS WITH THE U.S. DEPARTMENT OF JUSTICE AND OTHER FEDERAL AGENCIES. STREET LAW ELECTED TO USE THE HIGHER COST RATE OF 36.61% OVER THE TEN PERCENT DE MINIMIS RATE.
Expenditures reported in the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein, certain types of expenses are not allowable or are limited as to reimbursement.
Title: NOTE C – RECONCILIATION TO FINANCIAL STATEMENTS
Accounting Policies: NOTE B – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Expenditures reported in the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein, certain types of expenses are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: STREET LAW USED THE COST RATE OF 36.61% THAT WAS UTILIZED FOR GRANTS WITH THE U.S. DEPARTMENT OF JUSTICE AND OTHER FEDERAL AGENCIES. STREET LAW ELECTED TO USE THE HIGHER COST RATE OF 36.61% OVER THE TEN PERCENT DE MINIMIS RATE.
During the 2022 fiscal year, Street Law was awarded a federal government grant in the amount of $25,299 of which payments were evenly dispersed approximately every quarter by the funding source. For the year ended June 30, 2022, a total of $6,947 had been dispersed prior to the related expenditures being incurred. In addition, as a result of a change in the indirect cost rate (i.e., from the provisional rate to the approve rate), a total of $2,327 in expenses incurred by Street Law were not approved by the applicable government agency until during the fiscal year 2023. Therefore, total federal grant expenses exceeded total federal grant revenue by $9,274.
Title: NOTE D – INDIRECT COST RATE
Accounting Policies: NOTE B – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Expenditures reported in the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein, certain types of expenses are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: STREET LAW USED THE COST RATE OF 36.61% THAT WAS UTILIZED FOR GRANTS WITH THE U.S. DEPARTMENT OF JUSTICE AND OTHER FEDERAL AGENCIES. STREET LAW ELECTED TO USE THE HIGHER COST RATE OF 36.61% OVER THE TEN PERCENT DE MINIMIS RATE.
Street Law, Inc. elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.