Notes to SEFA
Title: Note 1- Basis of Presentation
Accounting Policies: Expenditures reported on 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 expenditures are not allowable or are limited as to reimbursement. Pass-through entity identifying information numbers are presented where available. The information in the Schedule is presented in accordance with the requirements of the Uniform Guidance. Therefore, some amounts presented in the Schedule may differ from amounts presented in, or used in the preparation of, the financial statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of the School Nutrition Program (the SNP) of the Archdiocese of Los Angeles Education and Welfare Corporation (the Corporation) for its preschools, elementary schools and high schools that received and expended the federal awards for the year ended June 30, 2022. The information in this schedule is presented in accordance with the requirements of the OMB Compliance Supplement, Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards (the Uniform Guidance). The Corporations SNP reporting entity is defined in Note 1 to the Corporations SNP financial statements. Because the Schedule presents only a selected portion of the operations of the Corporation, it is not intended to, and does not, present the financial position, changes in net assets, or cash flows of the Corporation.