Audit 39542

Accounting Policies: (1) Basis of PresentationThe accompanying schedule of expenditures of federal awards presents the activities of all the federal award programs administered by Ibero-American Action League, Inc. and Subsidiaries (collectively, the Organization). Federal awards received directly from federal agencies, as well as financial awards passed through other governmental agencies are included on the schedule of expenditures of federal awards.(2) Basis of AccountingThe information is presented using 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).(3) Relationship to Basic Financial StatementsFederal award expenditures are reported on the consolidated statement of functional expenses as program services and any related allowable general and administrative expenses under the category of management and general expenses. In certain programs, the expenditures reported in the consolidated financial statements may differ from the expenditures reported in the schedule of expenditures of federal 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 De Minimis Rate Used: N Rate Explanation: The Organization has not elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.