The accompanying schedule of expenditures of federal awards presents the activity of all state awards of Camden County Council on Economic Opportunity, Inc. The Organization is defined in Note 1 of the basic financial statements. 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).
The accompanying schedule of expenditures of federal awards is presented using 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. The pass-through entity identifying numbers are presented where available.
Amounts reported in the schedule of expenditures of federal awards agree with amounts reported in the Organization’s general-purpose financial statements.
Amounts reported in the accompanying schedule agree with amounts reported in the related financial reports.
Major programs are identified in the Schedule of Findings and Questioned Costs section.
Each of the grantor agencies reserves the right to conduct additional audits of the Organization’s grant program for economy, efficiency and program results. However, the Organization’s management does not believe such audits would result in material amounts of disallowed costs.
Indirect cost allocation transactions are reported in the accompanying financial statements. Indirect costs are charged for indirect cost salaries, fringe, consultants, consumables, travel, equipment, space and other indirectly related costs. During the fiscal year ended February 28, 2025, Camden County Council on Economic Opportunity, Inc. was not given an approved indirect cost rate by its cognizant agency, the US Department of Housing and Urban Development. Therefore, the organization used the cost limitations on recovery of indirect costs that were specified and allowed in the grant agreements. For grants awarded with specifications regarding indirect costs, these specifications in fact, take precedence over negotiated rates for the purposes of indirect cost recovery. Therefore, Camden County Council on Economic Opportunity, Inc. elected not to use the 10% de minimis indirect cost rate.
As of February 28, 2025, the Organization did not have any state loan or loan guarantee programs.
There were no subrecipients for the year ended February 28, 2025.