Title: NOTE B SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: NOTE A BASIS OF PRESENTATION The accompanying Schedule of Expenditures of Federal Awards and State Financial Assistance (the Schedule) includes the Federal grant and State financial assistance project activity of Early Learning Coalition of Palm Beach County, Inc. (the "Coalition") under programs of the federal government and the State of Florida for the year ended June 30, 2022. The information in this Schedule is presented in accordance with the requirements of the Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards and the State of Florida Chapter 10.650, Rules of the Auditor General. Because the Schedule presents only a selected portion of the operations of the Coalition, it is not intended to and does not present the financial position, changes in net assets or cash flows of the Coalition.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
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 and cost principles established by the State of Florida Department of Financial Services, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Pass-through entity identifying numbers (contract or grant number) are presented where available.
Title: NOTE C MATCHING REQUIREMENTS
Accounting Policies: NOTE A BASIS OF PRESENTATION The accompanying Schedule of Expenditures of Federal Awards and State Financial Assistance (the Schedule) includes the Federal grant and State financial assistance project activity of Early Learning Coalition of Palm Beach County, Inc. (the "Coalition") under programs of the federal government and the State of Florida for the year ended June 30, 2022. The information in this Schedule is presented in accordance with the requirements of the Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards and the State of Florida Chapter 10.650, Rules of the Auditor General. Because the Schedule presents only a selected portion of the operations of the Coalition, it is not intended to and does not present the financial position, changes in net assets or cash flows of the Coalition.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Contract EL392 with Florida's Division of Early Learning ("FDEL") includes $10,637,564 of State funding that is designated as matching funds for certain Federal awards. The FDEL matching funds are not reported as Federal awards in the accompanying Schedule of Expenditures of Federal Awards and State Financial Assistance, nor are the FDEL matching funds subject to the Florida Single Audit Act since they are not considered State Financial Assistance under the Florida Single Audit Act. For audit testing purposes, the funds are included with the Federal award programs for which they are designated as matching. The amounts designated as matching funds for Federal award programs are summarized as follows: ALN Number Amount 93.596 $ 6,395,429 93.558 4,242,135 Total $ 10,637,564 The Coalition is required to provide a local match for certain Federal and State funds received through FDEL. For the year ended June 30, 2022, the Coalition's total required local match was $8,988,011 and the local matching funds provided by the Coalition totaled $8,988,011.
Title: NOTE D CONTINGENCY
Accounting Policies: NOTE A BASIS OF PRESENTATION The accompanying Schedule of Expenditures of Federal Awards and State Financial Assistance (the Schedule) includes the Federal grant and State financial assistance project activity of Early Learning Coalition of Palm Beach County, Inc. (the "Coalition") under programs of the federal government and the State of Florida for the year ended June 30, 2022. The information in this Schedule is presented in accordance with the requirements of the Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards and the State of Florida Chapter 10.650, Rules of the Auditor General. Because the Schedule presents only a selected portion of the operations of the Coalition, it is not intended to and does not present the financial position, changes in net assets or cash flows of the Coalition.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Amounts received or receivable from grantor agencies are subject to audit and adjustment by those agencies, principally the Federal government and the State of Florida. Any disallowed claims, including amounts already received, might constitute a liability of the Coalition for the return of those funds. In the opinion of management, all grant expenditures were in compliance with the terms of the grant agreements and applicable Federal and State laws and regulations.