Title: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: The accompanying schedule of expenditures of federal awards and schedule of expenditures of state financial assistance (the Schedules) include the federal and state grant activity of Project H.O.P.E., Inc. (the Organization) under programs of the federal and New Jersey state governments for the year ended December 31, 2022. The Schedules only present a selected portion of the operations of the Organization, and they are not intended to and do not present the financial position, changes in net assets, functional expenses, or cash flows (basic financial statements) of the Organization. Federal awards received directly from federal agencies are designated as Direct Program on the schedule of expenditures of federal awards. Federal awards passed through from other grantor agencies, if any, are designated as Pass-through on the schedule of expenditures of federal awards. For the year ended December 31, 2022, the Organization did not have any federal awards passed through from other grantor agencies.The information in the Schedules is presented in accordance with the audit 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) and the State of New Jersey, Department of Treasury, Office of Management and Budget Circular 15-08, Single Audit Policy for Recipients of Federal Grants, State Grants, and State Aid (New Jersey OMB Circular 15-08). The amounts presented in the Schedules agree to the amounts presented in, or used in the preparation of, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: Project H.O.P.E., Inc. did not elect to use the 10% de minimis indirect cost rate allowed under the uniform guidance.
Expenditures reported on the Schedules are reported on the accrual basis of accounting, the method used to prepare the Organizations basic financial statements. Such expenditures are recognized following cost principles contained in the Uniform Guidance and the state guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
Title: SUBRECIPIENTS
Accounting Policies: The accompanying schedule of expenditures of federal awards and schedule of expenditures of state financial assistance (the Schedules) include the federal and state grant activity of Project H.O.P.E., Inc. (the Organization) under programs of the federal and New Jersey state governments for the year ended December 31, 2022. The Schedules only present a selected portion of the operations of the Organization, and they are not intended to and do not present the financial position, changes in net assets, functional expenses, or cash flows (basic financial statements) of the Organization. Federal awards received directly from federal agencies are designated as Direct Program on the schedule of expenditures of federal awards. Federal awards passed through from other grantor agencies, if any, are designated as Pass-through on the schedule of expenditures of federal awards. For the year ended December 31, 2022, the Organization did not have any federal awards passed through from other grantor agencies.The information in the Schedules is presented in accordance with the audit 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) and the State of New Jersey, Department of Treasury, Office of Management and Budget Circular 15-08, Single Audit Policy for Recipients of Federal Grants, State Grants, and State Aid (New Jersey OMB Circular 15-08). The amounts presented in the Schedules agree to the amounts presented in, or used in the preparation of, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: Project H.O.P.E., Inc. did not elect to use the 10% de minimis indirect cost rate allowed under the uniform guidance.
No amounts were passed through to subrecipients.