Audit 4624

Title: Basis of Presentation Accounting Policies: Expenditures reported on the Schedule of Expenditures of Federal Awards (the “Schedule”) are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (“Uniform Guidance”), wherein certain types of expenditures are not allowable or are limited as to reimbursement. De Minimis Rate Used: N Rate Explanation: Regional Economic Community Action Program, Inc. (“RECAP”) has not elected to use the ten-percent de minimis indirect cost rate allowable under the Uniform Guidance. The Schedule includes the federal award activity of RECAP under programs of the federal government for the year ended February 28, 2023. The information in this Schedule is presented in accordance with the Uniform Guidance. Because the Schedule presents only a selected portion of the operations of RECAP, it is not intended to and does not present the financial position, changes in net assets (deficit) or cash flows of RECAP.