Audit 4704

Accounting Policies: NOTE 1: BASIS OF PRESENTATION The accompanying Schedule of Expenditures of Federal, State of New Jersey, and City of Philadelphia Awards include the grant activity of Volunteers of America Delaware Valley, Inc. (“VOADV”) from the respective sources. NOTE 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The accompanying Schedule of Expenditures of Federal, State of New Jersey, and City of Philadelphia Awards 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 Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance), State of New Jersey OMB Circular 15-08, Single Audit Policy for Recipients of Federal, State Grants and State Aid, and the City of Philadelphia Subrecipient Audit Guide. Therefore, some amounts presented in these schedules may differ from amounts presented in, or used in the preparation of, the basic financial statements. De Minimis Rate Used: N Rate Explanation: VOADV has elected not to use the 10 percent de minimis indirect cost rate for federal contracts allowed under the Uniform Guidance.