Audit 47194

Accounting Policies: Basis of Presentation The accompanying schedule of expenditures of federal awards (the SEFA) includes the federal award activity of Economic Opportunity Agency of Washington County, Inc. under programs of the federal government for the year ended October 31, 2022. 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). Because the Schedule presents only a selected portion of the operations of Economic Opportunity Agency of Washington County, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of Economic Opportunity Agency of Washington County, Inc.Summary of Significant Accounting Policies Expenditures reported on the Schedule are reported on the accrual basis of accounting. Under the accrual basis, federal awards are considered as expenses (amounts expended_ and are recognized when the related liability is incurred. The information in this schedule is presented in accordance with Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of the basic financial statements. De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate.